FG, US Hold Talks on Funding of Mining Projects in Nigeria

Folalumi Alaran in Abuja

The Minister of Solid Minerals Development, Dele Alake and United States Assistant Secretary for Energy and Natural Resources, Geoffrey Pyatt, have agreed to set up a team of officials of both countries to explore financing for credit to mining firms and infrastructures.

On the sidelines of the Mines and Money Conference holding in London, Pyatt said his visit to Alake followed an earlier meeting with President Bola Tinubu who sought the support of the US for the country’s economic revival.

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 plenary of the conference.

Noting that the US has various institutions and laws which encourage direct foreign investment, Pyatt said he would notify the agencies to collaborate with their Nigerian counterparts to work out the framework.

Responding,  Alake said the Ministry of Solid Minerals Development had launched a seven-point agenda as its roadmap to reposition the sector.

He highlighted the establishment of the new Solid Minerals Development Company, a new security architecture to ensure safety of mine operations and data generation on a massive scale to de-risk the sector.

The minister said the credit facility and foreign direct investment promised by the US 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 the manufacture of electric cars.

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