The Federal Government has begun the disbursement of 5 billion Naira to artisanal and small-scale miners in the country. The loans will be made available by the Bank of Industry to certified industry participants at a single digit interest rate of 5 percent per annum.
This was announced by the Minister of Mines and Steel Development, Dr. Kayode Fayemi, at the signing of MOU with the Bank of Industry for local miners to access the fund. The minister revealed that the loans should be a limit of 100,000 Naira to 10 million Naira for artisanal miners and 10 million Naira to 100 million Naira for small-scale miners.
Dr. Fayemi commended the Bank of Industry and assured the public that they’re a dependable partner who share our vision and trust. The CEO of Bank of Industry also warned that beneficiaries were not to see the grant as free money that could be spent at will and not what it was given for. He said that the benefits of the loan include revenue generation, employment creation etc. He went ahead to make clear that applicants must pass through the internal mechanism of the bank before funds would be released to them.
The loan which should be paid back within a year has a single digit interest.
Photo:
Peoples Daily Newspaper
