It, however, noted that only credible investors who aim at bringing success to the country would be allowed to access the fund which had been given legislative backing.
The minister of Mines and Solid Minerals, 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 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.
The Minister said: “Frankly by the first quarter of next year I would really like to see this fund in place.”
