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IMICON 2016 will attract local, foreign investors to invest in mining sector

gold-mining

The 2016 International Mining Investment Conference and Exhibition (IMICON) would foster information sharing and attract both local and foreign investors to invest in the mining sector.

Mr Ashley Emenike, the Team Leader of the organising committee made the remark in a pre-event news conference on Friday in Abuja.

Emenike said “IMICON 2016 is a private sector-led initiative aimed at contributing to the commitment of President Muhammadu Buhari’s administration by making the solid minerals sector a major source of revenue generation.

“The conference is designed to foster information sharing that will lead to home grown investments in the mining sector.

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“The 5th edition of IMICON 2016 will attract a large number of stakeholders and international investors whose activities are critical to the sector.”

He said some of the challenges of the mining sector were insufficient geoscience data, nonavailability of accessible and practical financing, as well as institutional sector framework.

Hajiya Ladi Katagum, the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), said no foreigner would invest in Nigeria without seeing a robust document of business.

Katagum, who was represented by Mr Aminu Takuma, the Coordinator, Investlakaji, NIPC, said that without adequate document, no investor would be able to attract equity or loans from bank.

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She said that “in every business whether in solid minerals sector, Agriculture Value Chain development or manufacturing companies,
robust preparatory documentation is necessary; no investor can attract equity or loan.

“In today’s business, Nigeria has nowhere to go, we need to invest in studies to attract business men and women to invest in the country.”

She said that solid minerals development would require a robust document to woo investors to the country “because it is
capital intensive to conduct robust studies in solid minerals.”

She said NIPC had approached an Indian company that has 150 million dollars to invest in solid minerals, adding that the company
promised to get back to NIPC.

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Mr Sheriff Balogun, a representative of Nigerian-American Chamber of Commerce, said the event would generate investment and employment in the country.

Balogun said “Nigerian-American chamber of commerce promotes businesses in United States and Nigeria”, saying that some of the investors coming from U.S. to participate in the event would invest in Nigeria.

According to him, MoU that will be signed at the end of the event will translate into ground breaking for solid minerals.

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