A sum of US $2bn has been pledged by former ruler of Abu Dhabi, United Arab Emirates (UAE), Hamdan bin Khalifa to Nigeria to ensure the development and growth of Nigeria’s Mines and Steel sector.
The Minister of State, Mines and Steel Development, Mr. Uchechukwu Sampson Ogah made the disclosure when he delivered an address at the Dubai World Expo 2021, with the theme, “Investment in the Nigerian Gold Sector: Opportunities in the Gold Value Chain,” held in Abu Dhabi.
According to Ogah, the Executive Director, Royal Office of Sheikh Hamdan bin Khalifa and Global Peace Ambassador, United Nations, Zulfiquar Ghadiyali, hinted that the donation was to further cement the very close trade and bilateral relationship that exist between the two countries.
Diversification of the economy
Ogah noted that the Expo, with participants from over 200 countries, provided the opportunity to showcase the potentials of Nigerian minerals sector on Dubai soil with special emphasis on gold and other precious minerals abundant in Nigeria.
The minister, who was honoured with the “Excellence In Public Service Award” by FIN-Africa-UAE Trade and Investment Forum Dubai, expressed gratitude to His Royal Highness, Sheikh Hamdan bin Khalifa, for the whooping sum of $2bn pledged to Nigeria for the country’s sustainable development drive.
According to him, “I must confess that there cannot be a better platform to showcase the Nigeria Gold sub-sector than on this platform with notable global organizations and investors, minerals beneficiation companies, global financial institutions, commodity trading companies etc all in one event.”
He disclosed that the need for the diversification of the economy has become more compelling now in the post COVID-19 era, adding that the federal government has established policies that will support sustainable development of Nigeria’s gold resources and development, as well as consideration of general matters on gold Mining Administration and Incentives.
He disclosed that the President Muhammadu Buhari led administration is determined to consolidate on the gains of diversification as it forms the critical backbone of industrialization and further assured of federal government’s commitment to ensure appropriate deployment of the funds, when the Agreement is signed.
In his remarks, Executive Director, Royal Office of Hamdan bin Khalifa and Global Peace Ambassador, United Nations, Zulfiquar Ghadiyali, disclosed that the pledge of 2 billion dollars from its Sustainability Fund is to further cement the very close trade and bilateral relationship that exist between the two countries.