National News

FG Seeks Foreign Investment To Boost Mines and Steel Sector

The Federal Government is seeking Foreign investments for development of the Minerals Sector to boost the economy .

Minister of State Mines and Steel Development, Dr Uchechukwu Sampson Ogah made this known while delivering an address at the Dubai World Expo 2021, with the theme “Investment in Abu Dhabi.

A statement signed by Tine-Iulun for the Director Press & Public Relations in the ministry says wooing foreign investors into the sector will create jobs for the teeming Nigerian youths, provide infrastructural development and deliver on the present administration” s mandate to diversify the economy.

It explains that the need for the diversification of the economy became more compelling now in the post COVID-19 era.

According to the statement the Federal Government has fomulated policies that will support sustainable development of Nigeria’s gold resources and development, as well as consideration of general matters on gold Mining Administration and Incentives.

The statement stresses that the President Muhammadu Buhari led administration is determined to consolidate on the gains of diversification as it forms the critical backbone of industrialization.

According to the statement Ogah who was honoured with the “Excellence In Public Service” award by FIN-Africa-UAE Trade and Investment Forum Dubai, expressed gratitude to His Royal Highness, Sheikh Hamdan bin Khalifa, for the whooping sum of $2bn pledged to Nigeria for the country’s sustainable development drive.

It assures the Federal Government’s commitment to ensure appropriate deployment of the funds when the Agreement is signed.

The statement notes that the Expo with participants from over 200 countries, provided the opportunity to showcase the potential of Nigeria’s mineral sector on Dubai soil with special emphasis on gold and other precious minerals abundant in Nigeria.

“I must confess that there cannot be a better platform to showcase the Nigeria Gold sub-sector than on this platform with notable global organizations and investors, minerals beneficiation companies, global financial institutions, commodity trading companies etc all in one event” Ogah added.

In his remarks, Zulfiquar Ghadiyali, Executive Director, Royal Office of Sheikh Hamdan bin Khalifa and Global Peace Ambassador, United Nations, added that the pledge of 2 billion dollars from its Sustainability Fund is to further cement the very close trade and bilateral relations that exist between the two countries.

He notes that peace in Africa can only be attained through sustainable development.

The theme of the Dubai World Expo 2021 is “Investment in the Nigerian Gold Sector: Opportunities in the Gold Value Chain”

By Georgina Humphrey

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