FG receives more than $1,000 million of FDI in the mining sector

The Nigerian federal government has stated that the Nigerian mining sector has received more than $1 billion in foreign direct investment (FDI) in recent times.

This appears to be a confirmation of the positive results of 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 affirmed this in his recent presentation of the ministry’s achievements during the 9th edition of the PMB Scorecard series.

He also highlighted the development of the mining industry.

Engagement with potential miners that return positive results: Adegbite revealed that the ministry engaged more than 500 potential mining investors through international conferences, some of whom have started setting up businesses in Nigeria.

The news continues after this announcement.

Giving examples, he cited the Segilola Gold Company in Osun State, with an investment portfolio of $900 million that has paid around 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 has also launched Gold Durbar in Kano, in partnership with Kian Smith Trade Company.

  • ‘He said, “It served as a regional gold market to attract jewelers and gold buyers from 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 gold trade and developing the jewelery value chain.’

for the records

The news continues after this announcement.

  • The Federal Government revealed a few weeks ago that it has 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 ‘Downflow Minerals Policy’, which was recently introduced by the federal government, will enable a thriving industrial refining sector in Nigeria.

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