Minister Alake urges African mineral-rich nations to prioritise equity over loans

Dele Alake, the Minister of Solid Minerals Development, has called on mineral-rich African countries to use their proven mineral reserves as equity in joint ventures instead of taking loans that worsen the plight of their people.

The minister said this at a Ministerial Roundtable on Powering Africa in Washington DC while criticizing loan marketers for pressuring African governments despite concerns about the countries’ ability to repay their debts.

The Federal Ministry of Information and National Orientation, made this known in a post on its X page on Monday, 11th of March, 2024.

The statement read in part:

“The Minister of Solid Minerals Development, #AlakeDele has urged mineral-rich African countries to use the proven mineral reserves of their countries as equity in joint ventures instead of taking loans that worsen the plight of their people.

“Speaking at a Ministerial Roundtable on Powering Africa in Washington DC recently, Alake deplored unwholesome pressure on African governments by loan marketers despite global concerns over the declining capacity of many countries to settle their debts.

He said: “It is an interesting paradox that in spite of their chronic indebtedness, African countries remain the target of institutional and private loan sharks marketing short and long-term credit to ministries, departments and agencies.” [CONTINUE READING HERE]>>>>>