Transfer N2.5 mining support fund to SMDF – Nigerian Minister tells Bank of Industry

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 23 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 59%

Bank Of Industry News

Dele Alake

The Minister of Solid Minerals Development, Dele Alake has approved the transfer of N2.5 billion mining sector support fund from the Bank of Industry to the Solid Minerals Development Fund, SMDF.

The Minister disclosed this in a statement on Friday by his spokesperson, Segun Tomori after meeting with Stakeholders on the review of mining license rates in Nigeria. Aleke and Stakeholders arrived at a consensus to review the recently raised 100 percent royalty rates for minerals. According to the Minister, the rate review aims to align the sector with current market realities and to ensure more effective management of Nigeria’s mineral resources.

He assured Stakeholders that dialogue is ongoing with state governors and the Nigerian Governors Forum over interference by state governments leading to the shutdown of licensed mining operations and the duplication of federal regulations. “Dele Alake, the minister of Solid Minerals Development, explained that the revised license rates are necessary to help the government recover investments made in improving the sector’s infrastructure.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CBN approves Unity Bank, Providus Bank mergerThe Latest news in Nigeria and world news. The Guardian Nigeria Newspaper brings you the latest headlines, opinions, political news, business reports and international news.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

CBN approves N700bn bailout for Unity, Providus banks' mergerThe Central Bank of Nigeria (CBN) has approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited.
Source: thecableng - 🏆 2. / 80 Read more »

JUST IN: CBN approves bailout for merger of Unity, Providus banksThe Central Bank of Nigeria (CBN) says it will offer financial support to aid the merger between Unity Bank Plc and Providus Bank Limited.
Source: thecableng - 🏆 2. / 80 Read more »