Nigeria Seeing Foreign Investor Interest in Mining – Edun
Nigeria is seeing a jump in foreign direct investment (FDI) interest in the mining industry as President Bola Tinubu’s government works to improve the regulatory framework.
The ministry has received “tremendous interest from foreign direct investors,” Finance Minister wale Edun said at the Nigerian Economic Summit in the capital, Abuja. “We expect some of that to come to fruition.”
Nigeria plans to tighten rules to reduce the export of raw minerals and encourage the shipment of processed products, a move aimed at creating jobs and boosting the value of its exports, according to Dele Alake, the minister for solid minerals.
However, previous governments in Nigeria have unsuccessfully tried to revive the mining and quarrying industry.
The sector accounted for just 0.2% of output last year, according to PwC.
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