How Nigeria Acquired Over 10 Mining Companies In Less Than Four Years

By Tolulope Oke

According to the Ministry of Mines and Steel Development, Nigeria has acquired over ten mining exploration companies and over 20 rig drilling companies.

On Monday in Abuja, Mr. Yunusa Muhammed, the acting director of the Investment, Promotion and Mineral Trade Department (IPMT), made this information known.

According to the NAN, since the creation of the IPMT department four years ago, it had achieved the projections of the Federal Government to address investment in the solid mineral sector.

Yunusa explained that the mining industry is thriving under President Buhari’s leadership, revealing that since the IPMT department was established four years ago, it has been able to showcase the nation’s underutilized mineral potential.

Moreso, he stressed that the department interacts with and promotes industry participants both inside and beyond the nation, who in return bring in technological solution providers, academics, and financing managers both inside and outside this nation.

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He further revealed that the IPMT had been able to attract some mining investors such as a Segilola Gold Mining Company, a Canadian investor with an investment portfolio of 900 million dollars. He stated that Segilola had recorded successes in its gold mining in Osun.

Yunusa revealed that only two exploration businesses, a drilling company, and no technological solution company existed prior to the National Integrated Mineral Exploration Programme (NIMEP).

However, since the inception of NIMEP, the country today has more than ten mining exploration firms and more than twenty drilling rig companies.

Further, Yunusa said It will take time for the present administration’s efforts to be noticed in mining activity, despite the fact that the ministry has made significant improvements to mining.