MMSD, CRIG Partner On Investment Promotion In Mining Sector

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L-R: The acting director, investment promotion and minerals trade, Mr. Yunusa Mohammed, permanent secretary, Ministry of Mines and Steel Development (MMSD), Dr. Oluwatoyin Akinlade, Minister of Mines and Steel Development, Arc. Olamilekan Adegbite with delegates from China Railway Investment Group Limited when they paid a courtesy call on the minister in his office in Abuja.

The Ministry of Mines and Steel Development (MMSD) is set to partner the China Railway Investment Group Limited (CRIG)in strengthening mining investment drive through proper harnessing of the verse mineral deposits across the various states of the federation.

The Minister of Mines and Steel Development (MMSD), Arc. Olamilekan Adegbite, made this known when he received a team from the group in his office in Abuja, saying the ministry could avail them the opportunities of investment in priority areas of both mining and metal sectors once there was genuine expression of interest in the sector that would facilitate the industrialization and prosperity of the nation.

He canvassed for investment in mining and processing of some of the major minerals, which are readily available such as gold, bitumen, barite, led, zinc, cobbalt, lithium, coalta and coal, and gemstones, among about 44 discovered minerals abounding in the country. This, he said, would satisfy and expand both the local and international markets and ensure the GDP growth of the economy.

Adegbite hinted that the ministry was likely to begin auctioning of bitumen licences by October this year, adding critical investors should utilise such ample opportunity to immensely contribute to the growth of the dolid mineral sector for a viable nation.

He also wooed investors to fully invest in the Ajaokuta Steel Plant, disclosing that about 13 to 14 minerals needed to produce liquid steel from the plant are all available in Nigeria. The only thing remaining for it to kickstart production is the completion of the blast furnace.

He assured that the ministry would provide them with literatures on the abundant minerals in the country and their usages to enable their investment choices.

Earlier in his address, the leader of the delegates, Dr. Sunny Okorie, said their firm, which is a big consortium with over 50, 000 dollars turnover per annum had already invested in many businesses in Nigeria. He said the purpose of their visit was to seek investment opportunities in the mining sector for the benefit of the citizenry.

In his remarks the acting director, Investment Promotion and Mineral Trade (IPMT), Mr. Yunusa Mohammed, promised the visiting team of the ministry’s support in providing needed information on the sector. 

A statement by the ministry’s head of press and public relations, Chinwe Ekwugha, said Mohammed stressed that very serious investors were needed to key into this sector of the economy in order to contribute to economic growth.

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