Adegbite Assures Miners of Access to Fund

Kasim Sumaina

The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite has reiterated the federal government’s resolve to support Artisanal and Small Scale Miners to access funds that will increase their productivity.

The Minister made this known over the weekend during his inspection of the ongoing construction of the Gemstones Market in Ojoo, Akinyele Local Government Area of Oyo State.

He encouraged miners to come together as different Cooperative Groups to access funds set aside to support their activities. He said the Miners can access loan from 2million to N100million payable in 15years at 5% interest rate per annum.

Adegbite said a loan of N2 million and below would only require a guarantor while a miner seeking to access a loan above the sum of N2 million would need to provide required collateral. 

“I realized that a lot of people could not access the money because of collateral and I advised that it be reduced so that those who need small loan of not more than N2 million can access without a collateral but a guarantor of level 14 and above in the civil service,”, he further explained.  

On the construction of the gemstones market, the minister said gemstone market in Ojoo is where the gemstone would be identified and graded, cut, polished and ready to be made into jewelry. 

He said the people being trained in gemstones design in Abuja would populate Ibadan gemstones market as well as the Gold Souk in Kano since they would be working on jewelries and gemstones. 

He however noted that the gemstones mining is not limited to Oyo State as he pointed out other States where gemstones could be found to include Taraba, Plateau and Abuja among others.