FG has received over $1 billion in FDI in the mining sector

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The federal government of Nigeria has stated that Nigeria’s mining sector has received more than $1 billion in Foreign Direct Investments (FDI) in recent times.

It appears that this is a confirmation of the positive results from the Federal Government’s efforts to develop a solid mineral sector and diversify the economy away from oil.

Olamillekan Adegbite, the Minister of Mines and Steel Development stated this in his recent presentation of the ministry’s achievements during the 9th edition of the PMB Scorecard series.

He also promoted the development of the mining industry.

Engage with future miners who give positive results: Adegbite disclosed that the ministry has engaged over 500 prospective mining investors through international conferences, some of whom have started setting up businesses in Nigeria.

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Giving opportunities he cited the Segilola Gold Company in Osun State, which has an investment portfolio of $900 million that pays about N1 billion to the Nigerian government in royalties.

  • The minister said, “There is African Natural Resources Ltd with an investment profile of 600 million dollars, Kano Smith Gold Refinery, Duka Gold and Precious Metals, “

He added that the ministry also launched the Gold Durbar in Kano, in collaboration with Kian Smith Trade Company.

  • He said, “It serves as the regional gold market to attract jewelers and gold buyers from across Nigeria, West Africa, and the rest of the world.
  • The event boosts investment in the gold value chain, increases access to data, provides insight for policy decisions, encourages growth in the gold trade and improves the jewelery value chain.’

For the records

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  • The Federal Government a few weeks ago revealed that it has banned the export of raw gold from Nigeria to avoid the same mistakes the country made in the crude oil regime.
  • Adegbite explained that the ‘Down Stream Mineral Policy’, which was introduced recently by the Federal Government, would enable a thriving refining industry sector in Nigeria.

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