SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home Trending News

Artisanal miners can access up to N100 million loans – Adegbite

Discourages illegal mining activities

Contributor by Contributor
November 29, 2022
in Trending News
0
olamilekan adegbite
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The Ministry of Mines and Steel Development has urged artisanal miners to expand their frontiers by registering with cooperative societies, so that they can access as much as N100 million loan at only five per cent interest rate.

Join our communityJoin our communityJoin our community

The Minister of Mines and Steel Development, Olamilekun Adegbite, said this when he appeared on the News Agency of Nigeria (NAN) Forum in Abuja. He said the low interest rate fixed by government for artisanal miners was part of its effort to encourage diversification of the economy.

Mr Adegbite, who said the loan repayment could span for a period of 20 years, urged them to form cooperatives to make access easier. He said the miners could form cooperatives of 10 people when approaching the ministry for the loan to make the process seamless.

According to him, once the miners come together to form cooperatives, the ministry will give them the appropriate equipment and license. He said that once the miners were registered, they would benefit from all incentives of the government like training and free tools.

“I was told we have more than a thousand cooperatives that have registered with us. Some of them have successfully transited from artisanal miners to small-scale miners. There are still many of them out there but we are winning because we are winning them over with incentives. So, because they are working, they are paying revenue to government by paying their royalty, so it is a win-win situation,” he said.

The minister commended the ability of artisanal miners to detect mineral resources in spite that they did not have required gadgets.

No hiding place for illegal mining

Mr Adegbite said his ministry was working with security agencies to curb illegal mining in the country. He said the collaboration had become necessary in view of rising cases of illegal mining.

Mr Adegbite said the ministry was working particularly with the Nigeria Immigration Service (NIS) to ascertain the visa status of foreign nationals.

He said the step was taken when the government found out that some foreign nationals were involved in illegal mining in the country.

Mr Adegbite said the ministry further found out that some of the nationals involved in the nefarious activities either did not have work permit or were working outside their specification.

The minister said that during the COVID-19 pandemic in 2021, about 17 foreign nationals were arrested in Osun State for illegal mining. He said the suspects were going through the process of prosecution.

“It is a federal thing and they are being tried in a Federal High court. These same nationals about three months ago were caught in Kwara State. This time an agency that is not directly responsible for mining, Economic and Financial Crimes Commission (EFCC) caught them and they are going through prosecution, ‘’ he said.

He also said the government was trying its best to control the issue of illegal mining, especially with particular nationals. He, however, said the ministry was in search of genuine investors, as well as genuine miners to protect ungoverned spaces.

“The moment government gives out the space, it becomes the responsibility of the miners to protect it,‘’ he said.

Source: NAN
Tags: Illegal mining activitiesMinistry of Mines and Steel Developmentolamilekan adegbite
Previous Post

How to know if your ‘big business idea’ is creditworthy

Next Post

Here’s why your excellent product is not selling…

Contributor

Contributor

Related Posts

COVID-19 Fund: CBN Disburses N107.45bn To Beneficiaries To SMEs, Others
Trending News

SabiMONI: What the new CBN Initiative means for entrepreneurs

by Blessing Osazuwa
May 18, 2023
0

In an effort to enhance financial inclusion and promote financial literacy within Nigeria, the Central Bank of Nigeria (CBN) has...

Read more
The Power of Passion: Why Hilda Baci’s Cook-a-Thon Resonated with Millions
Trending News

The Power of Passion: Why Hilda Baci’s Cook-a-Thon Resonated with Millions

by Blessing Osazuwa
May 17, 2023
0

Nigerian chef and restaurateur, Hilda Effiong Bassey, professionally known as Hilda Baci, set her sights on breaking the Guinness World...

Read more
Report: Imo State Leads Nigeria in Digital Innovation
Trending News

Report: Imo State Leads Nigeria in Digital Innovation

by Blessing Osazuwa
May 10, 2023
0

Imo State has emerged as the top state in Nigeria for digital innovation and entrepreneurship development, according to the State...

Read more
Orange Corners Opens 2023 Incubation Programme For Young Entrepreneurs
Trending News

Orange Corners Opens 2023 Incubation Programme For Young Entrepreneurs

by Blessing Osazuwa
May 10, 2023
0

The Orange Corners Incubation Programme 2023 is currently open for applications, with the aim of developing and strengthening the entrepreneurship...

Read more
Pitch to anyone anywhere
Ask an Expert

How to pitch your business to Anyone, Anywhere

by Ruth Okwumbu-Imafidon
May 1, 2023
0

As a business owner or entrepreneur, being able to pitch your business effectively is crucial to success. Whether you're in...

Read more
What your business budget should look like…
Grow

How to start and grow a profitable online store in 12 weeks

by Ruth Okwumbu-Imafidon
April 26, 2023
0

It is no secret that many business owners are taking the online route to start and grow their business. Even...

Read more
6 free business courses every entrepreneur should take
Hustle life

Real revenue or not; What you need to know before calculating your revenue

by Ruth Okwumbu-Imafidon
April 18, 2023
0

Tales abound of business owners who get run out of business despite making sales after sales. Maybe the million dollar...

Read more
Load More
Next Post
3 reasons your business is not growing the way you want

Here’s why your excellent product is not selling…

Please login to join discussion

Recent News

Online business

Key Factors To Consider When Scaling Your Online Business

June 8, 2023
AI-Powered Business: Benefits and Drawbacks

AI-Powered Business: Benefits and Drawbacks

June 8, 2023
Never Say These 7 Phrases To Your Customers

Never Say These 7 Phrases To Your Customers

June 5, 2023
core competency

How to Identify and Leverage Your Core Competencies for Business Success

June 5, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur