Nigeria’s Attractive Mining Sector Lures Foreign Investors

The Nigerian government is actively seeking to attract foreign investment in its mining industry by offering a conducive business environment and low production costs. Dr Dele Alake, the Minister of Solid Minerals Development, expressed this commitment at the “Mines and Money Conference” in the United Kingdom, emphasizing the country’s unique advantages and untapped mineral potential.

Alake highlighted the lower production costs due to surface mining and the extensive availability of minerals across more than 500 locations in Nigeria. He also emphasised the inclusion of lithium as a strategic mineral of global significance, indicating the evolving nature of Nigeria’s mining sector in response to global trends.

The minister underlined the government’s efforts to streamline procedures and reduce barriers to foreign investment, with the aim of creating a more attractive investment climate. He also cited recent partnerships with international firms to gather data on solid minerals and access financial support through the Africa Finance Corporation and the Solid Minerals Development Fund.

Furthermore, Alake stressed the importance of value addition and beneficiation of raw materials to create higher-value products and generate employment opportunities. He urged investors to prioritise the socio-economic development of local communities by supporting initiatives such as the revised guidelines for the Community Development Agreement.

In conclusion, the proactive approach and commitment of the Nigerian government to creating a favourable environment for foreign investors in the mining sector reflect its determination to strengthen the industry and contribute to the nation’s economic growth.