Nigeria, US To Explore Financing Credit To Mining Firms

By Georgina Humphrey

Nigeria and the United states of America have agreed to set up a team to explore financing for credit to mining firms and infrastructure.

United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pratt stated this during a meeting with the minister of Solid Minerals Development, Dr. I Oladele Alake at the ongoing Mines & Money Conference holding in London.

He said the US would like to be Nigeria’s partner of choice in developing the solid minerals sector and was interested in the reforms announced by the Minister in his address at the conference.

Pratt said his visit to Dr. Alake followed an earlier meeting with President Bola Ahmed Tinubu who sought the support of the US for the country’s economic revival.

Pratt who noted that the United States has various institutions and laws which encourage direct foreign investment, promised to notify the agencies to collaborate with their Nigerian counterparts to work out the framework.

Responding, the minister of Solid Minerals Development, Dr. Oladele Alake explainrd that his Ministry has launched a seven point agenda as its roadmap to reposition the sector.

He stated that the roadmap includes establishment of the new Solid Minerals Development Company, a new security architecture to ensure safety of mines operations and data generation on a massive scale to derisk the sector.

The minister said the credit facility and foreign direct investment promised by the United States would be in the mutual interest of both countries because energy minerals such as lithium are critical to the global crusade for clean energy and necessary for manufacturing of electric cars.

Also speaking at the meeting, the Executive Secretary of the Nigerian Solid Minerals Fund, Hajiya Fatima Shinkafi commended the US for its investment in mining infrastructure in Central Africa urging a similar partnership with the Fund.

Edited By Grace Namiji