Greychapel Legal Holds Dialogue on Financing Artisanal, Small-Scale Miners
A high-level webinar, “Unlocking Potential: Building a Sustainable Mining Finance Ecosystem for Artisanal and Small-Scale Miners (ASM) in Nigeria,” was recently convened by Greychapel Legal. The event brought together policymakers, industry stakeholders, and financial experts to address the persistent challenges facing the ASM sector in Nigeria.
The Minister of Solid Minerals Development, Dele Alake, emphasized the government’s commitment to creating an inclusive, sustainable, and transparent mining finance ecosystem. Despite their significant contribution to Nigeria’s solid mineral output, ASM operators continue to face hurdles such as limited access to finance, informality, exploitation by middlemen, bureaucratic bottlenecks, and exclusion from development initiatives.
Sector expert Abdul Abiola highlighted informality, perception, and risk as major challenges ASM miners face in accessing financial support. He stressed the need for targeted reforms to address these issues. The webinar explored potential solutions, including production-backed lending, cooperative funding models, and tech-enabled microfinance leveraging blockchain and AI for credit assessment and traceability.
The government has introduced initiatives to support ASM operators, including the digitization of the Mining Cadastre System, formalization programs with training and licensing, and the Solid Mineral Development Fund (SMDF) to support small-scale projects.
Experts advocated for a blended financing model to de-risk investment in the mining sector and public-private partnerships with tailored financial instruments.
The dialogue concluded with a call for stronger policy frameworks, integration of ASM provisions into the revised Mining Act, re-education of banks on ASM dynamics, partnerships with NGOs for capacity building, and improvements in financial literacy and environmental standards.
The event underscored the need for collaboration and empowerment to unlock the potential of Nigeria’s ASM sector.
