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Business News of Monday, 29 November 2021


FG seeks foreign investors in solid minerals sector development

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The Federal Government says it is seeking foreign investors participation in developing the mineral sector.

Dr Uchechukwu Ogah, Minister of State, Mines and Steel Development made this known in a statement issued by Mrs Etore Thomas, Director, Press and Public Relations on Monday in Abuja.

Ogah, who spoke at the ongoing Dubai World Expo 2021, said that the Federal Government wants foreign investors involvement in mining to improve its economy.

The theme of the event, “Investment in the Nigerian Gold Sector: Opportunities in the Gold Value Chain”.

Ogah, who was honoured with the “Excellence In Public Service Award” by FIN-Africa-UAE Trade and Investment Forum Dubai, appreciate His Royal Highness, Sheikh Hamdan bin Khalifa, for the whooping sum of 2billion dollars pledge to Nigeria.

He said that the Emirate had assured the Federal Government to ensure appropriate deployment of the funds, when Agreement is signed.

Ogah said that the Expo, with participants from over 200 countries, provided the opportunity to showcase the potentials of Nigerian minerals on Dubai soil with special emphasis on gold and other precious minerals abundant in Nigeria.

“There cannot be a better platform to showcase the Nigeria Gold sub-sector than on this platform with notable global organisations and investors, minerals beneficiation companies, global financial institutions, commodity trading companies among others all in one event.

He disclosed that the need for the diversification of Nigeria economy has become more compelling now in the post COVID-19 era.

He added that the Federal Government has established policies that would support sustainable development of Nigeria’s gold resources and development, as well as consideration of general matters on gold Mining Administration and Incentives.

According to the minister, President, Muhammadu Buhari led administration is determined to consolidate on the gains of diversification as it forms the critical backbone of industrialisation.

In his remarks, Zulfiquar Ghadiyali, Executive Director, Royal Office of Sheikh Hamdan bin Khalifa and Global Peace Ambassador, United Nations, said the 2 billion dollars pledge would be drawn from its Sustainability Fund.

Ghadiyali said that the pledge was to further cement the very close trade and bilateral relations that existed between Nigeria and UAE.

He noted that peace in Africa could only be attained through sustainable development, adding that, “if there is substantial development, you will automatically have peace”.