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Foreign investments needed to diversify economy via mining sector, says Adegbite

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Foreign investments needed to diversify economy via mining sector, says Adegbite
By Our Reporter

The Minister of Mines and Steel Development Arc Olamilekan Adegbite has disclosed that Nigeria has huge investment opportunities in the mining and minerals sector.

This is as the Ministry is intensifying efforts at attracting direct foreign mining investment for the actualisation of the diversification of the economy from crude oil to mining.

He stated this when a delegation of Optiva Resources Ltd, a UK based Investment Organisation and its investment Advisers, NPL Advisors, paid a courtesy visit to the Ministry’s Headquarters in Abuja on lasy Tuesday.

Arc Adegbite while expressing delight that the visit was coming just a few months after the “Mines and Money” Conference held in London recently, noted that the Ministry have become technologically savvy in its bid to making it easy for would be investors to access information. Adding that, “you can now apply for licence and certificate online”.

He enjoined the delegation to visit other Agencies of the Ministry, for them to get a full grasp of the mining potentials in the country

In his remarks, Francis Nwokedi, Managing Director, NPL Advisors, revealed that even though Optiva Resources Ltd has invested in a number of projects across Africa, he stated that this was the first time they were showing keen interest in coming to Nigeria.

Reiterating the huge opportunities in the mining and minerals sector in the country, he disclosed that the purpose of the visit was to look at areas the Organisation can invest.

Speaking, Abdulrazaz Garba, Director General, Nigeria Geological Survey Agency (NGSA) stated that Optiva Resources Ltd interest to invest in the mining sector is very encouraging as the Federal Government has provided funds for massive exploration of the mineral potentials of the country.

Dr. Garba, while giving an elaborate run down of the agency’s activities, disclosed that 7 strategic minerals have been identified as low hanging fruit in the mining roadmap. They include Coal, Bitumen, Limestone, Iron Ore, Barites, Gold and Lead/Zinc Ore.

Also, Yunusa Mohammed, Director, Investment Promotion and Mineral Trade, (IPMT), stated that the visit shows clearly the Ministry’s effort at wooing and attracting international investors. Adding that “the investors are here to look at the mining assets we have in Nigeria”.

The delegation is also billed to visit the Mining Cadastre Office (MCO) and the Solid Minerals Development Fund (SMDF).

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