Market News
UAE Pledges $2bn Support For Nigeria’s Mining Sector As FG Eyes Further Diversification - INDEPENDENT
As part of efforts to support Nigeria’s Mines and Steel Development sector, the office of the past ruler of Abu Dhabi, United Arab Emirates (UAE), His Royal Highness, Sheikh Hamdan bin Khalifa, has pledged the sum of $2 billion to Nigeria.
The donations according to Khalifa and Global Peace Ambassador, United Nations, Zulfiquar Ghadiyali, was to further cement the close trade and bilateral relationship that exists between the two countries.
The Minister of State, Mines and Steel Development, Mr Uchechukwu Sampson Ogah, made the disclosure when he delivered the “Special Address” at the Dubai World Expo 2021, with the theme “Investment in the Nigerian Gold Sector: Opportunities in the Gold Value Chain” held in Abu Dhabi.
Ogah, in a statement on Monday, noted that the Expo, with participants from over 200 countries, provided the opportunity to showcase the potentials of the Nigerian minerals sector on Dubai soil with special emphasis on gold and other precious minerals abundant in Nigeria.
The minister, who was honoured with the “Excellence in Public Service Award,” by FIN-Africa-UAE Trade and Investment Forum Dubai, expressed gratitude to Khalifa over the amount he pledged for Nigeria’s sustainable development drive.
He said, “I must confess that there cannot be a better platform to showcase the Nigeria Gold sub-sector than on this platform with notable global organisations and investors, minerals beneficiation companies, global financial institutions, commodity trading companies, etc all in one event.”
The minister stressed that the need for the diversification of the economy had become more compelling now in the post-COVID-19 era, adding that the federal government has established policies that would support the sustainable development of Nigeria’s gold resources and development, as well as consideration of general matters on gold Mining Administration and Incentives.
He disclosed that the President Muhammadu Buhari-led administration was determined to consolidate on the gains of diversification as it forms the critical backbone of industrialisation.
