Nigeria to partner Korea in boosting mining sector

The Federal Government of Nigeria has announced plans to partner with the Republic of Korea to boost the mining sector and diversify the economy.

The Minister of State for Mines and Steel Development, Dr Uchechukwu Ogah revealed the plans and said in continuing effort to diversify, revive and grow the economy for sustainable development and job creation through the mining sector, the Federal Government is geared towards establishing strategic collaboration with the Republic of Korea.

Hosting Korean Ambassador, Kim Young-Chae; the Minister of Mines said that the partnership had limitless opportunities that abound for both countries to cooperate on. According to the minister, the mining industry in Nigeria would be highly beneficial to the Korean technological market. He noted that Korea could source raw materials from Nigeria for its manufacturing and technological industries.

Mining sector in Nigeria

The Korean ambassador, who revealed that about 23 Korean companies operated in Nigeria, stated that achieving policy sustainability and ensuring the ease of doing business would encourage more investors into the country.

Nigeria has a diverse mining sector made up of high value commodities, with over 44 minerals deposited in over 500 locations across the 36 states including the Federal Capital Territory. In 2015, the Federal Government, through the Ministry of Mines and Steel Development identified ‘Seven Strategic Minerals’ namely; coal, bitumen, limestone, iron ore, barites, gold and lead and zinc – for priority development in a bid to revive the mining sector, unlock its potential and diversify the economy away from crude oil. These minerals are deposited across the country and have not been fully explored due to a myriad of factors.

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