FG receives over $1 billion FDI in mining sector

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

This appears to be a confirmation of positive results from the Federal Government’s efforts to develop the solid minerals 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.

Adegbite revealed that the ministry engaged over 500 prospective mining investors through international conferences, some of which have started setting up businesses in Nigeria.

Giving instances he cited the Segilola Gold Company in Osun State, with an investment portfolio of $900 million that has paid 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 partnership with Kian Smith Trade Company.

He said, ”It served as a regional gold marketplace to attract jewelers and gold buyers from across Nigeria, West Africa, and the rest of the world. The event has boosted investment in the gold value chain, increasing access to data, providing visibility for policy decisions, stimulating the development of the trade of gold and developing the jewellery value chain.’

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