First Bank Restates Commitment to Support Mining Sector
First Bank of Nigeria has restated its commitment to support the growth of the mining sector in the country.
The bank stated that the growth of the sector would help diversify the nation’s economy.
Speaking during the Nigeria Mining Week in Abuja, the Group Head, Corporate Banking, Energy (Upstream and midstream), First Bank, Temitayo Osundosumu said that the mining industry requires all the resources it can get to further grow and contribute optimally to the economy.
He said, ‘‘First Bank is open for business and will always support the mining sector. So, we are keen to do it. We have the expertise and we will support the mining industry in Nigeria.
‘‘We want the miners to speak with us. Most of the time it is not always loans they need, it could be banking solution, discussing with other partners on new finances, among others. We have done this across our footprints in Africa and we are keen to doing it in Nigeria.’’
On how to structure the industry, Osundosumu explained that the Ministry of Mines and Steel Development has been taking a lot of steps in that direction as artisans and small-scale miners are being put together in a well-organized manner.
‘‘A good one is the Solid Minerals Development Fund which is a way to de-risk all the issues in the mining industry with the bid that banks funding will be applicable to it and can take the industry forward,’’ he said.
In her remark, Fatima Umaru Shinkafi, Chief Executive Officer of Solid Mineral Development said that although the mining industry in Nigeria is 70 percent artisanal, the miners would be more productive if they can be well structured.
Shinkafi, speaking on accessing funds from banks, said, ‘‘Banks will only give you funding based on your cash flow. You need to have a product that is viable and your firm must have a good corporate governance structure. Mining is a science. You must develop data for future funding.’’