By Oscarline Onwuemenyi
The Minister of Mines and Steel Development, Mr. Musa Mohammed Sada, has reassured genuine investors that the Federal Government would give them all the necessary assistance to conduct their businesses without hindrance.

Sada, who led the Nigerian delegation to the ongoing Mining Conference, Indaba 2011 in Cape Town, South Africa, made this known to prospective investors who visited the Nigerian stand.

A statement from the ministry made available to our correspondent in Abuja, said government has approved that agencies be set up to handle all issues relating to investments in the extractive industry in the country, to remove bottle necks from the process.

He noted that new legislations on investment particularly in the mining sector, have opened wider opportunities for investments protection in a manner the investors would be able to enjoy some uncommon benefits including tax exemptions for a given period, as provided for in the Nigerian Minerals and Mining Act 2007.

The minister also disclosed that Nigeria plans to set up a Sustainable Development Fund, to further develop the mining sector, stressing that the Fund would help to cushion the effects of expansion and financing the sector, which is capital intensive.

He added that the fund would be a joint project between the Nigerian government and commercial banks in the country, adding that this would enable the banks to lend to potential investors for longer period of time, to assist the miners generate enough revenue and be self sustaining.

According to the minister, AWhat government is trying to do, is to create a kind of development fund for the mining sector generally, whereby, government will put its own money and ask the banks also to contribute. Because of the long gestation of mining activities to generate revenue, the fund created will allow banks to allow lending for longer period of time for the miners to be able to start generating revenue.

He said that apart from the development fund, government has embarked on massive infrastructure development to attract foreign investors into the sector, adding that ongoing works in this regard include the dredging of the rivers around the coastlines to allow large vessels transport minerals from the mines to the outer coasts, expansion and rehabilitation of rail transportation as well as the deregulation of the power sector.

Declaring the meeting open, the South African Minister for Minerals Resources, s. Susan Shabanga, said despite the resultant effects of the global recession on the world economy, emerging economies like South Africa, are expected to benefit from the economic recovery propelled by the mining sector this year.