NIGERIA’S MINING SECTOR TO RECEIVE US$3.32bn FROM PRIVATE INVESTORS

Nigeria mining sector set to get US$3.32 billion as private investors show interest.

At the ongoing Third Annual Nigeria Mining Week in Abuja, Nigeria’s Minister of State, Mines and Development Alhaji Abubakar Bwari, said private investors are ready to commit about US$3.32 billion to fund projects in Nigeria’s mining sector.

According to the minister the funds will be for financing gold mining and refining, lead/zinc exploration and production. It will also includes tin, tantalite and columbite mining and processing. The Ministry is currently working on tackling the problems hampering the utilization of gold, tin, and lead-zinc. It also plans to stop the chaotic exports of these mineral commodities especially to foreign smelters.

Nigeria can survive without crude, if the non-oil sector and its huge potentials receive adequate attention. Agriculture, mines and steel are all lucrative sectors capable of boosting the country’s economic growth.

The Country Nigeria boosts of over 44 types of solid minerals in varying quantities, however the contribution of mineral resources to the nation’s gross domestic product was very low. In 2014 its figure was around 103 billion Naira. This statistics also show that Nigeria’s mining sector have remain dormant and is only been profitable to illegal miners.

In the past, there have been no distinct structure for determining investors in the Nigeria’s solid minerals sector. But since the advent of oil prices crashing, Nigerian government have prioritized mining and agriculture in a bid to diversify the economy. Now is probably the best time for anyone to invest in the country’s mining sector.

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