Business
Lack Of Funds Stalls Mining Activities – Official
The Ministry of Mines and Steel Development on Thursday said the annual extension service training programme for mining cooperatives in the country was being stalled by lack of fund.
Mr Patrick Ojeka, the Acting Director, Artisanal and Small-Scale Mining Department at the ministry, told reporters yesterday in Abuja that the programme for 2015 might not hold due to lack of budgetary provision.
Ojeka said the annual training was initiated in 2011 for artisanal and small scale mining cooperatives usually on safe mining techniques and mineral processing across the country.
He said the ministry’s budget for 2015 made no provision for the department to conduct the programme for the miners.
The acting director said that the situation could only be solved if “the management of the ministry looks at the issue and to see if it can create funds for the programme.
“The extension training is a capital project for the department and for 2015 there is no budgetary provision for it.
“If the ministry does not provide external money for it, there is likely hood that it would not hold”.
He said the training usually guided the miners on best mining processes and the danger of improper mining.
Ojeka said so far, the ministry had verified and certified more than 613 mining cooperatives from 2011 to date.
He said the ministry, from 2014 to date, had received more than 1,300 mining cooperative applications to verify and certify for best mining practice in the country but had no fund to do so.
“We have these applications to certify as mining cooperatives so that they can benefit from government extension services training and other programmes.
“The ministry has to verify that these cooperatives exist; they have an office and they have where they are working.
“No money for the field officers to go and verify their existence. They must be verified before the government can certify them.
“This will enable the ministry to meet up with this statutory responsibility for effective monitoring of the mining activities in the field.
“It is an exercise that needed to be conducted across the country annually.
“Last year, there was zero budget for the project and it could therefore not be held,” he said.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
