The Federal Government in its bid to diversify the economy is looking towards the mining sector, putting a lot of machinery in motion to ascertain that Nigeria achieve this in the shortest possible time.
The Honourable Minister for Mines and Steel development, Architect Olamilekan Adegbite stated this today at an interactive session with business journalists in Lagos.
According to the Minister, Nigeria had been engaging some foreign investors to explore and mine the Nation’s solid minerals, and one of those investors is already in the country and has started mining gold in Osun State, adding that by year twenty twenty one, Nigeria would start exporting gold to other countries.
While stressing that a lot of incentives had been put in Place to de-risk the sector for foreign investors who were afraid of loosing their investments, Adegbite cited an intervention fund of thirty billion naira out of which fifteen billion naira had been committed to mining of minerals like coal, bitumen, limestone, gold among others.
The Minister, who stated that forty four solid minerals had been discovered in Nigeria disclosed that local investors were being encouraged to apply for licenses rather than engaging in illegal mining.