Revealed! Nigeria invites South Africa to tap into $700bn mining sector

• Nigeria is targeting arsenic overmuch arsenic $500 cardinal successful archetypal concern from overseas investors
• This aims to pull overseas nonstop investments into Nigeria’s coagulated minerals sector
• This volition beryllium achieved by leveraging South Africa’s precocious expertise successful mining and assets development

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Nigeria launched a four-day concern roadshow successful South Africa connected November 6 astatine the Sandton Convention Centre, with the extremity of attracting up to $500 cardinal successful archetypal overseas concern into its fledgling coagulated minerals sector.

A fig of projects are astatine the exploration signifier due to the fact that of difficulties obtaining backing for design, construction, and production. Photo Credit: Contributor
Source: Getty Images

The Nigeria High Commission is moving with Rosebank Capital, an concern slope based successful South Africa, to signifier the roadshow, which is scheduled to tally until November 9.

The extremity of this year's theme, "Unlocking the potentials of coagulated minerals for sustainable improvement successful Nigeria and South Africa," is to usage South Africa's cutting-edge mining and assets improvement acquisition to gully overseas nonstop investments into Nigeria's coagulated minerals industry.

BusinessDay reported that Gold, tantalite, limestone, and lithium are conscionable a fewer of the abundant mineral resources recovered successful Nigeria.

With an estimated $700 cardinal successful mining potential, the country's geological constitution offers a wealthiness of untapped possibilities. Nigerian mining exploration is inactive underfunded, nevertheless, contempt its potential. A fig of projects are astatine the exploration signifier due to the fact that of difficulties obtaining backing for design, construction, and production.

Significant obstacles inactive basal successful the mode of backstage assemblage engagement and concern owed to the precocious superior hazard and expertise deficit.

“We are targeting astatine slightest $500 cardinal successful archetypal investments and that is coming connected truly well,” said Niyi Oloruntoba, CEO of Rosebank Capital. “We are already discussing a azygous task worthy $200 million,” Oloruntoba said.

FG Shuts Down Gold Mine, Names Location

Legit.ng reported that an amerciable golden excavation location successful Kogi State's Yagba East Local Government Area has been closed by the national government.

According to Dele Alake, curate of coagulated minerals development, the enactment was taken arsenic portion of the Federal Government's resoluteness to halt amerciable mining and reposition the manufacture to rise Nigeria's presumption internationally.

The cognition was conducted by the mining marshals astatine Iyeh Odogbe, Isanlu assemblage of Yagba East LGA, according to a connection made successful Abuja by the minister's peculiar adjunct connected media, Segun Tomori.

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Source: Legit.ng