Federal Ministry of Mines and Steel Development announces commencement Award of funds to Artisanal and Small Scale Miners

Federal Ministry of Mines and Steel Development announces commencement Award of funds to Artisanal and Small Scale Miners
In a special announcement made available to thepost on Thursday, the Ministry said it has signed a memorandum of Understanding with the Bank of Induatry for the purpose.
The release reads; ”This is a special notification to announce the commencement of applications for the Nigerian Artisanal & Small-Scale Miners (ASM) Financing and Support fund.

”The Ministry of Mines and Steel Development (MMSD) in August 2017, signed a Memorandum of Understanding (MoU) with the Bank of Industry Limited (BOI) for the management of a N5 billion fund in support of Artisanal and Small-Scale Miners (ASM) in the country.

”Under this scheme, a certified Artisanal Scale miner, can access between One hundred thousand naira (N100,000.00) and ten million naira (N10,000,000.00); while a Small-Scale Miner can access between ten million naira (N10,000,000.00) and one hundred million naira (N100,000,000.00) with an interest rate of 5%.
”This fund is particularly designed to play a catalytic role in the mining sector ”.