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.

Prince Shuaibu Abubakar Audu, Honourable Minister for Steel Development, has urged global investors to consider Nigeria as their prime destination in Africa’s steel and metals sector. Speaking at the International Mining and Resources Conference (IMARC) in Sydney, Australia, from October 29-31, 2024, he emphasised the substantial benefits of investing in Nigeria under President Bola Ahmed Tinubu’s Renewed Hope Agenda. With abundant natural resources and a young, dynamic population, Nigeria aims to position itself as a global investment hub in the metallurgical industry. Audu highlighted the establishment of the Ministry of Steel Development in August 2023, marking a historic moment as it focuses solely on the steel sector. The minister noted significant progress in just a year, particularly in creating an enabling environment for foreign investments, including incentives like tax holidays and zero duties on essential imported machinery. He declared, “Investing in Nigeria is not just a possibility but a strategic choice that presents lucrative opportunities for investors.” Audu pointed out Nigeria’s rich deposits of iron ore, coal, limestone, and more, along with its strategic location, which offers access to larger markets in Africa and beyond. He urged investors to collaborate with Nigeria to unlock its vast potential in steel and metallurgy, signalling commitment to sustainable development and technological advancement as part of the nation’s industrial growth strategy. .

The article describes Nigeria’s efforts to attract foreign investment in its steel and metals sector, particularly at the International Mining and Resources Conference in Australia. Nigeria, rich in natural resources and under a new governmental focus on the steel industry, is working to create a favourable investment climate with various incentives. The Honourable Minister’s speeches at the conference reveal the country’s goal to drive industrialisation, while promoting its strategic advantages and resource wealth to global stakeholders.

In summary, Nigeria is positioning itself as a leading investment destination for the steel and metals sector, driven by strategic incentives and abundant natural resources. The government’s recent initiatives, including the establishment of a dedicated steel ministry, reflect a commitment to improving the investment landscape. With focus on collaboration and sustainable development, investors are encouraged to explore the opportunities within Nigeria’s expanding industrial framework.

Original Source: fmino.gov.ng

The post Nigeria Seeks Foreign Investment in Steel Sector at IMARC Conference first appeared on Nigerian Mining News.