Business
Institute To Resuscitate Nigeria’s Mining Sector
The establishment of the Nigerian Institute of Mining and Geosciences (NIMG), Jos, will resuscitate the solid mineral industry in the country.
Its Provost, Prof. Idowu Odeyemi, made the disclosure on Friday in Jos, while answering questions from newsmen.
He said solid minerals’ exploitation in the past had earned the countrymuch money “so, with the establishment of the institute, many comatose industries will be resuscitated.”
He said it was unfortunate that since the discovery of oil, the exploitation of solid minerals was relegated to the background, leading to the collapse of the industry.
The provost, however, said it was heartwarming that the same government which relegated solid minerals exploitation was now at the forefront of reviving it.
He added that the gestation of crude oil was shorter than that of solid minerals and attributed the sudden rush to the quick money made from oil.
Odeyemi said “it is heart warming that government, which abandoned mining, is now championing its resuscitation”.
He emphasised that the potential of the mining industry was enormous, adding that the country stood to benefit immensely from solid mineral business.
He stressed that there were enormous economic mineral deposits scattered across the country and when tapped could bring prosperity to the government and the citizenry.
Commenting on the viability of the NIMG, he said the institute had come to stay and would meet the mandate of its establishment in training professionals to take care of the solid mineral industry.
He said the Federal Government had realised the need to establish the institute as there was a shortage of skilled manpower in that area, hence NIMG would fill the gap.
The provost said the institution anticipated a massive demand from mining companies in the next few years to provide them with the required manpower.
Odeyemi stated that three professors in mining from the U.S. would soon be engaged in the NIMG as lecturers, in addition to 14 others already on ground.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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