Australia offers help to Nigeria's gold ambitions

Australia will help Nigeria to build a domestic gold processing centre to aid the African country’s efforts to revamp its mining sector and reduce its reliance on oil.
Australia offers help to Nigeria's gold ambitions Australia offers help to Nigeria's gold ambitions Australia offers help to Nigeria's gold ambitions Australia offers help to Nigeria's gold ambitions Australia offers help to Nigeria's gold ambitions

Nigeria wants deeper links with Australian mining sector

Australian High Commissioner in Nigeria, Claire Ireland, relayed the offer during a visit to the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), according to the Nigerian Investment Promotion Commission.

Ireland said it would fall under a five-year technical assistance programme that focuses on the mining sector.

NACCIMA president Saratu Iya Aliyu said Ireland's visit highlighted the need for closer links between the Nigerian and Australian mining sectors as the country pivots away from oil.

"NACCIMA sees the Nigerian mining sector as an area that can contribute significantly in rebooting the Nigerian economy and assist in the country's quest for economic diversification," Aliyu said.

Mining minister Olamilekan Adegbite also this week noted plans to optimise the mineral value chain and processing sectors.

"The government's ultimate goal is to minimise the export of raw materials while increasing industrial and manufacturing activities," he said during a webinar organised by the Nigerian Economic Summit, noting that the strategy is "anchored in the gold sector".

Adegbite noted recent progress made by gold mine-to-market schemes, including one by Dukia Gold, which aim to ensure that the sourcing and aggregation of precious metals meets global standards.

The minister also said that the government's plans include stimulating mineral processing across the country through investment in road, rail and power infrastructure.

One target project involves linking the Ajaokuta steel plant, which the government plans to re-open after 40 years of closure, by rail to Abuja and Warri port. Afrexim Bank has pledged US$1 billion towards the project while the Russia Export Centre will contribute US$450 million to the completion of the plant.