Nigeria partners with Standard Bank and Stanbic IBTC to fund mining sector

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While receiving a team of Mining and Metals Corporate and Investment Banking officials from Standard Bank, and Stanbic IBTC in his office, the Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari said the Nigerian government will continue to collaborate with international financial partners to revamp the sector.

Bwari reiterated the commitment of the President Mohammadu Buhari-led administration to give the mining sector the desired priority that would enhance sustainable economic growth.

He told the bankers that funding had been one of the major factors mitigating against the development of the sector, but noted the interest of the bank to fund mining in the country was a welcome development.

The Minister, who thanked the team for their visit, said “one of the potent areas we are looking forward to is funding, and I am sure that you are going to be a pace setter when it comes to funding mining operation in Nigeria”.

Bwari assured the Executive Secretary, Solid Mineral Development Fund, Hajia Fatima Shinkafi, who facilitated the visit and the team that the Nigerian government would give the necessary support ensuring that the collaboration bring about the desired result.

The leader of the team Mr. Mark Buncombe, who is equally the Global Sector Head, Mining and Metals, Standard Bank, informed the minister that the main purpose of their visit was to explore areas of collaboration with Nigerian government in the mining sector of the country.

Buncombe noted that the collaboration would no doubt make positive impact in the mining and steel sector that will add value to the government’s efforts to develop the sector.


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