Nigeria’s renewed focus on revitalizing its mining sector is attracting increasing interest from global investors as President Bola Tinubu’s administration drives reforms to unlock the country’s vast mineral wealth, valued at $700 billion.
The government’s efforts are highlighted by a recent four-day mining investment roadshow in Johannesburg, South Africa, where the nation aimed to secure $500 million in foreign investments for its solid minerals sector.
The event, hosted by Nigeria’s High Commission in partnership with Rosebank Capital, drew potential investors keen on Nigeria’s reserves of gold, tantalite, limestone, and lithium.
Sources indicate that global interest is growing as diplomatic circles note the pace of Nigeria’s mining reforms, which are seen as essential for reducing the country’s dependence on oil and diversifying its economy.
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Many foreign ambassadors are now questioning why Chinese firms dominate Nigeria’s mining industry and are urging Western and African nations to take greater advantage of the expanding opportunities.
The reforms, spearheaded by Minister of Solid Minerals Development Dele Alake, are expected to transform the sector into a major economic driver. With the backing of the World Bank and other international bodies, Nigeria’s mining sector is projected to contribute up to $25 billion to GDP over the next decade and create more than three million jobs.
Recent steps, including the launch of the Electronic Mining Cadastral System, have streamlined the licensing process, making it easier and more efficient for companies to operate in the sector.
As global mining giants eye Nigeria’s untapped mineral wealth, the country is positioning itself as a leading destination for investment, with plans to collaborate with industry leaders like Glencore, Rio Tinto, and Rainbow Mines. These reforms are set to place Nigeria’s mining sector at the forefront of its economic diversification strategy.
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