The expense for looking for the establishment of a Solid Minerals Development Bank, which was sponsored by Senator Yakubu Oseni representing Kogi Central Senatorial District, on Tuesday passed its second reading in the upper legislative chamber.

The bank, according to Oseni, would deal with the lack of financing of the strong minerals sector by commercial banks in Nigeria.

According to him, the bank will act as a development financing organization that looks for to speed up sustainable socio-economic development and improve the strong minerals sector in addition to the lifestyle of individuals by offering financial and non-financial investments in the sector.

Among the significant objectives of the proposed bank is the particular financing needs of the mineral sector, a development he averred would match efforts of the federal government to diversify the economy.

The legislator said: “The principal objective of the bank is to increase monetary addition by offering access to credit finance.

“The bank will also support medium and long-term financing, with the period of as much as 10 years and a moratorium of as much as 18 months which will enable customers in the sectors to have a longer period to repay the loans from the Solid Minerals Development Bank unlike the deposit money or commercial banks”

Addressing worries of hijacking the bank by the elite at an interview with the Senate Press Corps, Oseni insisted that it would not be company as typical, while he urged the youths to mobilise themselves into the development of mineral resources so that they can gain from the special finance organization once it begins stream.

He revealed the belief that the bank would even more tackle illegal mining across the nation, noting that prior to a miner accesses loans and advances, his records would be properly examined.

After contributions by senators that caused the passage of the costs, the Deputy Senate President, Ovie Omo-Agege, referred it to the Committee on Solid Minerals for further public hearing.

He charged the committee chairman to kip down reports in 4 weeks time for the 3rd reading.