”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.
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.
”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 ”.