The Federal Executive Council (FEC) has approved 30 billion Naira intervention fund for mining exploration in Nigeria.
The Minister of Mining and Steel Development, Dr. Kayode Fayemi, gave the figure at the end of the FEC meeting presided by President Muhammadu Buhari.
Dr. Fayemi, alongside his counterparts at the Information and Transportation Ministries, Mr Lai Mohammed and Mr Rotimi Amaechi, briefed journalists on Wednesday in Abuja, the Federal Capital Territory.
The Council, he said, stressed the importance of inter-ministerial coordination and for the ministry to work with the ministries of transportation; power, works and housing; as well as environment on safer mining practices.
The Minister added that the mining ministry would also work with that of health, to help build a multi-sectoral focus on mining and also encourage private sector investment.
On his part, Mr Amaechi hinted that the Council approved a negotiation with General Electric (GE), towards contracting the railways across Nigeria.
He said the narrow gauge railways to be contracted would to a great extent, assist the agriculture and mining ministries in the transportation of extracted minerals.
The Transportation Minister further identified the railways to be rehabilitated at no cost to the government.
One of them is the Port Harcourt-Maiduguri railway which would include: Port Harcourt, Aba, Umuahia, Enugu, Makurdi, Jos, Gombe and Bauchi to Borno.
The other is the Lagos-Kano railway, which would also comprise: Lagos, Abeokuta, Ibadan, Ilorin, Kano, Funtua and Zaria to Kaura Namoda.