Federal Ministry of Mines signs agreement with Private Gold Mining Company in Egypt

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Uche Ogah

In an effort to invest in gold mining in Nigeria, the Ministry of Mines and Steel Development has signed an Expression of Interest agreement with a Private Gold Development and Mining Company in Cairo, Egypt.

The Minister of State, Mines and Steel Development, Dr Uchechukwu Sampson Ogah made this known during the signing ceremony which was coordinated by the Egyptian – African Arab Company for Development (EGAAD) in Cairo, Egypt.

According to Dr Ogah, the agreement would attract big investors into the Sector.

He explained that efforts by the Ministry have started yielding the desired result in fast tracking diversification of the economy through the Minerals Sector.

He said that Nigeria stands to benefit immensely from the partnership as it would strengthen ties among African nations and ensure development within the continent using the abundant gold resources.

The Minister noted that Nigeria, as the largest economy in Africa with its vast and mostly untapped solid mineral resources has the potential for industrialization through the sector.

The Chairman of the private company, Naguib Sawiris, stated that the signing of the document was to formally express the Company’s interest to begin earnest operations in Nigeria.

He said that the company was continually looking at new opportunities to expand its investment in Gold Mining across Africa, adding that Nigeria has enough gold deposits to investment in.