29 November 2020 By Georgina Humphrey
In an effort to invest in gold mining in Nigeria the Ministry of Mines and Steel Development has signed an Expression of Interest agreement with a Private Gold Development and Mining Company in Cairo, Egypt.
The Minister of State, Mines and Steel Development, Dr Uchechukwu Sampson Ogah made this known during the signing ceremony which was coordinated by the Egyptian – African Arab Company for Development (EGAAD) in Cairo, Egypt.
According to Dr Ogah, the agreement would attract big investors into the Sector.
He explained that efforts by the Ministry have started yielding the desired result in fast tracking diversification of the economy through the Minerals Sector.
He said that Nigeria stands to benefit immensely from the partnership as it would strengthen ties among African nations and ensure development within the continent using the abundant gold resources.
“Our ultimate goal is to attract investors with the technical and financial competence to invest in our solid minerals sector, from detailed exploration to mining, development, processing and refining to producing standard ores in Nigeria.”
The Minister noted that Nigeria, as the largest economy in Africa with its vast and mostly untapped solid mineral resources has the potential for industrialization through the sector.
The Minister Expressed the Federal Government’s readiness to provide a conducive environment for the timely realization of the investment by providing available geoscience data and necessary support.
The Chairman of the private company, Naguib Sawiris, stated that the signing of the document was to formally express the Company’s interest to begin earnest operations in Nigeria.
He said that the company was continually looking at new opportunities to expand its investment in Gold Mining across Africa, adding that Nigeria has enough gold deposits to investment in.
In a related development, Dr Ogah during a meeting with the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, emphasized the need for collaboration to realize the African potential for industrialization.
He explained that the Egyptian Mineral Sector has a lot of similarities in Policy Reforms with that of Nigeria.
In his remarks, the Egyptian Minister of Petroleum and Mineral Resources stressed the need for big International Mining Conferences to optimize resources and enjoined Africans to work together by using “African resources to develop Africa”.