As the Federal Government works towards the diversification of the Nigerian economy, it has moved to revamp the mining sector.
The Federal Executive Council (FEC) today approved a sum of N30 billion as intervention fund for the mining sector according to Dailytrust.
The Minister of Mines and Steel Development, Kayode Fayemi, said this while briefing State House reporters on the outcome of the FEC meeting presided over by President Muhammadu Buhari.
Fayemi stated that the approval was sequel to the ratification of a memo by his ministry.
The minister explained that the intervention would focus on exploration which, he noted, is the heart of mining.
According to him, this is in fulfilment of the president’s commitment to the diversification of the economy.