First Bank to Boost Funding to Mining Sector

James Emejo in Abuja

First Bank of Nigeria (FBN) Plc has restated its commitment to increasing funding support towards the development and growth of the mining sector.

The bank’s Group Head, Corporate Banking, Energy (Upstream and Midstream), Temitayo Osundosumu, said the resolution was in line with the institution’s effort to support the economic diversification agenda of the present administration.

Speaking during a panel session at the Nigeria Mining Week, with the theme, “Profiling Nigeria’s Strengths: Achievements and Focus Areas”, in Abuja, he said as a growing industry, the bank would provide necessary assistance to the former to make it viable.

Osundosumu said, ‘‘First Bank is open for business and will always support the mining sector. So, we are keen to do it. We have the expertise and we will support the mining industry in Nigeria. We want the miners to speak with us.”

Also, speaking on the panel discussion, the Executive Secretary /Chief Executive, Solid Mineral Development Fund, Hajiya Fatima Umaru Shinkafi, said that although the mining industry in Nigeria is 70 per cent artisanal, the miners could be more productive if they are structured.