Nigeria receives over $1bn FDI in mining sector – Minister

The Minister of Mines and Steel Development, Mr Olamillekan Adegbite, says the country’s mining sector has received over 1 billion dollars in Foreign Direct Investments (FDI) in recent times.

Adegbite said this in his recent presentation of the ministry’s achievements during the 9th edition of “PMB Scorecard” series, organised by the Federal Ministry of Information and Culture.

According to him, the ministry has engaged over 500 prospective mining investors through international conferences, some of which have started setting up businesses in Nigeria.

He cited the Segilola Gold Company in Osun State, with an investment portfolio of 900 million dollars.

He said the company had paid about N1 billion to the Nigerian government in royalties.

“There is also African Natural Resources Ltd. with investment portfolio of of 600 million dollars, Kano Smith Gold Refinery, Duka Gold and Precious Metals,” he said.

He said the ministry also launched the Gold Durbar in Kano, in partnership with Kian Smith Trade Company.

“It served as a regional gold market place 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 development of the trade of gold and developing the jewellery value chain,” he said.