New Telegraph

FDI: FG receives $1bn in mining sector

The Minister of Mines and Steel Development, Olamillekan Adegbite, has said that the Federal Government of Nigeria received over $1 billion in foreign direct investments for the mining sector in recent.times. He spoke during his presentation of the ministry’s achievements at the 9th edition of the PMB Scorecard series.

He also said the ministry engaged over 500 prospective mining investors through international conferences, some of which, he said, had started setting up businesses in Nigeria.

He listed some of them as 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. Adegbite said: ”There is African Natural Resources Ltd with an investment profile of 600 million dollars, Kano Smith Gold Refinery, Duka Gold and Precious Metals.”

According to him, the ministry also launched the Gold Durbar in Kano, in partnership with Kian Smith Trade Company. Adegbite said: “It served as a regional gold marketplace to attract jewellers 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.”

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