Nigeria Set to Attract $20 Billion Investment from International Partners

Investors from multiple countries have expressed a strong interest in injecting a significant $20 billion into Nigeria’s solid minerals sector, a move that is poised to greatly strengthen the nation’s economy. Alhaji Mohammed Abba Liman, the Chief Executive Officer of Daroo Nigerian Limited, disclosed this during a press briefing in Abuja, where he emphasized the sector’s potential for the production of lithium, lead, gold, and other precious gems.

Liman highlighted that the solid minerals sector development roadmap, currently being implemented by the current administration, has attracted strategic attention from potential partners in the United Kingdom, Saudi Arabia, Turkey, China, and France. Notably, Saudi Arabia’s Ministry of Industry and Solid Minerals Resources has expressed interest in collaborating with Daroo Nigerian Limited through the Saudi Gold Refinery Company Ltd in Riyadh.

Liman emphasized the necessity for Nigerian miners seeking partnerships to obtain approval from the Federal Ministry of Solid Minerals Development before their proposals can be considered in Riyadh. He attributed the surge in investor interest to Nigeria’s impressive presentation at the 2024 Future Minerals Forum hosted by Saudi Arabia in December. The commendable efforts of Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, and the unwavering support of President Bola Ahmed Tinubu were highly regarded at the forum.

Promising a transformative shift in economic policy, Liman praised the proactive measures taken by the administration to facilitate macro-economic investments and business activities within the solid minerals sector. He underscored the importance of diversifying the nation’s economy, acknowledging the government’s role in spearheading this ambitious agenda.

In light of this progressive policy direction, stakeholders within the sector are optimistic about the immense prospects awaiting the Nigerian economy. The impending influx of billions of dollars through the solid minerals sector is expected to significantly elevate economic growth and revenue generation, steering the nation away from its longstanding dependence on oil.

Liman conveyed the collective enthusiasm among stakeholders and their unyielding commitment to collaborate and support the government’s initiatives towards economic diversification. With the sector poised for strategic investment, Nigeria is primed to witness a substantial transformation, marking a paradigm shift from oil-centric policies to a more holistic approach encompassing the solid minerals sector.

As international investors look towards Nigeria with promising prospects, the evident focus on economic diversification paints a compelling picture for the nation’s future. This shift signals the collective determination to establish a robust and sustainable economic landscape, transcending the limitations posed by a singular dependence on oil.