Fayemi briefs Buhari on $150m World Bank loan

The Minister of Solid Minerals Development, Kayode Fayemi, on Thursday briefed President Muhammadu Buhari on the $150m World Bank loan approved Friday for the sector.

According to Daily Trust report,  the minister told State House reporters that Nigeria requested the loan at a meeting in Washington.

He said part of the loan would be used for “organising the informal sector into a formal sector.”

“There are many miners that have done extensive exploration but to move to production has been a challenge.

“So, for those who are crossing over from exploration to exploitation and to actual mining, we believe that giving them some assistance would help boost the industry, particularly the small and medium scale players in the industry,” he said.

Fayemi said he also briefed the president on efforts to curb illegal mining.