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Nigeria’s push to revamp its mining sector is generating heightened interest from global investors as President Bola Tinubu’s administration drives reforms to unlock an estimated $700 billion in untapped mineral resources, diplomatic sources said.
Last week, Nigeria launched a four-day mining investment roadshow in South Africa, aiming to attract $500m in foreign investment for its solid minerals sector.
Held at the Sandton Convention Centre in Johannesburg, the event was organised by Nigeria’s High Commission in partnership with Rosebank Capital and drew investors interested in Nigeria’s reserves of gold, tantalite, limestone, and lithium.
“We know that several ambassadors from Western and African countries have sent diplomatic notes back to their capitals, questioning why Chinese firms should be the only ones benefiting from Nigeria’s vast solid mineral reserves,” a source in Abuja, who pleaded anonymity, said in a note to The PUNCH.
“These ambassadors are citing the steady pace and substance of the reforms in Nigeria’s mining sector over the past year.”
The reforms, led by Minister of Solid Minerals Development Dele Alake, aim to reduce Nigeria’s dependence on oil and diversify its economy. President Tinubu has entrusted Alake with advancing this agenda, recognising his expertise and commitment to impactful results.
Alake had urged South African investors and global mining giants at the event to seize the expanding opportunities presented by ongoing reforms and the improved business climate in Nigeria’s mining sector.
Sources said the World Bank has also shown increased support for these reforms, as their pace and scope align with the bank’s recommendations for economic stability and diversification, which emphasise policies reducing Nigeria’s reliance on oil.
Experts project that Nigeria’s mining sector could contribute as much as $25bn to the country’s GDP over the next decade and create more than three million jobs.
The Federal Government sees the solid minerals sector as a promising route for economic diversification and a way to boost foreign earnings. As part of this vision, President Tinubu reportedly appointed Alake, a trusted ally, to lead the sector’s transformation.
With these reforms and investment opportunities, Nigeria’s mining sector is poised to become one of the nation’s most significant economic drivers in the coming years.
Recent sector reforms, including the launch of the Electronic Mining Cadastral System, have simplified the licensing process through a fully digitised platform, facilitating mining licence applications with greater efficiency.
Nigeria plans to establish a sector where global mining giants, such as Glencore, Rio Tinto, Intro-Africa Mining & Exploration, and Rainbow Mines, recognise the country’s vast mineral resources and collaborate with them to maximise the national economic development.
