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The Nigerian government is in talks with its sovereign wealth fund and stock exchange to set up a 500 million dollar exploration fund and corporate mining bonds.
The OPEC member has made boosting the mining sector a priority as a slump in crude prices has pushed Nigeria into recession. The country has long been trying to attract foreign mining firms. Currently, the only significant investor is Australia’s Kogi Iron.
Nigeria has largely untapped deposits of 44 minerals, which include gold, iron ore, coal, tin and zinc.
