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The Miners
Association of Nigeria (MAN) has said that its members’ inability to
access loans was a major challenge to the growth and development of
sector.

The national
president of the association, Sani Shehu, in Abuja on Sunday, said that
none of the association’s members had accessed the one billion naira
solid mineral credit facility offered by three commercial banks in the
country.

It will be recalled
that Oceanic, First Bank, and Wema had in 2006, established Solid
Minerals Desks with an initial capital of one billion naira, to boost
mining activities.

Mr. Shehu said the conditionalities stipulated for the loans were stringent for interested miners.

According to him,
the requirements include huge collaterals, short period for repayment,
and huge interest rates. He noted that mining was a capital intensive
activity with long gestation period, pointing out that the
conditionalities had defeated the aim of setting up the loan.