Nigeria’s Efforts to Attract Foreign Investors in Mining Industry

The Minister of Solid Minerals Development, Dr. Oladele Alake, delivered an address at the Mines & Money Conference in London, where he discussed Nigeria’s initiatives to attract foreign investors to the mining sector. Alake highlighted the country’s determination to streamline processes, enhance security, and cultivate an environment conducive to a thriving mining industry.

During his presentation, Alake emphasized the cost-effective nature of production in Nigeria, largely due to surface mining and the presence of untapped mineral reserves worth billions of pounds. He also underscored Nigeria’s diverse geological resources, encompassing over 44 distinct mineral types abundant in more than 500 locations. Alake additionally identified the strategic significance of incorporating lithium as a pivotal mineral in response to global trends.

The minister underscored the reforms instigated by the administration of President Bola Tinubu to entice foreign investment, which include simplifying procedures and minimizing obstacles. He also showcased recent advancements, such as the Airborne Geophysical Survey, a memorandum of understanding with German company, Geoscan, and access to finance through a new funding facility launched by the Africa Finance Corporation and the Solid Minerals Development Fund.

Alake reiterated the government’s measures to ensure that mining operations benefit communities and lead to the processing of minerals, as opposed to the wholesale export of raw materials. He stressed the significance of solid minerals beneficiation and value addition as a means of creating higher value products, generating employment opportunities, and enhancing the sector’s overall profitability and contribution to the nation’s GDP.

Furthermore, the minister urged investors to support the socio-economic development of the communities where they operate, in order to make mining mutually beneficial for all parties involved.

Nigeria’s endeavours to attract foreign investors in the mining industry are reinforced by the country’s potential for growth and development in this sector. With the dedication to reducing barriers and establishing favourable conditions, the Nigerian government is positioning itself as an attractive destination for global stakeholders in the mining industry. As the sector’s contribution to the country’s GDP continues to grow, the opportunities for investment and partnership in Nigeria’s mining industry are becoming increasingly promising.