In what seemed to be an attempt to expand the solid minerals industry and diversify the economy away from oil, the Federal Government of Nigeria said the mining sector recently received $1 billion in Foreign Direct Investments (FDI).
The mining industry is involved with the extraction of precious minerals and other geological materials.
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.
Highlighting some of the positives and the changes in the sector, Adegbite said: Through international conferences, the ministry interacted with more than 500 potential miners, 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.
Recall that the Minister in August had said the government was “putting all its political will and weight behind the promotion of the sector and the event to gather investors, mining houses, thought leaders, innovators and disruptors.” According to him, the sector is well positioned to support supply chain diversification as well as the security of supply on a global scale.
However, at the event, he mentioned Kano Smith Gold Refinery, Duka Gold and Precious Metals, African Natural Resources Ltd., and other companies with investment profiles totaling 600 million dollars.
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 jewelry value chain.’
