News  |  Nigeria  |  National  

Government woos investors on $600 million in solid mineral sector

By Cornelius Essen, Lokoja Charles and Coffie Gyamfi, Abeokuta   |   04 May 2017   |   4:16 am  

Mining

Ogun to get new $200m transmission plant
The Nigerian Sovereign Wealth Fund Investment Authority (NSWFIA), and the Nigerian Stock Exchange (NSE), have concluded plans to woo foreign and local banks with a view to float $600 million investment for the solid mineral sector.

The Chief of Staff and Special Assistant, Technical to the Minister of Mines and Steel Development, Mr. O’Seun Odewale, disclosed this at a 3-day workshop for journalists covering the sector in Lokoja, the Kogi State capital.

Odewale, in his paper entitled “Mining overview: Roadmap for the growth and development of mining sector in Nigeria,’’ assured that getting the funds would soon be accomplished given the credibility and calibre of the Federal Government agencies handling the negotiations.

The special assistant, who noted that the mining and agric were sectors experiencing growth in spite of the economic recession, said the economic diversification policy of this administration has rejuvenated activities in the mining sector.

He said revenue generation in the mining sector was growing higher.

According to him, under this administration, royalty and fees payments to the sector has increased from N700 million to N2 billion per annum.

He revealed also that a total of N30 billion has been set-aside as intervention funds to fast-track development of the mining sector.

Odewale, who regretted the activities of the illegal miners and the consequences on the nation’s economy, said the country was losing billions of naira to illegal mining activities.

Meanwhile, the Management of Transmission Company of Nigeria yesterday revealed plans to establish a transmission project worth $200 million in Ogun State.

The Managing Director of the Company, Mr. Usman Gur Mohammed, who disclosed this when he paid a courtesy call on the state Governor, Ibikunle Amosun said the project, when completed would contribute to addressing the inadequacies of power transmission confronting the nation.

Usman, however sought government cooperation towards the release of land spaces in areas such as Lukosi in Abeokuta, Redemption Camp and the Mountain of fire Camp ground along the Lagos/Ibadan expressway, Ajegunle in Agbara axis and Arigbajo/ Ejio axis to build sub stations that would help to expand the nation’s transmission line.

The company boss hinted that a sum of $1.5 billion had been secured from donor agencies to bankroll the project and solicited government’s support towards achieving the project.

According to him, ‘’the Transmission Company of Nigeria cannot expand the transmission capacity without collaborating with the state government, especially in the areas of getting the rights of way to acquire additional lands as well as payment of compensation to the people hence the visit.’’

Responding, governor Amosun said transmission was very key to overcoming the nation’s power challenges, assuring that the state would be ready to support the initiative.

In another development, the Republic of Indonesia and the government have indicated their readiness to explore common areas of business and economic interests for the development of the two countries.

To this end , the Indonesian Ambassador to Nigeria, Harry Purwanto led a team of investors on a courtesy call on Governor Amosun, insisting that some business concerns in Indonesia were interested in investing in Nigeria and Ogun State was strategic and suitable for such investments .

Purwanto said his country would take advantage of the friendly investment environment of the State to encourage Indonesian investors to invest in Nigeria.

In this article:
NSWFIAUsman Gur Mohammed


You may also like