Mining in Nigeria shifts focus beyond oil and gas

Mining in Nigeria shifts focus beyond oil and gas

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The mining industry plays a vital role in an economy’s development, and Nigeria has highlighted this industry as an area for growth for their economy. The mining industry in Nigeria is a critical backbone of the industrialized value chain in the country. It provides essential input materials for significant sectors such as construction, electronics, shipbuilding and more. The current Nigerian administration is actively working to diversify the mining sector by incentivising investment in the sector. Cresco is proud to be the appointed as an advisor to support the Nigerian Ministry of Mines and Steel Development in analysing and implementing a roadmap for economic corridor development, with a specific focus on the Central Economic Corridor. In 2017 the World Bank provided $150 million credit to investors who are starting projects that will improve the mining sector or infrastructure used by the mining industry in Nigeria. In line with this commitment from the World Bank, Nigerian Mines and Steel Development Minister Olamilekan Adagbite announced the Nigerian government’s goal to develop the ‘Nigerian Mining Corridor’ as a way to revitalise the economy and assist in infrastructure development last year. Cresco Director Francois Viljoen points out: “The significant investment by the World Bank and the various initiatives and incentives implemented by the Nigerian government shows their commitment to diversifying their mining sector. Done correctly, the project will bring about enormous growth to the economy and infrastructure of the country.” Nigeria has a wealth of high value commodities that have yet to be extracted, with over 44 minerals deposited in more than 500 locations across the country. The lack of infrastructure for extracting, processing, and transporting these commodities are a significant barrier to the growth and diversification of the mining sector.
CrescoCresco exists to help our client’s ideas become a reality. We pride ourselves on our ability to grasp the core of a vision, to understand its impact on the community and infrastructure and determine the likelihood of success. Our team is made up of highly skilled individuals, that have experience in closure and execution of major capital projects across many industries in Africa. Founded in 2005, Cresco has been bridging the gap between concept and project for the last 15 years. Assisting project developers, financial institutions and contractors, we draw on our wide range of project development and financing experience to ensure the best service for our clients’. At Cresco, we pride ourselves on our efficient, detailed and adaptable Financial Modelling processes in order to determine and identify potential risks. Our project advisory and fund-raising experience as well as our good standing relationships gives us esteemed credibility in the market. The project development lifecycle, from concept to feasibility analysis, finance structuring, funding, construction and operation, is a complex and intricate process. Our team guides the project promoter step-by-step through these activities, involving any other participants at the appropriate times, and providing continuous, specialised hands-on support. Cresco helps clients to develop outstanding projects to their full potential in Africa and beyond. During the course of the project development we offer specialist financial, commercial and management support.

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