Nigeria Unveils New Online Portal to Attract International Investors to its Rich Mineral Resources
The Nigerian government has recently launched the Nigeria Mineral Resources Decision Support System (NMDSS) in a concerted effort to attract foreign investment in the country’s mineral resources sector. This new portal provides prospective investors with instant access to crucial information about Nigeria’s mineral wealth, facilities, and infrastructure, eliminating the need for physical travel to the country.
Dele Alake, the Minister of Mines in Nigeria, has expressed optimism about the potential of the NMDSS to reduce barriers for international investors. According to Alake, the launch of the NMDSS streamlines the process of exploring investment opportunities in Nigeria’s mining sector, allowing investors from around the world to obtain essential information with a simple click.
Besides oil, Nigeria is also abundant in reserves of gold, limestone, and zinc. The country aims to diversify its economy by leveraging these resources and hopes that by making it easier for investors to access information through the NMDSS, it can boost the role of the mining industry in its economic development plans.
The NMDSS, accessible through its dedicated website, provides publicly available data on the geological features and mineral wealth of Nigeria. This information is crucial for potential investors to gain a comprehensive understanding of the opportunities and potentials in the country’s mining industry.
Despite the abundance of mineral resources, Nigeria’s mining sector has historically contributed less than 1% to the country’s gross domestic product. To address this, the government has implemented various reforms, such as offering investors a 75% stake in a new national mining company and imposing restrictions on the export of unprocessed minerals. Additionally, strict measures have been put in place to crack down on illegal mining activities.
To combat illegal mining, Nigeria has introduced mining marshals and established 152 cooperatives of artisanal miners to regulate their operations and bring them in line with legal standards. These initiatives are part of broader reforms aimed at formalising and improving all aspects of the mining sector in Nigeria.
The launch of the NMDSS exemplifies Nigeria’s commitment to making its mineral resources more accessible and attractive to international investors. By providing easy access to vital information, the government aims to stimulate significant interest in the country’s mining industry and contribute to the overall economic development of Nigeria.
This report is by Isaac Anyaogu; edited by Mark Potter.
