BoI mulls increase funding to mining sector

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The Bank of Industry (BoI) has pledged to increase funding support to the mining sector in the country, order to improve the sector’s contribution to the Gross Domestic Product.

Acting Managing Director, BoI, Mr. Waheed Olagunju, stated this while speaking on the sidelines of the International Mining Investment Conference, which held in Abuja.

He stated that the plan to increase funding to the sector was part of the bank’s efforts aimed at supporting the quest of the Federal Government to diversify its revenue base.

Olagunju noted that the bank had reached out to other financial institutions, both at home and abroad, to mobilise funding to promote mining activities in the country.

He said, “We are aware that our government and the private sector are now collaborating to produce the data.

“Once the credible data is produced, we will be able to catalyze more investment resources into the country, particularly from abroad.

“A lot of international financiers and investors are willing to operate in Nigeria in partnership with the Bank of Industry.”

On the viability of the development finance institution to mobilise funding support for the mining sector, Olagunju said that the bank had a high credit rating.

He added, “There are a lot of grants that are meant to support solid minerals development.

“Once there is a reliable financial institution, those donors will feel comfortable to make grant available. BoI is already well positioned to act in the regards.

“We are supporting real sector in a viable manner; we take our time to identify genuine entrepreneurs.”

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