Nigeria is prioritising global mining partnerships to boost its economy, with Dr. Doris Uzoka-Anite highlighting untapped resources at the Future Minerals Forum. The government aims to diversify the economy and enhance the mining and energy sectors despite facing financial constraints.
Abuja is focusing on establishing global mining partnerships to enhance Nigeria’s economy, as stated by Dr. Doris Uzoka-Anite, the Minister of State for Finance. In her address at the Future Minerals Forum in Riyadh, she showcased Nigeria’s rich untapped resources and called on international investors to join efforts in positioning the nation as a key player in the global minerals and energy industry through sustainable innovations.
Uzoka-Anite emphasised President Bola Tinubu’s commitment to stimulating growth in the mining and energy sectors while diversifying the economy. As of October 2024, the Nigeria Mining Cadastre Office had generated over $4.8 million in revenue, but it is facing financial challenges. Recently, the Minister of Solid Minerals Development, Dele Alake, expressed concerns regarding the insufficiency of the 2025 mining budget in fostering exploration and investment.
The Nigerian government is taking steps to attract foreign investment in the mining sector, which is seen as vital for economic growth. Despite its rich natural resources, the country is grappling with underfunding and budgetary constraints that limit exploration and development. Initiatives aimed at showcasing Nigeria’s potential in the global minerals market are part of a wider strategy to diversify its economy and reduce dependence on oil revenue.
Nigeria’s government is actively seeking global partnerships to develop its mining sector and enhance economic growth. With significant untapped resources and a commitment from leadership, Nigeria aims to position itself as a competitive player in the global minerals market. However, financial and budgetary limitations pose challenges that must be addressed to attract necessary investments.
Original Source: iafrica.com