Solid minerals sector to attract $3.3bn foreign investment

The Federal Government on Tuesday said the solid minerals sector in the country is set to receive $3.3 billion foreign investment.

The Minister of State in the Ministry of Mines and Solid Minerals, Abubakar Bwari, stated this in Abuja at the Third Nigeria Mining Week.

According to him, private investors have expressed their readiness to commit the money to fund some projects in the mining sector.

The mining week, a three-day event, was organised by the Miners Association of Nigeria in partnership with PricewaterhouseCoopers and Spintelligent.

Read also: Nigeria’s inflation rises for second consecutive month in September

Speaking further, Bwari said the fund will be used to finance gold mining and refining, foundry works, lead/zinc exploration and production, tin, tantalite and columbite mining and processing.

The minister also gave hints of the efforts of the ministry to focus on tackling challenges hindering the formal exploitation of gold, tin and lead-zinc as well stop indiscriminate exports of these mineral commodities to foreign smelters, adding that the ministry had also developed a new Export Guidelines for the Export of Mineral Commodities to ease challenges in the granting of export permits and other licensing issues.

 

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