Experts in Nigeria’s mining sector have called for significant investment in mineral exploration and geoscience data generation to attract international mining firms. During the Nigerian Mining Week in Abuja, they referred to old, neglected mining sites as Brownfields and newer initiatives as Greenfields. Speakers, including Habeeb Jaiyeola from PwC and Fadi Abou Ghazale of Titan Minerals, highlighted the need for credible geological data as a critical factor for attracting global players like Rio Tinto. Ghazale noted the difficulties in securing exploration funding and urged for government support to enhance the investment climate. Furthermore, Simon Nkom from the Nigeria Mining Cadastre Office emphasised the importance of digitising mineral licensing. He pointed out that despite the government’s past involvement in mining, it now seeks to create a supportive environment for private sector investors. Both Nkom and Ayodeji Gbeleyi of the Bureau for Public Enterprises agreed that the lack of available geodata heavily obstructs progress. Collectively, the discussion underscores that enhancing Nigeria’s mineral wealth requires strategic investment and the generation of reliable exploration data.

Nigeria’s mining industry holds substantial potential, particularly in its Brownfield and Greenfield sites. Historically, mining was overshadowed by oil discovery, leading to a decline in exploration efforts. However, experts posit that revitalising this sector could draw investments from leading global mining companies. Key aspects influencing this potential include improved data generation, targeted strategies for mineral exploration, and a supportive regulatory environment, aiming to transition Nigeria into a competitive mining destination.

To attract major players in the mining industry, Nigeria must prioritise investments in mineral exploration and the generation of accurate geoscientific data. The current strategies involve engaging the private sector and creating favourable conditions for junior investors. By developing both Brownfield and Greenfield sites, Nigeria could rejuvenate its mining sector, potentially leading to significant economic mineral discoveries that would appeal to international investors.

Original Source: leadership.ng

The post Strategies For Attracting Mining Giants To Nigeria first appeared on Nigerian Mining News.

Mr. Fadi Abou Ghazale, CEO of Titan Minerals Nigeria, highlights the company’s robust operations in the mineral exploration sector during the Nigeria Mining Week 2024. Titan Minerals is currently engaged in significant projects focused on lithium, gold, and tin, particularly in the Jos and Suleja regions. Ghazale emphasizes the need for Nigeria to attract foreign investment to enhance its mining capabilities and mentions the rising global demand for minerals, especially gold and lithium.

Titan Minerals is investing in state-of-the-art mining equipment to improve project execution and includes extensive drilling operations across multiple states. Their ongoing collaboration with international companies on AIM and the Toronto Stock Exchange reflects the growing interest in Nigeria’s mineral potential. Ghazale asserts that Nigeria should leverage its relative stability, as neighboring countries face security issues, to emerge as a favourable destination for foreign direct investment (FDI) in minerals.

The Nigerian mining sector is in a pivotal state, with potential for attracting foreign direct investment (FDI) to develop its rich mineral resources. Currently, the focus on minerals such as gold and lithium is intensified by their increasing global demand. Titan Minerals Nigeria, a notable player in this sector, aims to strengthen Nigeria’s position in global mining through advanced exploration and equipment acquisition, while also addressing the need for strategic investments to facilitate this growth.

To elevate its mining sector, Nigeria must aggressively pursue foreign direct investment and foster junior exploration companies. The focus on high-demand minerals like gold and lithium presents a favourable opportunity if the country capitalizes on its stability relative to its neighbours. By enhancing project execution capabilities and international partnerships, Nigeria has the potential to become a global mining destination, appealing to investors seeking opportunities in the mineral market.

Original Source: blueprint.ng

The post Strategies for Attracting Foreign Investment in Nigeria’s Mining Sector first appeared on Nigerian Mining News.