The Nigerian government’s recent efforts to revitalize its mining sector through targeted reforms are drawing significant international attention and investment interest.
President Bola Tinubu’s administration has placed a strong focus on solid minerals as a means of diversifying Nigeria’s economy, reducing reliance on oil, and attracting foreign investment into one of the country’s richest untapped resources.
With an estimated value of over $700 billion, Nigeria’s solid minerals sector is positioned as a key area for economic growth.
Dele Alake, the Minister of Solid Minerals Development, has been leading the push for a more globally engaged mining sector. Recently, the Nigerian government launched an investment roadshow in South Africa, seeking $500 million in foreign investments to develop the solid minerals industry.
The event, themed “Unlocking the Potential of Solid Minerals for Sustainable Development in Nigeria and South Africa,” brought together key stakeholders and potential investors to explore Nigeria’s reserves of gold, limestone, lithium, and tantalite.
Held in Johannesburg’s Sandton Convention Centre, the four-day roadshow highlighted the Tinubu administration’s dedication to making Nigeria a competitive player in the global mining industry.
An unnamed diplomat shared that ambassadors from Western countries and African nations are actively advising their governments on Nigeria’s rich mineral potential, advocating for broader investment partnerships that go beyond China’s prominent role.
“I am aware that several Ambassadors from Western countries and Africa have filed diplomatic notes and sent emissaries to their capitals on why the Chinese should not be the only ones to tap from Nigeria‘s rich solid minerals reservoirs,” he said.
Sources report that the World Bank has also signaled support, as Nigeria’s mining reforms align with its recommendations for macroeconomic stability and a shift from oil dependence.
Economic experts estimate that the mining sector could add over $25 billion to Nigeria’s GDP in the next decade and create three million jobs, making it one of the country’s most promising investment areas.
