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Nairaland Forum / Nairaland / General / Politics / Nigeria Seeks To Boost Mining Reserves To Lure Investors (544 Views)
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Nigeria Seeks To Boost Mining Reserves To Lure Investors by Blue3k(m): 4:33pm On Oct 20, 2017 |
Nigeria plans to spend 15 billion naira ($42 million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil, Solid Minerals Development Minister Kayode Fayemi said. Source: https://www.bloomberg.com/news/articles/2017-10-19/nigeria-seeks-to-boost-mining-deposit-reserves-to-lure-investors Front Page: lalasticlala |
Re: Nigeria Seeks To Boost Mining Reserves To Lure Investors by Blue3k(m): 4:48pm On Oct 20, 2017 |
a $600 million bond to be sold by the end of the year to raise more funds to provide required infrastructure and help accumulate data on minerals Hmm another round of debt. Hopefully they make use of this cash. Im assuming infrastructure means power, roads and someway to value add minerals. |
Re: Nigeria Seeks To Boost Mining Reserves To Lure Investors by Jetleeee: 5:32pm On Oct 20, 2017 |
In the coming years, lithium will replace oil as the new money spinner. Do we have lithium in Nigeria? 1 Like |
Re: Nigeria Seeks To Boost Mining Reserves To Lure Investors by Blue3k(m): 5:36pm On Oct 20, 2017 |
Jetleeee: That's very true lithium next hot commodity on the market because of batteries for electric cars. I don't think Nigeria has lithium. Most of big discoveries have been in Latin America. 2 Likes |
Re: Nigeria Seeks To Boost Mining Reserves To Lure Investors by Nobody: 5:41pm On Oct 20, 2017 |
Jetleeee: Yeah, Exactly, seems like topnotch techprenuers are trying to push a paradigm, from silica as they are sorting after elements that can store more energy than the norm, Lithium is the new ish, Elon musk already contemplating it's possibility for electric storage, Electric-car battery advancement, 1 Like |
Re: Nigeria Seeks To Boost Mining Reserves To Lure Investors by Jetleeee: 5:46pm On Oct 20, 2017 |
Blue3k: I thought there was a thread that made FP not too long ago about lithium being discovered somewhere in Northern Nigeria or was it another mineral? Anyway, there is probably lithium in that part of the country. I don't understand the obsession with finding oil that has a gloomy future @arinzeejikonye |
Re: Nigeria Seeks To Boost Mining Reserves To Lure Investors by Blue3k(m): 5:55pm On Oct 20, 2017 |
Jetleeee: I remember it being nickel in Kaduna. Its possible to find lithium the government should just use that cash it borrowing for research like that. Nigeria has igneous rock somewhere. Instead, lithium is usually extracted from lithium minerals that can be found in igneous rocks (chiefly spodumene) and from lithium chloride salts that can be found in brine pools. 1 Like |
Re: Nigeria Seeks To Boost Mining Reserves To Lure Investors by omohayek: 8:55pm On Oct 20, 2017 |
All I see here is more of the same old lazy Nigerian thinking, a desperate search for natural resources on which to seek unearned rents, and what is more, one that is destined to fail given the lack of proper incentives, the terrible state of the national infrastructure, the inefficient and logjammed courts, the general lack of respect by politicians for private property rights and contractual obligations, and of course the insane "strong" Naira policy that imposes steep losses on any foreign investors gullible enough to bring their funds into the country. I've said this before, but I think it really needs repeating: Nigeria is so terribly governed that had the British not discovered oil in Nigeria before granting independence, every last drop of said oil would still be in the ground right now, waiting for someone to come and start extracting it. Nigeria's political leaders are a toxic mix of incredibly stupid and impossibly greedy. 5 Likes 3 Shares |
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