The Minister of Mines and Steel Development, Olamillekan Adegbite, says the country’s mining sector received over $1 billion in foreign direct investments.

Mr Adegbite disclosed this in his recent presentation of the ministry’s achievements during the ninth edition of ‘PMB Scorecard’ series, organised by the information ministry.

According to him, the ministry engaged over 500 prospective mining investors through international conferences, some of which have started setting up businesses in Nigeria.

Mr Adegbite cited the Segilola Gold Company in Osun, with an investment portfolio of $900 million.

The minister said the company paid about N1 billion to the Nigerian government in royalties.

“There is also African Natural Resources Ltd. with investment portfolio of of $600 million, Kano Smith Gold Refinery, Duka Gold and Precious Metals,” he added.

The minister revealed that the ministry also launched the Gold Durbar in Kano, in partnership with Kian Smith Trade Company.

“It served as a regional gold market place to attract jewellers and gold buyers from across Nigeria, West Africa and the rest of the world,” explained  Mr Adegbite. “The event has boosted investment in the gold value chain, increasing access to data, providing visibility for policy decisions, stimulating development of the trade of gold and developing the jewellery value chain.”

(NAN)