Nigerian Government To Set Up $500 Million Exploration Fund

Nigeria's government is in advanced talks with its sovereign wealth fund and stock exchange to create a $ 500 M exploration fund and corporate mining bonds. The instruments are expected to attract investment. Mining Minister Kayode Fayemi says Nigeria has made a promising nickel discovery and is looking for investors for a moribund steel plant as it tries to reduce reliance on oil exports. The OPEC member has made boosting the mining sector a priority as a slump in crude sales, which provide 70% of government revenues, has pushed Africa's biggest economy into recession.
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