Nigeria to open investment promotion units in Mines Ministry

Monday, 22 Aug 2011

In a bid to attract local and foreign direct investment for the development of the nation' mining industry, Nigerian government said that it will open investment promotion units in the Ministry of Mines and Steel Development and its agencies.

Mr Musa Mohammed Sada minister of mines and steel development made this known when he received a delegation of investors from Dubai, United Arab Emirates. He said the process of establishing the investment promotion units is in progress.

He explained that when the program is completed, both local and foreign investors will easily access on line any investment information they seek for in the minerals and metal sector. He said that the Federal Government was ready to assist and collaborate with foreign investors towards the development of Nigeria’s mining industry.

Mr Sada said that one major challenge militating against the development of the nation’s mining industry was funding. He added that the present administration was trying to address that challenge through the establishment of a Solid Minerals Development Fund, whose Board of Directors will be inaugurated soon.

According to him, banks and other financial institutions in the country are beginning to show interest of investing in the nation’s mining industry as a result of reforms in the sub sector. He added that the sector is driven by the private sector while government administers and regulates.

Mr Sada stated that the Federal Government was focused on the development of seven strategic minerals such as coal, bitumen, iron ore, lead zinc, barytes, gold and limestone.

Mr Mujtaba Sarfaraz SVP of Mas Clearsight Limited said that the essence of their visit was to explore the possibility of investing in Nigeria's mining industry.

He disclosed that his company is into mine development and feasibility studies among other areas. Some of the minerals they intend to explore and exploit in Nigeria include coal, iron ore, manganese and copper among others.

(sourced Thisdaylive)