MD/CEO of Heritage Bank Plc, Ifie Sekibo, has said that market formation framework is the key to optimally exploit Nigeria’s precious metal and solid minerals endowments. He disclosed this during a webinar organised by the Securities and Exchange Commission (SEC) in collaboration with the Federal Ministry of Mines and Steel Development.
The theme of the webinar was “Financing the Solid Minerals Sector through the Capital Market and the Critical Role of Commodity Exchanges.” Sekibo explained that a fully established market formation process that would lead to having a Corporation as an integrated solid mineral institution like NNPC, which allows the collateralisation of assets that banks can rely on for alternative funding options. According to him, this will guarantee other creative ways of raising funds for financing commercial activities relating to solid minerals and viable projects along its value chain.
Sekibo, who was represented by the Divisional Head, Strategy and Business Solutions of the bank, Olusegun Akanji, said for the sector to be viable, it required lots of converged government interventions because for any development focused sector to kick-off around the world, it needs government intervention to lay the foundation for the private sector and funders to step-in and pool their resources.