AFC to Finalise N36bn Investment in Nigeria’s Mining Sector

By Ndubuisi Francis in Abuja

The continental multilateral financial institution, Africa Finance Corporation (AFC), is on the verge of finalising a $100 million (N36.5 billion) investment deal in Nigeria’s mining sector.

About half of the planned investment into the mining sector is coming by way of debt, equity, and off-take instruments.

The AFC Senior Vice President, Investments, Begna Gebreyes, told THISDAY in an interview recently on the sidelines of the Nigerian Mining Week that the institution is a very big supporter of the Nigerian mining sector from inception.

According to Gebreyes, AFC has started investing throughout the continent, adding that the multilateral finance institution was actively desirous of investing in Nigeria.

He said: “AFC is a very big supporter of the Nigerian mining sector from inception. We want to support the Nigerian mining sector from inception. In the last four and a half years, we have started making investments throughout the continent, and we’re actively seeking to make investments in Nigeria.

“We’re very excited that before the end of the year, we will be successful in that endeavour. In this conference, we are spreading our message of interest and openness in the Nigerian mining sector.”

The AFC chief noted that the finance institution was wrapping up an investment deal in Nigeria, adding: “We’re very close. We are in a transaction which will be concluded before the end of the year.”

On the volume of investment the AFC is considering making in the Nigeria mining sector for a start, he said: “We’re looking at an investment size of a $100 million and we will be looking at half of the investment coming by way of debt, equity and offtake instruments.”