The Minister of Solid Minerals Development, Dele Alake, 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, Mr Alake deplored unwholesome pressure on African governments by loan marketers despite global concerns over the declining capacity of many countries to settle their debts.
The minister 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.
