The Senior Vice President, Investments, at the Africa Finance Corporation (AFC), Mr Begna Gebreyes, has said that the corporation will continue to support the Nigeria’s mining industry.
Mr Begna Gebreyes will be part of a panel discussion at forthcoming Nigeria Mining Week, which will hold in Abuja from 14-16 October. Gebreyes and other industry experts will be speaking on “Understanding the needs of financial institutions and funding organizations-the financial models available to support mining projects”.
“The main message I’d like to share with the delegates at Nigeria Mining Week is that Nigeria is open for business and is ready to make the most of its mineral wealth” says “Less than 0.5% of the country’s GDP comes from minerals and mining.
However, the country has much to offer such as coal, gold, iron ore, uranium, wolframite, columbite, tantalite and bitumen. Diversifying away from oil, which is unpredictable in pricing, is key to ensuring the country’s stability as is maximising our mineral wealth instead of importing from abroad.”
He continues: “however, it goes without saying that this will not be done at any cost. Delegates must understand that Nigeria’s mineral wealth must be exploited in a way that is inclusive and sustainable, and more thought must be given to in-country beneficiation so that Nigerians are not only producing natural resources but also manufacturing finished products.”
Our goal is to grow investments in mining
In an exclusive pre-event interview, Mr Gebreyes says “there is a tremendous amount of opportunity in the mining sector all across Africa. Our goal is to grow our investments in mining, over the next few years, to over US$500 million. There are many exciting projects that merit investment.” According to the AFC SVP, one example of such an exciting project is the Segilola Gold Project in Nigeria with Thor Explorations.
He explains: “we have offered the company a US$78-million financing package for its Segilola Gold Project. This funding solution includes a credit facility, a gold stream and common equity. Nigeria is known around the world as a major oil producer but much less so for its mineral resources. We are very proud to be supporting the growth of Nigeria’s fledgling mining industry.”
Key driver for economic growth
The fourth edition of the Nigeria Mining Week conference and exhibition is jointly organized by PwC, Spintelligent and the Mining Association of Nigeria (MAN). The event is expected to attract more than 1200 mining experts, 180+ mines and exploration companies, 40+ sponsors with more than 24 countries represented.
Leading industry suppliers AG Vision, Barron, HMD Mining and ITM are gold sponsors at the event while Kaduna State, Kian Smith Trade Co, Meridian Drilling & Exploration Services, Puduna and PW Nigeria Ltd have partnered as silver sponsors.
The event will hold between 14 and 16 October 2019 at the NAF Conference Centre and Suites in Abuja, Nigeria.