FG Partners Standard Bank, Stanbic IBTC on Funding for Mining Sector

In line with efforts to reposition the mining and steel sector, the Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari has said the federal government will continue to collaborate with international financial partners to revamp the sector.

The minister made the assertion while receiving a team from Mining and Metals Corporate and Investment Banking officials of Standard Bank, and Stanbic IBTC in his office recently, in Abuja.

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

Bwari, informed the team 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.

While thanking the team for their visit, the minister 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.”

The minister assured the Executive Secretary, Solid Mineral Development Fund, Hajia Fatima Shinkafi, who facilitated the visit and the team that the federal 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 government in the Mining sector of the country.

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