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.

The Nigeria Mining Cadastre Office (NMCO) has issued a total of 7,141 mining licenses; however, only about 1,000 of these are currently active, as revealed by Director General Obadiah Nkom. During a recent meeting with the House Committee on Solid Minerals, Nkom stressed the need for reforms in the sector, specifically in relation to mining fees and title ownership, due to the alarming number of inactive licenses. He noted that despite generating over N8 billion in revenue, the agency suffers from inadequate funding which restricts its operational effectiveness. Nkom further mentioned the successful transition to a web-based platform for improved access and transparency and the development of guidelines for an anti-money laundering unit in partnership with the EFCC. The committee, led by Chairman Jonathan Gaza, raised concerns about the licensing process, the impact of illegal mining, and the need for increased productivity due to insufficient funding. Gaza assured that the committee would escalate these issues to the Minister of Solid Minerals Development for necessary action.

The issue of inactive mining licenses in Nigeria highlights significant inefficiencies within the Nigeria Mining Cadastre Office (NMCO). Despite the issuance of over 7,000 licenses, the minimal number of active miners underscores a need for regulatory reform. Inadequate funding and concerns about illegal mining practices also pose challenges for the agency. This situation calls for improved oversight and potential restructuring in the mining sector to enhance productivity and revenue generation.

In summary, the NMCO faces challenges with a high volume of inactive mining licenses against a backdrop of inadequate funding and the prevalence of illegal mining. The agency’s call for reforms and better financing highlights the critical need for a more effective licensing and oversight system to improve the sector’s contribution to Nigeria’s economy. The committee’s commitment to addressing these issues with the Minister of Solid Minerals Development is a positive step towards enhancing operational efficiency.

Original Source: nannews.ng

The post Only 1,000 of 7,141 Mining Licenses Active, Says NIMCO Director General first appeared on Nigerian Mining News.