HomeBase MetalsUS$200 million loan for Nigerian mining

US$200 million loan for Nigerian mining

Caterpillar “’ the largest
manufacturer of
construction and
mining products “’ is
an active supporter
of the Nigerian
mining industry
Abuja, Nigeria — MININGREVIEW.COM — 23 September 2009 – The African Development Bank (ADB) has packaged a loan of US$200million (R1.6 billion) for members of the Nigeria Miners Association to help boost mining operations and activities in Nigeria.

This development was revealed here by Sunday Ekozin, the national president of the association, in an interview with Leadership Sunday newspaper in Nigeria’s plateau state capital of Jos.

He emphasised that this funding was strictly for genuine miners under strict recommendations, and issued a strict warning that touts, speculators and mining politicians were not eligible and should not meddle with this funding intervention which was a private sector initiative"

“I have the mandate of the African Development Bank to inform members of my association regarding its funding package for the operators in this sector,” he explained.

Ekozin disclosed that negotiation on the different funding windows of opportunity for miners had started two months ago.

“We are possibly looking for about a US$200 million (R1.6 billion) package, even though the ADB did assure us that there was no limit to the amount that could be granted, subject to my recommendations as the leader of miners’ association, he added."

Mr. Ekozin reiterated regrets over the frustrations and inhuman treatment meted out to him and members of his association at the federal ministry of mines and steel development. He said the current effort of ADB to bail them out by sourcing for a loan for them was a welcome development.

He noted that what his association had done was a giant stride towards re-positioning the promising sector as private operators.

Ekozin further asserted that two major funding interventions were currently being packaged, strictly for Nigeria miners under his leadership.