FG receives over $1 billion FDI in mining sector

According to the federal government of Nigeria, more than $1 billion in FDI has recently been invested in the country’s mining industry.

This seems to be proof that the Federal Government’s attempts to expand the solid minerals industry and diversify the economy away from oil have had favorable benefits.

This was mentioned by Olamillekan Adegbite, the Minister of Mines and Steel Development, in a recent presentation of the ministry’s accomplishments throughout the course of the PMB Scorecard series’ ninth edition. He also emphasized changes in the mining sector.

Adegbite stated that the ministry reached out to more than 500 potential miners via international conferences, some of whom have already begun establishing enterprises in Nigeria.

He gave examples like the $900 million investment portfolio of the Segilola Gold Company in Osun State, which has paid roughly N1 billion in royalties to the Nigerian government.

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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,”

In collaboration with Kian Smith Trade Company, the ministry also established the Gold Durbar in Kano, he continued.

‘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 jewelry value chain.’