(http://fmi.gov.ng/wp-content/uploads/2013/02/Nigerian-solid-minerals-300x211.jpg) Investment opportunities abound in the Minerals and Metals Sector of Nigeria's economy.
The Federal government has said that investment opportunities abound in the Minerals and Metals sector of the Nigeria's economy for the socio-economic growth of Nigeria and Brazil.
The Minister of Mines and Steel Development, Arc. Musa Mohammed Sada, who was represented by the Permanent Secretary in the Ministry, Mr. Linus Awute, said this at a presentation during the Nigeria –Brazil Business Forum in Abuja, recently.
The Minister said that the country is blessed with not less than 34 mineral types which occur in commercial quantities, adding that the present administration had identified seven mineral types which include Coal, Bitumen, Iron ore, Gold, limestone, Barites, and Lead Zinc as strategic to the national economy which are open to local and foreign investment.
Arc. Sada noted that Brazil being the 6th economy of the world has an existing economic relationship with Nigeria, saying that the two countries must collaborate towards the development of the Nigeria's minerals and metals sector for mutual benefits.
He said that the Federal Government has repositioned the Minerals and Metals sector in line with the international best practices with the enactment of transparent laws, regulations and guidelines for the regulation of the sector, creation of a favourable fiscal regime that would be beneficial to the holders of the mineral titles, the government and the communities living on the land where minerals are exploited, setting up of institutional frame works for the generation, storage and dissemination of geological and mining information, provision of transparency and access by the public to mining sector information, provision of clear safeguards for health, safety and intergenerational equity with respect to the environment among others.
He added that the Roadmap for the development of the minerals and metals sector of the country had been presented to the public while the Board for the Solid Minerals Development Fund had been inaugurated by President Jonathan in compliance with sections 34 and 35 of the Nigerian Minerals and Mining Act of 2007.
The Minister said with the prevalence of iron ore resource in the country, if properly harnessed would go a long way in the manufacturing of iron and steel products, noting that, currently ten percent levy is being charged on iron and steel rods imported into the country.
He explained that the idea was to create opportunity for national development and the right fiscal regime for any willing mining investors in the country.
The Minister sought for the collaboration of the government of Brazil in areas of human capacity development, direct investment and infrastructure development, exploration funding by joint ventures, investment promotion/protection and raw materials development for the development of the minerals and metals sector of Nigeria.
Earlier in his remark, the Executive Secretary, Nigeria Investment Promotion Commission, Alhaji Mustapha Bello announced investment potentials in Nigeria especially in areas such as agriculture, mining, oil and gas, information technology, maritime, infrastructure, among others.
He said Nigeria is blessed with abundant natural resources dotted along states of the federation, saying that, the rate of economic returns of investment in the country was viable.
Mustapha disclosed that Nigeria was ready to create an investment friendly environment to any willing investor in the country.
In another remark, the Director of the Department of Trade and Investment Promotion of the Ministry of External Relations of Brazil, Ambassador Rubens Gama, said the business forum would strengthen the existing relationship between the governments of Nigeria and Brazil. He noted that two Brazilian companies are currently in operation in Nigeria.
He said that Brazil has the required technical expertise in agro allied industry and was ready to invest in the Nigeria's economy
Via: Federal Ministry of Information (FMI) Nigeria