FG to support miners association with equipment leasing

THE Federal Government, on Tuesday, said it was working on an equipment leasing scheme for the Nigeria Miners Association (NMA), with a view to ensuring that its members scale up their mining operations.

The equipment leasing arrangement, according to the government, was in addition to financial support in the form of access to financing through some commercial banks and the Bank of Industry, which the ministry was partnering with.

The Minister of Mines and Steel Development, Dr kayode Fayemi, disclosed this in a press statement authorized by his Special Assistant on Media, Olayinka Oyebode, a copy of which was made available to the Nigerian Tribune in Abuja.

Addressing stakeholders in the minerals and mining sector at the town hall meetings held in Lagos State and Abeokuta, Ogun State capital, respectively at the weekend, the minister assured the miners that would also benefit from the N30billion intervention fund approved by the government.

Stressing that mining remained a capital intensive project, Dr Fayemi said the Nigerian mining sector was currently dominated by artisanal miners, adding that it was important for government to support them to increase their capacity and productivity.

He noted that while many of the artisanal miners rely on crude implement for their operations, availability of modern equipment would made their operations more profitable.

According to him, “government is committed to the scheme. Our miners cannot achieve much as long as they rely on shovel and digger for their work. We also know that modern equipment are quite costly. So, government would make arrangements with financial institutions and some operators to make the equipment available for leasing”.

The minister then urged the state governments to commence a comprehensive registration of artisanal miners operating in their respective states for proper monitoring.

He also tasked the miners on the need to organize themselves into cooperative groups and apply for operating licenses from government, in addition to other forms of support.