iron ore to remain above $150pt in medium term, page-25

Nigeria?s Steel Development to enhance future breakthrough

Submitted by peterakpochafo on Wed, 08/10/2011 - 00:48

Nigeria is determined to enhance its technological growth through an investment promotion strategy, the Minister of Mines and Steel Development, Arc. Musa Mohammed Sada has declared.
He gave the stand yesterday in Abuja when he received a delegation of investors from Dubai, United Arab Emirates, saying that the process of establishing the investment promotion units was in progress.
The minister explained that when the programme was completed and operationalised, both local and foreign investors will easily access on-line any investment information they seek for in the minerals and metal sector.

He said that the federal government was ready to assist and collaborate with foreign investors towards the development of Nigeria?s mining industry.
The Minister noted that one major challenge militating against the development of the nation?s mining industry was funding. He added that the present administration was trying to address that challenge through the establishment of a Solid Minerals Development Fund whose Board of Directors will be inaugurated soon.

The Minister also disclosed that banks and other financial institutions in the country are beginning to show interest of investing in the nation?s mining industry as a result of reforms in the sub-sector. He added that the sector is driven by the private sector while government administers and regulates.

Arc. Sada disclosed that the Federal Government was focused on the development of seven strategic minerals such as: Coal, Bitumen, Iron-Ore, Lead/Zinc, Barytes, Gold, and Limestone.
Speaking earlier, the leader of the investors from Dubai, United Arab Emirates, Mr. Mujtaba Sarfaraz, the Senior Vice- President of Mas Clearsight Limited said that the essence of their visit was to explore the possibility of investing in Nigeria?s mining industry.

Mr. Sarfaraz disclosed that his company is into mine development and feasibility studies among other areas.
Some of the minerals they intend to explore and exploit in Nigeria Include: Coal, Iron-Ore, Manganese and Copper among others.

By Blessing David Adewole

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