Revealed! Nigeria invites South Africa to tap into $700bn mining sector

• Nigeria is targeting as much as $500 million in initial investment from foreign investors
• This aims to attract foreign direct investments into Nigeria’s solid minerals sector
• This will be achieved by leveraging South Africa’s advanced expertise in mining and resource development

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Nigeria launched a four-day investment roadshow in South Africa on November 6 at the Sandton Convention Centre, with the goal of attracting up to $500 million in first foreign investment into its fledgling solid minerals sector.

A number of projects are at the exploration stage because of difficulties obtaining funding for design, construction, and production. Photo Credit: Contributor
Source: Getty Images

The Nigeria High Commission is working with Rosebank Capital, an investment bank based in South Africa, to organize the roadshow, which is scheduled to run until November 9.

The goal of this year's theme, "Unlocking the potentials of solid minerals for sustainable development in Nigeria and South Africa," is to use South Africa's cutting-edge mining and resource development experience to draw foreign direct investments into Nigeria's solid minerals industry.

BusinessDay reported that Gold, tantalite, limestone, and lithium are just a few of the abundant mineral resources found in Nigeria.

With an estimated $700 billion in mining potential, the country's geological makeup offers a wealth of untapped possibilities. Nigerian mining exploration is still underfunded, nevertheless, despite its potential. A number of projects are at the exploration stage because of difficulties obtaining funding for design, construction, and production.

Significant obstacles still stand in the way of private sector involvement and investment due to the high capital risk and expertise deficit.

“We are targeting at least $500 million in initial investments and that is coming on really well,” said Niyi Oloruntoba, CEO of Rosebank Capital. “We are already discussing a single project worth $200 million,” Oloruntoba said.

FG Shuts Down Gold Mine, Names Location

Legit.ng reported that an illegal gold mine location in Kogi State's Yagba East Local Government Area has been closed by the federal government.

According to Dele Alake, minister of solid minerals development, the action was taken as part of the Federal Government's resolve to stop illegal mining and reposition the industry to raise Nigeria's status internationally.

The operation was conducted by the mining marshals at Iyeh Odogbe, Isanlu community of Yagba East LGA, according to a statement made in Abuja by the minister's special assistant on media, Segun Tomori.

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Source: Legit.ng