Dr. Dele Alake of Nigeria urged South African investors to capitalise on reforms in the mining sector during a forum in South Africa. Highlighting Nigeria’s improved business climate and new systems facilitating investment, he expressed a vision for global mining firms to partner with Nigeria. The conference successfully garnered interest, anticipating formal partnerships at the upcoming Nigeria Mining Week in 2024.
Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, has urged South African investors to explore the potential of Nigeria’s mining sector during the International Investment Forum held in South Africa. Emphasising President Bola Tinubu’s commitment to reforming the industry, Alake highlighted a renewed focus on attracting substantial investments. He presented Nigeria as a lucrative mining destination, supported by modernised systems like the Electronic Mining Cadastral System (EMC+) and the Nigeria Minerals Decision Support System (NMDSS). These enhancements streamline processes for investors and strengthen data accessibility, encouraging partnerships that aim to facilitate the development of Nigeria’s vast mineral resources. The forum sought to showcase Nigeria’s solid minerals to potential South African investors, with attendees engaging directly with Nigerian officials. Dr. Mary Ogbe, representing the minister, participated in discussions highlighting incentives available for investors, resulting in heightened interest and planned investments to be formalised at the upcoming Nigeria Mining Week. This event, set for November 18-20, 2024, is expected to further solidify collaborations within the mining sector and attract significant capital to propel growth.
The Nigerian mining sector is undergoing significant reforms aimed at improving its business environment and attracting foreign investment. Under President Bola Tinubu’s administration, there is a notable pivot towards solid minerals development as a key sector for economic growth. The establishment of supportive frameworks and digitisation of licensing processes through initiatives like EMC+ and NMDSS are critical drivers in this transformation, creating an appealing landscape for international mining companies.
The engagement at the International Investment Forum marks a significant step toward reinvigorating Nigeria’s mining sector by attracting South African investors. With strategic reforms in place, enhanced data systems, and a focus on partnerships, Nigeria is poised to leverage its mineral wealth more effectively, potentially leading to increased revenue and economic growth for the nation.
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