World Bank justifies mining loan expenditure

[TheNation]

The World Bank said [/size]Nigeria has spent $119 [/font][/size]million out of the $120 million grant it got in 2005 to develop the mining sector.

[/size]       The bank’s Task Team Leader for the Sustainable Management of Mineral Resources Project (SMMRP), and Senior Mining Specialist, Ms. Ekatrina Mikhaylova, who spoke in Abuja, on Wednesday, expressed satisfaction with the management of the fund.[/size]

Mikhaylova, who was received by the Minister of Mines and Steel Development, Musa Sada, said all the principal objectives of the SMMRP have been achieved.[/font]

[/size]She said although the project would come to an end in about a month’s time, hopes abound that another phase of the project would be agreed upon to sustain the gains that SMMRP has made.

[/size]She said her team would be evaluating the project’s performance and meeting with the beneficiaries of the $10 million grants to artisanal and small scale miners to ascertain how much the programme has affected their livelihood.

[/size]Also speaking, Sada noted that government is working with the global development bank to ensure the continuity of the projects in building on what has been done and take into account other areas that were not covered by the $120m grant.

[/size]He said: "We are looking at four areas, including strengthening our data acquisition capacity, updating the mineral titles administration, providing fund for mid-tie miners and the steel sector which was not captured when the grant was given.

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