The Federal Government hinted yesterday that it has resolved to provide $1 billion ( about N200 billion) as solid minerals development fund for potential investors in the mining sector.

It, however, noted that only serious investors who look certain to bring profit and success to the country would be allowed to access the fund which had been given legislative backing.

The minister of Mines and Solid Minerals, Dr Kayode Fayemi said Federal Government’s plan is to fully activate the solid minerals development fund, which is already provided for in existing legislation, as a way to kick start investment.

Speaking on the sidelines of an African Mining Conference in Cape Town, South Africa, Fayemi who said the legislation pegs the development fund somewhere in the region of about 200 billion naira ($1 billion) fund that could be accessed by serious investors with bankable plans.

“Frankly by the first quarter of next year I would really like to see this fund in place”, he added, even as he hinted that the federal government has completed a review of its mining licenses and will publish the results next week.

Credit: Leadership