BUSINESS World Bank debates $150m PTA/BTA: 20% of fake BDCs get FG request for mining sector currencies new rate circulate in from CBN banks – Report
The board of the World Bank was deliberating in Washington on a proposal by Nigerian government of $150 million concessional loan for the development of the mineral sector, the Minister of Mines and Steel Development, Dr. Kayode Fayemi has said.
The loan proposal tagged: Mineral Sector Support for Economic Diversification Project (MinDiver) if approved, will be used to enhance the mining sector’s contribution to the economy by strengthening key institutions, improving information infrastructure and knowledge, as well as foster domestic investment in the sector, according to the document.
Fayemi said as part of the implementation of the master plan of the sector, Federal Government has commissioned mineral buying centres in four states.
According to him the prototype Centres in Zamfara, Benue, Ebonyi and Sokoto have been handed over to state as Mineral Support Centres.
He said the road map, which was approved by the Federal Executive Council August last year is aimed at building a world class minerals and mining ecosystem designed to serve a targeted domestic and export market for minerals and ores.
Giving the progress report of the implementation yesterday at the 53rd Annual International Conference and Exhibition of the Nigerian Society for Mining and Geosciences, Kayode said his ministry is rebuilding the organizational and functional capabilities of the supervising ministry, to ensure that the regulatory framework is enforced.
“The capacity of our officers is being enhanced through a variety of incentives. Oversees training, local capacity building, intensive engagements with industry, improved mobility, and enhanced security for field officers - cooperation with ONSA, DSS, police and Civil Defence Corps.”
“We need to ensure that our industrial and energy minerals strategy prioritizes domestic utilization of our assets, including getting our steel sector to provide a solid backbone for the manufacturing and industrial economy. We are working assiduously to resolve once and for all the Ajaokuta situation. Just last year we signed a modified concession agreement with Global infrastructure Limited of India.”
Moreover my ministry has entered into cooperation with National Civil Defence Corps to promote Mines Field security. Also the inspector General of Police has approved the revival of the Mines Police to protect mine sites and our reserves. The Central Bank of Nigeria yesterday sold the dollar at N358 to the Bureau De Change operators one naira above the N357 sold to the banks signifying an additional trouble for the street traders.
The apex bank also directed the BDC operators to add only N2 as their gain on top of the auction rate making it N360 a dollar.
The CBN released $8,000 per BDC weekly to sell as invisibles (Personnel Travel Allowance, Basic Travel Allowance and School and Medical Bills) to customers.
Some traders have told Daily Trust that the margin is too small to cover for their operations even as they commend the reduction of the rate. FLIGHT
SCHEDULE
AZMAN AIR
Weekly