Mining Sector: Why do angels fear to tread in Nigeria?

Mr Babatunde Raji Fashola and his team are on the brink of securing $150M loan from the World Bank for investment in the mining sector.

These funds are allegedly to provide knowledge, infrastructure and policy creation.

In no other country has this ever been necessary.

Mining companies are no angels and they have not feared to tread anywhere else in the world – infrastructure or no infrastructure.

Just Google for numerous examples across mineral, gem and metal extraction in many countries.

These are the same companies that are in war torn countries like Iraq (right after the fall of Sadam) and Afghanistan even under the Taliban year after year just gambling to go after any opportunities that even locals dare not attempt.

So why are these “angels” now so timid that they need $150M of investment to facilitate their entry into Nigeria?

There is no precedent for this and no sense in the case put forward.

Could it be that consultants to the World Bank will make tidy profit from this investment?

Could it be that pockets in the Federal Government (FG) need filling (particularly as no significant money has been made so far in this administration in the relevant ministry)?

Or is it that friends of the minister need some capital in order to set up their own operations?

We can only be certain of one thing – no other country has needed to go into debt to the tune of $150m in order to get an extraction industry up and running and driving revenue into the public coffers.

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