In the last two years, Nigeria has enacted crucial reforms to revitalise its mining sector, aiming to attract investment and enhance its GDP contribution. Initiatives have streamlined licensing processes and reduced barriers for international investors, improving mineral production across Nigeria’s 44 solid mineral types. The upcoming African Mining Week (AMW) 2025 will gather stakeholders and global investors to promote deals and sector growth.

The Nigerian Geological Survey Agency launched the Mineral Resources Decision Support System in May 2024. This platform offers global investors quick access to geological and policy data, showcasing Nigeria’s mineral wealth and infrastructure. By enhancing data transparency, it aims to facilitate investments and bolster investor confidence in the mining industry.

In August 2023, Nigeria restructured its Ministry of Mines and Steel Development into two entities to improve efficiency. The Ministry of Solid Minerals Development focuses on upstream activities, while the Ministry of Steel Development oversees steel and metallic resource development. This change is designed to enhance governance and attract targeted investments.

The Nigerian Minerals & Mining Bill, approved in April 2023, is currently under public review and aims to bolster foreign investment. It introduces incentives and strengthens local content requirements, serving as the primary legal framework for the sector. Once implemented, it will improve transparency and align the sector with global standards.

The Nigeria Mineral Value Chain Regulations, effective from July 2021, mandate local processing of certain raw minerals, fostering downstream investment. This policy spurred significant investments, such as Avatar Energy Materials’ lithium processing facility in Nasarawa State. These developments position Nigeria as a vital participant in the global critical minerals supply chain, which will be highlighted at AMW 2025.

African Mining Week is a prime event to explore the diverse mining opportunities across Africa, running alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Interested parties can contact [email protected] for more information on participation.

Nigeria’s mining reforms aim to revitalise the sector, attract foreign investments, and enhance GDP contributions through improved governance, transparency, and local processing initiatives. The restructuring of ministries, introduction of supportive legislation, and the launch of a data access platform demonstrate a robust commitment to unlocking the mining industry’s potential. The upcoming AMW 2025 will further provide a vital platform for collaboration between local and international stakeholders.

Original Source: energycapitalpower.com

The post Nigeria’s Mining Reforms: Attracting Investment and Driving Growth first appeared on Nigerian Mining News.

Dr. Dele Alake, the Minister of Solid Minerals Development, regards his honorary fellowship from the Nigeria Mining and Geosciences Society (NMGS) as a sign of the federal government’s dedication to enhancing the mining sector. He emphasised that advancing this sector is a shared responsibility among various stakeholders.

Speaking at the 60th annual NMGS International Conference and Exhibition, themed “Transformation of the Mineral, Energy, Water and Construction Sectors Through Innovations,” Alake noted a global shift in mining practices towards digital technologies. He encouraged embracing these innovations to attract investment and improve productivity.

The ministry is focusing on using geospatial data and remote sensing for mineral exploration, which can reduce uncertainties and enhance investment decisions. Alake also mentioned plans for establishing mineral processing hubs to increase value and depend less on raw mineral exports.

The minister, represented by Dr. Mary Ogbe, expressed the government’s commitment to fostering a conducive environment for growth in mining. Initiatives will include enhancing regulatory frameworks, promoting research partnerships, and providing support for small-scale miners through access to funding and mechanisation.

Alake urged the NMGS to promote industry collaboration for transforming the mining sector and reaffirmed the ministry’s dedication to harnessing the nation’s natural resources for broader development. He stated an intention to create a resilient future for Nigeria’s mining and geosciences sector.

Prof. Akinade Olatunji, NMGS President, highlighted the critical role of innovation in sustainable development across various sectors. He urged for policies that optimise Nigeria’s youthful, dynamic population to drive growth, aiming to eradicate poverty through strategic transformation.

The conferment of Dr. Dele Alake as an honorary fellow of NMGS marks a significant commitment to transforming Nigeria’s mining sector through innovation and collaboration. With efforts focused on digital technology adoption, regulatory enhancements, and support for local miners, there is an optimistic outlook for sustainable development in Nigeria’s mining and geosciences. Furthermore, the NMGS conference underscored the potential of innovation in resolving challenges across multiple sectors while aiming to utilise Nigeria’s abundant resources more effectively.

Original Source: www.thisdaylive.com

The post Dr. Dele Alake Honoured by NMGS: A Commitment to Mining Sector Innovation first appeared on Nigerian Mining News.

The latest KPMG report on Nigeria’s mining sector indicates that the current investor framework is unattractive and does not address the unique challenges of the industry. Despite attempts by successive federal governments to revitalize this sector, the growth has been minimal, with mining contributing less than 1% to Nigeria’s GDP as of 2023.

In 1999, Nigeria aimed to refocus its mining strategy, leading to the 2007 Nigerian Minerals and Mining Act (NMMA). However, successes have been limited; the sector’s GDP contribution remains only 0.77%. The government previously set a target in 2016 for this contribution to rise to 10% of GDP by 2026 through a roadmap outlining industry development.

Although an N30 billion intervention fund was launched to attract multinational companies and promote exploration, tangible results have not followed. The mining value chain is categorized into exploration, processing, and marketing, but only upstream operations have seen some growth. Furthermore, fiscal incentives appear scattered across various laws, necessitating harmonization for clearer guidance to operators.

KPMG urges a complete review of the fiscal framework to align it with global standards, thus attracting investors. Moreover, updating the NMMA is essential to align provisions with the current mining ecosystem. Nigeria has over 44 minerals at 500 sites, yet seven strategic minerals—Coal, Bitumen, Limestone, Iron Ore, Barites, Gold, and Lead/Zinc—are prioritised for development due to their economic potential.

The KPMG report highlights that Nigeria’s mining sector framework is insufficiently attractive for investors, contributing less than 1% to GDP. It calls for a comprehensive review of the fiscal policies and updates to the Nigerian Minerals and Mining Act to enhance the sector’s appeal. The prioritisation of seven strategic minerals underlines the potential for growth if strategic measures are implemented.

Original Source: businessday.ng

The post KPMG Report: Nigeria’s Mining Sector Framework Fails to Attract Investors first appeared on Nigerian Mining News.

Captain Dada Olaniyi Labinjo, Executive Managing Director of Silicon Valley Nigeria Economic Development Mining Company Limited, stated that Nigeria could generate over N37 trillion annually from mining if properly developed. He emphasised that mining could significantly boost the economy by creating jobs and generating revenue through taxes and fees for the government.

Labinjo highlighted that such revenue could be directed towards infrastructure development and social programmes. The company’s engagement in the sector aims to play a substantial role in optimising Nigeria’s mining potential and supporting economic growth.

During a recent management visit, Labinjo spoke about mining’s capacity to create thousands of jobs in various sectors like geology and engineering. He noted that mining could increase government revenue through various taxes imposed on mining activities, significantly boosting the nation’s financial resources.

Ambassador Temitope Amina Labinjo-Ajayi, Chairman of SV-NED, praised President Bola Tinubu’s Renewed Hope Agenda for its potential to positively transform Nigeria. She reiterated that mining could when harnessed effectively, reduce Nigeria’s reliance on oil and contribute to economic diversification, vital for long-term economic stability.

She acknowledged that mining infrastructure could benefit local communities and industries, promoting overall development. Labinjo-Ajayi further explained that mining could enhance foreign exchange earnings through mineral exports, promoting better currency stability.

Adediran expressed excitement about the SV-NED’s partnership and its potential to improve local economic conditions and lifestyle. He appealed for establishing a University of Agriculture to tap into local agricultural and mining resources and called for upgrading a decades-old hospital lacking necessary medical infrastructure.

The article outlines the substantial economic potential of Nigeria’s mining sector, highlighting the significant revenues that could be generated through proper management. It stresses the importance of mining for job creation, infrastructure development, economic diversification, and foreign exchange earnings. The involvement of companies like SV-NED is essential to harness this potential and enhance the general well-being of local communities.

Original Source: www.zawya.com

The post Nigeria’s Mining Sector Could Generate Over $24 Billion Annually first appeared on Nigerian Mining News.

Captain Dada Olaniyi Labinjo, Executive Managing Director of SV-NED Mining Company, believes Nigeria could generate over N37 trillion yearly from its mining sector if properly developed. This prospective revenue could significantly boost the economy through job creation and increased tax revenue for the government.

Mining could create thousands of jobs in areas like geology, engineering, and environmental management while providing a substantial income through various taxes. Labinjo emphasised the need for infrastructure improvements to support mining activities, which would benefit local communities.

Ambassador Temitope Amina Labinjo-Ajayi, SV-NED’s chairman, praised President Bola Tinubu’s Renewed Hope Agenda, noting that mining could help diversify Nigeria’s economy, which currently relies heavily on oil exports. This diversification would promote economic stability and development.

Labinjo-Ajayi highlighted the potential for mining to boost foreign exchange earnings through mineral exports, positively influencing the country’s currency stability. Additionally, she mentioned that responsible mining can support environmental sustainability and promote local content development by using locally sourced goods and services.

Chief Emmanuel Ayodele Adediran, Seriki of Igbetiland, welcomed SV-NED’s partnership, expecting it to enhance economic development and improve the community’s living standards. He further urged the government to establish a University of Agriculture in the area and to renovate a long-neglected hospital.

Nigeria’s mining sector holds substantial potential for revenue generation, job creation, and economic diversification, with estimates suggesting an annual income of over N37 trillion. The collaboration between SV-NED and local communities aims to enhance development and infrastructure, contributing to the nation’s overall economic growth.

Original Source: tribuneonlineng.com

The post Nigeria Can Generate N37 Trillion Annually from Mining, Says SV-NED Managing Director first appeared on Nigerian Mining News.

The Nigerian federal government has reported that international investors are showing interest in the country’s lithium sector. Segun Tomori, special assistant to Minister Dele Alake, stated during a recent XSpace event that lithium’s significance lies in its use for electric vehicles, solar panels, and green technologies. As a result, many investors are drawn to it, outpacing interest in other minerals like gold, nickel, and cobalt.

Tomori noted that Nigeria has already inaugurated two lithium factories, with additional ones set to open soon, including a new facility in Abuja. He emphasised the growing international mining industry’s focus on lithium, vital for solar panel and electric vehicle production, essential for green energy initiatives. The government aims to create a favourable investment environment by streamlining investment processes and addressing security concerns.

The commitment to fully exploit Nigeria’s lithium potential is evident, especially in Nasarawa state, which is believed to hold significant reserves. Tomori commended the proactive approach of Nasarawa’s governor, Abdullahi Sule, in developing the mining sector. The governor has engaged in collaborations with private entities and has applied to operate as a limited liability company.

Additionally, Tomori revealed that Nasarawa has already commissioned two lithium factories, with more expected this year. However, he acknowledged that Nigeria’s mining sector still requires technical expertise from established mining nations. The minister is actively engaging with foreign parties to seek technical partnerships and capacity-building opportunities.

Despite existing challenges, there is confidence in Nigeria’s ability to leverage its lithium resources for economic growth.

Nigeria’s lithium sector is rapidly gaining international attention, resulting in the establishment of several factories. With strategic government initiatives, particularly in Nasarawa state, and collaborations with foreign countries, Nigeria aims to develop its mining capabilities and technical expertise. The commitment from both the government and local stakeholders is pivotal in capitalising on the country’s lithium potential, despite ongoing challenges.

Original Source: www.thecable.ng

The post Nigeria Attracts International Investors to Its Promising Lithium Sector first appeared on Nigerian Mining News.

Nigeria and Venezuela are exploring investment opportunities in the mining sector, as revealed in recent discussions between Nigeria’s Minister of Solid Minerals Development, Dr Dele Alake, and Venezuela’s Deputy Minister of Mining, Alejandro Martinez. Their talks took place during the Investing in African Mining Indaba Conference in Cape Town, South Africa, with a commitment to strengthening collaboration and attracting investments.

Minister Alake highlighted the potential for both nations to work together in sustainably utilising their mineral resources for economic benefits. He stressed the importance of local processing, particularly of lithium, to create jobs and enhance the economy instead of merely exporting raw materials.

Alake also invited Venezuela to join the Super Region, a coalition of mining countries aiming to promote trade and economic independence. The minister expressed openness to collaborations with investors who demonstrate commitment to sustainable practices and local value addition.

In response, Martinez noted Venezuelan investors are particularly interested in Nigeria’s market for mining machinery and services. He asked for Alake’s support in facilitating collaboration and encouraging investors to visit Nigeria for further information.

The discussions stem from ongoing efforts by Nigeria and Venezuela to enhance their mining sectors, utilising each country’s resources effectively. Both countries face similar political and economic challenges, which provides a unique opportunity for mutual cooperation. The Investing in African Mining Indaba serves as a strategic platform for countries to seek partnerships and investments.

The engagement signifies a strategic move towards deeper collaboration in the mining sector between Nigeria and Venezuela. By focusing on sustainable practices and local economic growth, both nations hope to leverage their mineral resources more effectively and create significant employment opportunities.

Original Source: von.gov.ng

The post Nigeria and Venezuela Seek Collaborative Opportunities in Mining first appeared on Nigerian Mining News.

Dele Alake, Nigeria’s Minister for Solid Minerals Development, has highlighted insecurity and insufficient funding as the main obstacles to the nation’s mining sector growth. He has called on the Senate for increased financial support to facilitate thorough exploration of Nigeria’s rich mineral resources.

During an investigative hearing by the Senate Committee on Solid Minerals, Alake pointed out that poor funding hampers exploration and limits the sector’s potential in economic diversification. He expressed concern over Nigeria’s meagre $2.5 million investment in mining exploration, which ranks it 12th in Africa behind countries like Ivory Coast and the Congo.

Alake lamented the country’s low exploration budget compared to Africa’s leaders, with Ivory Coast investing $147 million. He proposed a funding requirement of N70 billion to enhance exploration across Nigeria, warning that the upcoming budget may hinder progress without legislative support.

To combat illegal mining, the Minister introduced a 2,220-strong Mining Marshals unit, deploying operatives across the states. He explained the various categories of illegal miners and revealed that Nigeria loses over $9 billion annually due to illegal mining activities.

In addition to the Marshals, Alake disclosed ongoing initiatives aimed at advocating for legalisation of artisanal mining, including a radio campaign to promote cooperative formation. This effort aims to align with the government’s new value addition policy, with plans for establishing six processing centres across Nigeria’s geopolitical zones.

Senate President Godswill Akpabio commended Alake’s commitment to solid minerals development, emphasising collaboration between the legislature and executive to tackle issues arising from illegal mining. The Senate Committee Chair, Ekong Sampson, reiterated the importance of addressing challenges to maximise the economic benefits of Nigeria’s vast mineral resources.

The Nigerian mining sector faces significant challenges, primarily due to insecurity and inadequate funding. These issues detract from the sector’s potential to serve as a key driver for economic diversification. The call for legislative backing and increased investment highlights the government’s recognition of the mining sector’s expansive potential, stemming from the rich mineral deposits available throughout the country.

In summary, Dele Alake has underscored the critical issues of insecurity and funding in Nigeria’s mining sector. He is advocating for legislative support and increased investment to enhance exploration efforts and combat illegal mining. With collaboration between the Senate and the Ministry, there is hope for a revitalised mining sector that contributes meaningfully to Nigeria’s economy.

Original Source: businessday.ng

The post Insecurity and Funding Issues Restrain Nigeria’s Mining Sector Growth first appeared on Nigerian Mining News.

Dele Alake, Nigeria’s Minister of Solid Minerals Development, advocates for stronger trade relations with the United Arab Emirates (UAE) particularly in the mining sector. During a meeting with UAE Ambassador Salem Shaeed Al Shams, Alake stressed the importance of a collaborative approach to tackling illegal gold trade, which currently sees much Nigerian gold entering the UAE unlawfully.

He pointed out Nigeria’s wealth in valuable minerals and the potential benefits of the UAE’s role as a mineral trade hub. Alake proposed working together to create strategies and a regulatory framework to ensure that both nations can profit legally from this trade, enhancing mutual benefits.

Al Shamsi confirmed the UAE’s commitment to deepening ties with Nigeria, highlighting the removal of visa restrictions and a recent MOU between Emirati companies and Nigeria through the Solid Minerals Development Fund (SMDF). He also announced an economic forum set to be held in Nigeria with participation from 30 to 35 major Middle Eastern and Emirati companies, aimed at attracting Foreign Direct Investments (FDI).

To further combat illegal trading and enhance legitimate commerce, both countries agreed to form a technical committee to explore collaboration strategies. A statement from Segun Tomori, aide to the Minister, emphasised this commitment to cooperative efforts in the mining sector.

The article focuses on the relationship between Nigeria and the UAE, particularly looking at trade in the solid minerals sector, which is crucial for economic development. With significant illegal gold trading concerns, the ministers aim to establish a legal framework to enhance trade practices and benefit both countries. The initiative is part of a broader effort to strengthen bilateral relations and increase foreign investments in Nigeria.

The meeting between Alake and Al Shamsi signifies strong bilateral interest in solid mineral trade. By addressing illegal activities and fostering legitimate commerce, Nigeria and the UAE can enhance their economic relationship. Upcoming forums and agreements indicate a robust commitment to advancing trade ties and investments in Nigeria.

Original Source: businessday.ng

The post Nigeria and UAE Strengthen Mining Trade Relations first appeared on Nigerian Mining News.

The Nigerian Government is actively pursuing partnerships with international players in the mining sector to harness the nation’s capabilities. During the Future Minerals Forum in Riyadh, Saudi Arabia, Minister of State Finance, Dr. Doris Uzoka-Anite, highlighted Nigeria’s considerable resource potential and readiness for collaboration. She expressed a commitment to innovation, sustainability, and investment, positioning Nigeria as a key player in global minerals and energy. Dr. Uzoka-Anite urged global investors to explore the untapped opportunities available in Nigeria’s mining and energy sectors.

Attending alongside Minister of Solid Minerals, Mr. Dele Alake, Dr. Uzoka-Anite emphasised Nigeria’s openness for business at the Future Minerals Forum, which hosted over 14,000 participants from 178 countries, including government leaders and industry experts. The Nigerian delegation aimed to showcase the country’s extensive natural resources and support President Bola Ahmed Tinubu’s focus on economic growth through mining and energy collaboration.

The Future Minerals Forum serves as a significant platform for shaping the minerals industry’s future globally. Nigeria’s involvement at the forum illustrates its commitment to fostering international partnerships that drive economic advancement, aligned with the Renewed Hope Agenda of the Tinubu Administration, aimed at enhancing the country’s mining and energy sectors.

Nigeria is rich in natural resources, which presents significant opportunities for economic growth through the mining sector. The government is keen on attracting global partnerships to unlock these resources. With a strong focus on innovation and sustainability, Nigeria aims to improve its position in the global minerals market, enhancing its economic landscape in the process. Participation in international forums like the Future Minerals Forum reflects Nigeria’s strategy to engage globally and promote investment in its resources.

In summary, the Nigerian Government is seeking global partnerships to strengthen its mining and energy sectors. By showcasing its resource wealth at international forums, Nigeria is positioning itself as an emerging leader in the global minerals market. The ongoing efforts to attract foreign investment are aligned with the country’s broader economic agenda, aiming to stimulate growth and sustainability in critical industries.

Original Source: newtelegraphng.com

The post Nigeria Seeks Global Mining Partnerships to Strengthen Economy first appeared on Nigerian Mining News.