Dr Toni Aubynn, the Chief Executive of the Minerals Commission, has advised African Banks and Finance institutions to get involved in the provision of capital to local mining entrepreneurs.
This would ensure an optimised benefit of mining to Africans.
Speaking as a panelist on the topic: Private Sector Participation in Mining: Addressing Challenges to Doing Business in West African Countries at the Nigerian Mining Summit, Dr Aubynn said African indigenous banks must find innovative ways of creating local mining entrepreneurs.
“African indigenous banks should not wait for foreign banks to take the juiciest part of the mining value chain and later come to complain about local contents. We must find innovative ways of creating local mining entrepreneurs,” he said.
The panel was part of efforts for Nigeria to revamp its solid minerals sector.
It is spotlighted on crucial benefits of increased private sector participation in the mining sector while highlighting major concerns of private investors.
The panel also compared the contribution of the private sector to mining in West Africa over the last 10 years and discussed what other developing countries with high private sector participation are doing differently.
It discussed how West African governments can address the concerns of private investors and increase participation including specific measures, requirements, and structures, including – registration, licenses, host community relations and management, minerals, taxes, funding.
The session also reviewed challenges faced by public and private sector entities in West Africa in attracting financing for mining projects and programmes and looked at investment and financing options available, strategies and requirements to unlock such investments.
Dr Aubynn assured his counterparts that Ghana had always been available to share its over one century experience in modern mining with its West African neighbours.