Nigeria: Seed Capital to Invest U.S.$50bn in Nigerian Mining Sector

25 September 2019

Abuja — A US based company, Seed Capital and Investment Company, has offered to invest US$50 billion in the Nigerian Mining Sector.

Speaking to LEADERSHIP at the end of a brief meeting with the Minister of State for Mines and Steel Development, Dr Uchechukwu Ogah, at the ministry's headquarters in Abuja, the representative of the company, Mr Chawqi Alshaikhal expressed his company's readiness to invest in the Nigerian mining sector between US$50 million and US$50 billion and even more in the coming years.

"The meeting was very successful and we glad. We are willing and ready to invest in this country, particularly the mining sector between US$50 million to US$50 billion and even more in the coming years. The process has begun, and according to the meeting today, our overture has received the nod of the Minister," he said.

Speaking earlier, the chief executive officer, Jose Consulting UK, Dr Martins Abhulimhen, who introduced the investor in Nigeria said it was in line with the investment drive of the present administration in the mining sector that they at Jose Consulting UK decided to bring one of the first investors to the country under the new administration in the ministry.

Dr Abhulimhen led the investor alongside a director of Jose Consulting UK, Prince Solomon Osiriamhe Etu.

"Based on our discussion, we have been told by the minister to identify the areas of interest, and he was able to unfold to us the guidelines and procedures for bringing investors into the country, and he made us to understand that the focus of the government is on creating jobs and lifting Nigerians out of poverty. Fortunate enough, the project our investor here is looking at is one can employ about 10, 000 youth.

"The volume of investment we are looking at is between US$50 million to US$50 billion, an more if necessary.

"We are to send a hard copy proposal document to them for approval, after which we can be able to proceed further.

"As regards the minerals we are going to be investing in, we will indicate that in the proposal we are to be sending to the ministry in the coming days," Dr Abhulimhen said.

He said the investor is ready to do is to take up any abandoned project that needs revamping.

"We would want to know if there is need for us to take up the Ajaokuta Steel Project. Our investor is ready to go all the hug in revamping Ajaokuta; all we need is commitment and will on the part of government to further this. We are here to do business," he noted.

Commenting, Prince Etu who also expressed satisfaction with the outcome of the meeting said part of their aim was to promote the diversification agenda of the government, describing it as laudable.

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