The Minister of Mines and Steel Development, Architect Olamilekan Adegbite, has revealed that as at September 30, 2020, a total of 138 applications totaling N14. 59 billion have been received by the fund and are at various stages of processing.
“So far 13 loan applications totaling N1.08 billion have been approved under the fund. Out of this, the sum of N311 million has been disbursed as at September 30, 2020.
This disbursement is however low when compared to the total application, largely because applicants have failed to meet the necessary but stringent requirements stipulated by the bank.
“The principal reason we are here today is to deliberate on the Nigerian Artisanal and Small-Scale Miners (ASM) Financing Support Fund established in 2017 by the Ministry in collaboration with Bank of Industry.
The ministry made available N2.5 billion, while the BOI matched it with another N2.5 billion counterpart funding, making a total of N5 billion.
I wish to inform you that we are working assiduously to ensure that the difficulties inherent in accessing the funds are removed. In this regard, we are developing a unique and favourable template for the disbursement of the fund. This include equipment- leasing and Hire- Purchase Loan Facility. We are of the belief that the new template when fully operational would spur enormous growth in the sector,” he said.
The stated that the Ministry is open to good and legitimate ideas on creating a better template for the disbursement of the fund. “I hope this workshop would be able to come up with some.”
He thanked President Muhammadu Buhari “for the tremendous and unprecedented support he has given to this sector, ” noting that his administration is the first to give the sector an intervention fund that has been used to de-risk the sector.
