Africa Finance Corporation supports Nigeria’s mining sector

first_img“Our goal is to grow investments in mining” UNDP China, CCIEE launch report to facilitate low-carbon development TAGSinvestmentMiningNigeria Previous articleChina: 200MW supply contract secured for Siemens Gamesa 4.X platformNext articleA series of Africa energy investment reports to be issued this week Ashley TheronAshley Theron-Ord is based in Cape Town, South Africa at Clarion Events-Africa. She is the Senior Content Producer across media brands including ESI Africa, Smart Energy International, Power Engineering International and Mining Review Africa. This is according to Begna Gebreyes, senior vice president of investments at the Africa Finance Corporation (AFC). “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.”  According to the AFC SVP, one example of such an exciting project is the Segilola Gold Project in Nigeria with Thor Explorations. AFD and Eskom commit to a competitive electricity sector The Africa Finance Corporation has expressed that their goal is to grow their investments in mining, over the next few years, to over $500 million. He continued: “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.” Finance and Policy Generation RELATED ARTICLESMORE FROM AUTHOR To read the full interview with Gebreyes and other event partners, ambassadors, speakers and sponsors, go to He explains: “We have offered the company a $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.” Presenting at the upcoming Nigeria Mining Week, Gebreyes said: “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. Less than 0.5% of the country’s GDP comes from minerals and mining. Sign up for the ESI Africa newsletter At the upcoming Nigeria Mining Week in Abuja from 14-16 October, Gebreyes is part of a panel discussion on ‘Understanding the needs of financial institutions and funding organizations-the financial models available to support mining projects’. In an exclusive pre-event interview, Gebreyes explained: “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 $500 million. There are many exciting projects that merit investment.” Low carbon, solar future could increase jobs in the future – SAPVIA BRICS Read more: Federal Ministry of Power endorses Future Energy Nigerialast_img read more