The Nigerian Senate has welcomed a Chinese delegation, granting legislative support for a $500 million investment in the solid minerals sector. This investment aims to reduce Nigeria’s oil dependency and fully utilise its mineral wealth.

Mr. Chen Twan of the Zong Hong Kotai Group outlined plans for mining activities in Zamfara, Kebbi, and Nasarawa. The project could see further investment up to $1 billion if initial operations are successful, given the potential of Nigeria’s mineral deposits.

Senator Onawo Mohammed Ogoshi assured the delegation of necessary legal frameworks to protect their investment, highlighting the importance of attracting more foreign investors. Senator Mohammed Alero noted the investment aligns with Nigeria’s agenda for economic diversification away from oil.

Mr. Adamuta, Managing Director of Exterdam Exploration, confirmed thorough due diligence by the Chinese group over two years, which included reviews in China. The investment also includes plans for developing industrial parks, promising job creation.

Overall, this collaboration enhances international confidence in Nigeria’s mining sector and could provide a model for future non-oil investments, marking a significant development for the nation’s economy.

The Nigerian Senate’s support for the $500 million Chinese investment represents a pivotal moment for the country’s mining sector, aiming to decrease oil reliance. The collaboration could lead to further foreign investments and significant job opportunities, showcasing Nigeria’s potential in diversifying its economy through solid minerals.

Original Source: www.tvcnews.tv

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