Nigeria’s substantial mining potential, estimated at $700 billion, has garnered significant global attention and interest.
Nigeria's efforts to rejuvenate its mining sector are garnering considerable interest from global investors, as President Bola Tinubu's administration enacts reforms aimed at tapping into an estimated $700 billion worth of untapped mineral resources, according to diplomatic sources.
Recently, Nigeria organized a four-day mining investment roadshow in South Africa, aiming to attract $500 million in foreign investment for its solid minerals industry. This event was held at the Sandton Convention Centre in Johannesburg and was coordinated by Nigeria’s High Commission in partnership with Rosebank Capital, drawing attention from investors interested in Nigeria’s gold, tantalite, limestone, and lithium deposits.
An anonymous source in Abuja revealed that many ambassadors from both Western and African countries have reported back to their governments, questioning why Chinese firms seem to be the primary beneficiaries of Nigeria’s vast solid mineral resources. These diplomats are emphasizing the tangible progress and substance of the reforms in Nigeria’s mining sector over the past year.
The reforms, led by Minister of Solid Minerals Development Dele Alake, aim to reduce Nigeria’s dependence on oil and diversify its economy. President Tinubu has entrusted Alake with this initiative, recognizing his expertise and commitment to achieving significant results.
During the event, Alake urged South African investors and global mining leaders to seize the expanding opportunities created by the ongoing reforms and the improved business climate in Nigeria’s mining sector.
Furthermore, sources indicate that the World Bank has shown increased support for these reforms, as their pace and scope align with the bank’s recommendations for economic stability and diversification, which advocate for policies that diminish Nigeria’s reliance on oil.
Experts project that Nigeria's mining industry could add as much as $25 billion to the country's GDP within the next decade, while also creating over three million jobs. The Federal Government considers the solid minerals sector a vital pathway for economic diversification and increasing foreign revenue. In alignment with this vision, President Tinubu has appointed Alake, a trusted ally, to lead the sector's transformation.
With these reforms and investment opportunities, Nigeria's mining sector is poised to become one of the nation's key economic drivers in the near future. Recent initiatives, such as the launch of the Electronic Mining Cadastral System, have optimized the licensing process through a fully digital platform, enhancing the efficiency of mining license applications.
Nigeria seeks to foster an environment where major international mining firms, including Glencore, Rio Tinto, Intro-Africa Mining & Exploration, and Rainbow Mines, can acknowledge the country's rich mineral resources and collaborate to boost national economic development.