Mining Industry Will Develop If We Do The Right Thing- Senator Oseni Yakubu

The Senate’ s efforts to establish the Development Bank received a boost yesterday when a bill to that effect passed second reading.
Senator Oseni Yakubu, APC, Kogi Central, has introduced a bill to provide for the establishment of the Solid Minerals Development Bank and other related matters, 2020(SB. 720).
Senator Yakubu, who noted that the bill was read for the first time on Tuesday, May 18, 2021, explained further the importance of the bank and it’ s much needed presence in the sociology of economic aspects of the economy.
” It is also to improve people’ s quality of life by giving monetary and non- monetary investments in the area, ” he added.
” The bank is a financial inclusion bank, and its primary objective is to meet the monetary needs of the country’ s minerals sector. ”
” The bank’ s primary goal is to improve financial inclusion by facilitating access to credit finance. ”
(photo credit: vanguard)
” The bank will also promote medium- to long- term loans with terms of up to ten years and an 18- month moratorium. ”
” Unlike deposit money or commercial banks, this would allow borrowers in the sector to repay loans from the Solid Minerals Development Bank over a longer period of time. ”
He went on to say that enacting the law would be a great way for the federal government to diversify its portfolio beyond oil.
Senator Amosun, who supports the measure, claims that ” we would still be functioning on a monolithic economy in the country” unless the planned diversification sectors are supported.
” We will not be able to develop the mining sector until we do the right thing. ”
” We need to effectively fund the sector. ” We will not be able to get the greatest technology to develop this area if we do not fund it. ”
Amosun also stated that establishing a bank to support the mining sector will address the sector’ s issues.
” . . . it has become evident and absolutely imperative that we establish a special bank that should and must support solid resource development in Nigeria, ” Senator. Yusuf Yusuf said.
” None of the commercial banks, or at the very least a small number of them, are involved in the financing of solid mineral development in Nigeria. ”
” We want to develop the business to its maximum capacity, and the best way to do so is to have an extremely impressive and stable financing position. ”
” Subsequently, vice Senate President Omo- Agege, forwarded the bill to the Senate Committee on Solid Minerals, Mines, Steel Development, and Metallurgy, which is expected to report back to plenary in four weeks. “

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