Nigerian billionaire Aliko Dangote on Friday said his business group will invest 400 million U. S. dollars in the mining sector in Kenya.

Dangote, who arrived in the Kenyan capital Nairobi on Thursday with Nigerian President Goodluck Jonathan expressed his readiness to invest in Kenya's mining sector to help spur economic growth.

A statement from the Ministry of Mining said the Nigerian tycoon, who also has the largest manufacturing conglomerate in West Africa, was issued with business licence during the transition period.

"Najib Balala (ministry of mining cabinet secretary) has welcomed Dangote's move to invest in the mining sector and for their cooperation with the taskforce. The ministry of mining was ready to engage with the company once again," the statement said.

Early last month, Kenya cancelled all the mining licenses awarded in the first half of this year because of suspected corruption in their awarding.

The government has formed a taskforce to review the mining licenses and procedures with recommendations expected in two months.

Kenya has in the recent past discovered a range of mineral resources including oil, gold, and rare earths but experts urge that there is much more mineral wealth.

Balala had earlier said exploration of minerals in Kenya is hampered by lack of up to date and modern data on resource mapping which the country is now developing.

The cabinet secretary has also welcomed other investors with similar intentions saying the industry has full support of the government.

"He has asked other companies whose licences were suspended to appear before the Mohammed Nyaoga taskforce which recently got a nod from the high court to proceed with the review of the licenses, " the statement said.

The new Kenya administration has given mining a major focus. For the first time since independence in 1963, the government formed a stand-alone ministry of mining to drive the efforts of making the sector one of the significant contributors to economic growth.

The Kenya government is also seeking to develop capacity to develop minerals exploration legal capacity to ensure that contracts signed with investors are beneficial to the people of the country.

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