Mining: BOI Sensitises Stakeholders On Loan Facility

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The management of Bank of Industry, (BOI) inconjuction with the Solid Minerals Trade Group have  sensitized the major players in the Solid Mineral and Mining Industry during a one day workshop in Kaduna.

The workshop was aimed at creating awareness amongst stakeholders on the mining intervention fund domiciled with Bank of Industry.

“The stakeholders are now aware of the standard requirements of the BOI on how to access loan facility.

“Today, we have also discussed the funding windows, state matching funds with states”, Kaduna State BOI Manager said.

Among other issues outlined are: loan processing stages, micro checklist and SME checklist.

While sensitizing the stakeholders, the state manager, BOI, Muktar Bawuro said the Nigerian Artisanal and small-scale Miners financing support fund is expected to provide financial assistance to artisanal and small scale miners to transit into more established miners.
Bawuro also explained that the workshop is capable of boosting the capacity of the participants to participate in the development of the mining sector.

Meanwhile, one of the key stakeholders at the workshop, Engr. Tsura John-Wya said the funding options for the Mining Industry is not realistic.

He opined that there should be a special desk for the mining sector in the development finance institutions.

“The problem in the mining sector is funding. The development finance institutions; the funding options in those institutions are not realistic.

” The entire value chain in the mining sector; each of the component, for example, exploration can take five to seven years, so the the funding option does not encourage that and that is the reason why we are saying that there is the need to have a policy that will reflect the reality in the industry”.

The Chairman of the Solid Mineral Trade Group under the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, (KADCCIMA), Lawal Umar Mayere said the exercise is a window to create an environment that would attract international investment in Nigeria.

Mayere who was impressed with the attendance said all the problems discussed at the workshop shall be put into consideration in the interest of the industry.

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