Nigeria is looking for $7 billion in mining and steel over the next decade as it seeks to develop iron ore extraction steel industry to diversify its oil-dependent economy.
One of the government priorities is to meet its annual demand of 6,8 million metric tons and for this reason the Solid Minerals Development Minister Fayemi proposed a new legislation will include incentives such as allowing full foreign ownership of mining projects in order to attract investments.
The Nigeria government is negotiating with some Russian and Chinese companies to talk about potential partnerships and it aims to increase mining’s contribution to gross domestic product to seven percent within a decade, from 0.