WHY IS NIGERIA ON THE MINING BUSINESS MAP?
Despite signs of recession and low global commodity prices, the Nigerian mining industry has certainly witnessed some phenomenal developments within the past 10 months, but a lot of progress still needs to be made to develop the sector, and bring about the required grass root impact for a country in dire need of alternative sources of foreign exchange.
This is expected to be achieved in the medium to longer term within the Nigerian mining sector.
On another note, in August 2016, the mining road map was approved by the President and a bill proposing the creation of a regulator will be the next step for the development of the industry.
The new legislation is including incentives such as allowing full foreign ownership of mining projects in order to attract investments and economic growth
THE KEY MINING OPERATORS IN NIGERIA INCLUDE:
• Segilola Nig. Ltd
• KCM Mining Ltd
• Eta-Zuma Group Limited
• Dangote Cement Plc
• Mineral Services Ltd
• Tongyi allied
• Symbol Base Metals
• West African Polaris Investment Ltd
• LOC Metals and Minerals Limited
• Palladium Mining
• SBog Nigeria Ltd
DID YOU KNOW?
- Nigeria is looking for investments of $7 billion in mining and steel over the next decade as it seeks to develop gold and iron ore extraction industries to diversify its oil-dependent economy.
- Nigeria aims to increase mining's contribution to gross domestic product from 0.3 percent in 2015 to 7 percent within a decade: from $1.44 billion to $33.67 billion
- It also plans to create a $1 billion mining exploration fund from state and private capital to improve data on Nigeria's mineral wealth. Each exploration project will be supported with about $5 million.
- The government has created a local minerals investment fund of $500 million injected for the sector
WHERE ARE THE RESOURCES LOCATED?
VIEW MARKET INTELLIGENCE REPORT
1. Nigeria Solid Minerals Investment Brochure 2016
2. Nigerian Government Official Website (www.nigeria. gov.ng)
3. Federal Ministry of Mines & Steel Development (www. mmsd.gov.ng)
4. Nigerian Investment Promotion Commission (www. nipc.gov.ng)