Federal Executive Council (FEC) approves N30bn for mining

Today, the Federal Executive Council (FEC) approved N30 billion intervention fund for mining exploration in the country. The Minister of Mining and Steel Development, Kayode Fayemi disclosed this to State House correspondents at the end of FEC meeting presided by Pres. Buhari.

Fayemi said that the fund that will come from 1.68% of the Federation Account will mainly focus on mining exploration. He said the move was consistent with Pres. Buhari's promise to diversify the economy, particularly in agriculture and mining sector.
He said: "Exploration is the heart of mining, if you don’t search you won’t find. You have heard all sorts of talks about how rich Nigeria is in mineral resources but the quantity, quality, the geological prospectively has been a challenge because we have neglected the sector for such a long time.”
He also said that there is need for investment grade geological data if Nigeria must attract mining investment into the country. According to him, smaller countries like Burkina Faso spend averagely $300 million a year on exploration.