The extraction sector in Nigeria has recently secured over $1 billion in overseas direct investments (FDI), as reported by the federal administration of Nigeria.
This appears to be evidence that the Federal Government’s initiatives to enhance the solid minerals sector and shift the economy away from oil have yielded positive outcomes.
This announcement was made by Olamillekan Adegbite, Minister of Mines and Steel Development, during his recent presentation regarding the ministry’s accomplishments at the 9th edition of the PMB Scorecard series.
He also underscored the advancements within the mining sector.
Engagement with potential miners yielding promising results: As per Adegbite, the ministry has connected with over 500 potential mining investors through global conferences, with several of them establishing operations in Nigeria.
He mentioned the Segilola Gold Company in Osun State, which boasts a $900 million investment portfolio and has disbursed approximately N1 billion in royalties to the Nigerian government.
The minister stated, ”There is African Natural Resources Ltd with an investment profile of 600 million dollars, Kano Smith Gold Refinery, Duka Gold and Precious Metals,”
He also noted that the ministry initiated the Gold Durbar in Kano, in collaboration with Kian Smith Trade Company.
He remarked, ”It functioned as a regional gold marketplace designed to draw jewelers and gold purchasers from throughout Nigeria, West Africa, and internationally.
“The event has enhanced investments in the gold value chain, facilitating access to information, offering transparency for policy-making, invigorating the development of the gold trade, and nurturing the jewellery value chain.’ For the records
The Federal Government disclosed a few weeks back that it has banned the exportation of unrefined gold from Nigeria to prevent repeating the mistakes experienced during the crude oil era.
Adegbite clarified that the Federal Government’s recent ‘Downstream Mineral Policy’ will enable Nigeria to establish a robust industrial refining sector.
