First Bank of Nigeria reiterated its commitment to help develop and grow the mining sector as part of efforts to diversify the country’s economy.
At Nigeria Mining Week in Abuja, First Bank’s Group Head of Corporate Banking, Energy (upstream and midstream) Temitayo Osundsum said mining is a growth industry and all the resources available said it needs
“First Bank is open and will always support the mining sector.
“We want miners to talk to us. We have done this in Africa and we want to do it in Nigeria.”
On how to build the industry, Osundosumu said workers and small-scale miners are brought together in an organized way, and the Ministry of Mining and Steel Development has taken many steps in that direction. I pointed out that I am teaching
“The good one is the Solid Mineral Development Fund, which is a way of de-risking all the problems in mining with a bid that bank funds can be applied to mining and move the mining industry forward,” he said. I got
Fatima Umaru Shinkafi, Chief Executive Officer of Solid Mineral Development, said Nigeria’s mining industry is 70% artisanal, but if well structured, miners will be more productive.
On access to funds from banks, Sinkafi said, “Banks just provide funding based on cash flow. You need a viable product and your company needs a good corporate governance structure. Mining is science, we need to create data for future funding.”