Tap into Nigeria’s growing mining sector, minister urges global investors

The Minister of Solid Minerals Development, Dr Dele Alake, has urged South African investors and global mining giants to seize the expanding opportunities presented by ongoing reforms and the improved business climate in Nigeria’s mining sector.

A statement issued on Sunday by the minister’s Special Assistant on Media, Segun Tomori, in Abuja, noted that Alake spoke at the inaugural International Investment Forum and Roadshow held in South Africa.

According to the statement, Alake highlighted how ongoing reforms are enhancing Nigeria’s business climate, particularly in solid minerals development.

The minister, represented at the event by the Permanent Secretary of SMD, Mary Ogbe, emphasised the nation’s readiness for global partnerships, in line with the renewed focus of the current administration.

He outlined that the aggressive promotion of the sector is central to his Seven-Point Agenda, affirming that the strategy has successfully redirected global attention to Nigeria’s mining industry, culminating in increased investments and a significant rise in revenue generation for the country.

“Our vision is to establish a sector where global mining giants, such as Glencore, Rio Tinto, Intro-Africa Mining & Exploration, and Rainbow Mines, recognise Nigeria’s vast mineral resources and collaborate with us to maximise the benefits for our citizens and national economic development,” Alake stated.

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.

Additionally, the Nigeria Minerals Decision Support System provides potential investors with critical hydrological, geological, and geographical data to make well-informed decisions.

The host of the investment forum, the Nigerian High Commissioner to South Africa, Ambassador Tope Ajayi, stated in his remarks that the conference aims to showcase Nigeria’s vast solid mineral potential to South African investors, secure valuable collaborations with the ministry, and attract capital investment needed to spur the rapid development of the mining sector.

In a related development, Ogbe participated in a panel discussion where she briefed investors on Nigeria’s improved business climate and available incentives in the mining sector. The sessions fostered productive dialogue, with several companies signalling strong interest in Nigeria’s mining industry.

As a result of these productive engagements, which also included private break-out sessions with investors, several companies expressed strong interest in investing in Nigeria.

Many of these companies are expected to formalise partnerships during the upcoming Nigeria Mining Week, which will take place from November 18-20, 2024.

The event will bring together several South African mining companies and financial institutions to further strengthen the cooperation forged at the Johannesburg investment forum.