Nigeria’s ongoing efforts to revitalize its mining sector have sparked increasing interest from global investors, as the administration of President Bola Tinubu pushes forward with reforms aimed at unlocking the country’s estimated $700 billion in untapped mineral resources. The government’s renewed focus on the sector is seen as part of a broader strategy to reduce the nation’s reliance on oil and diversify its economy. Diplomatic sources have indicated that international stakeholders are closely monitoring Nigeria’s mining reforms, which have already drawn attention from foreign investors keen to capitalize on the country’s rich mineral deposits.
To accelerate investment, Nigeria recently hosted a four-day mining investment roadshow in South Africa, seeking to secure $500 million in foreign investment for its solid minerals sector. The event, held at Johannesburg’s Sandton Convention Centre, was organized by Nigeria’s High Commission in collaboration with Rosebank Capital. It attracted investors eager to explore Nigeria’s vast reserves of valuable minerals such as gold, tantalite, limestone, and lithium. The roadshow is part of a concerted effort by the Nigerian government to position the mining sector as a key driver of economic growth.
Diplomatic sources have revealed that Western and African ambassadors have raised concerns about the dominance of Chinese firms in Nigeria’s mining industry, prompting inquiries to their home capitals. These diplomats have highlighted the progress and substance of the reforms being implemented by the Nigerian government, noting the pace and depth of the changes over the past year. The growing international attention reflects confidence in Nigeria’s efforts to transform its mining sector into a major economic asset.
The reforms are being spearheaded by Dele Alake, Nigeria’s Minister of Solid Minerals Development, who has been entrusted by President Tinubu to lead the transformation of the sector. At the South African roadshow, Alake encouraged global mining companies to seize the opportunities created by these ongoing reforms, which are aimed at improving the business environment and attracting foreign investment. The World Bank has also voiced its support for the reforms, as they align with the institution’s recommendations for fostering economic diversification and reducing Nigeria’s oil dependency.
Experts predict that Nigeria’s mining sector could contribute up to $25 billion to the country’s GDP over the next decade and create millions of jobs. With the implementation of key reforms, including the launch of the Electronic Mining Cadastral System, Nigeria is positioning itself to become an attractive destination for global mining giants. The goal is to establish a thriving mining industry where companies like Glencore, Rio Tinto, and others collaborate with Nigeria to unlock the full potential of its mineral resources, ultimately driving the nation’s economic growth.
