Experts To Tap Into $7bn Mining Sector Opportunities

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By CHIKA IZUORA, Lagos

Experts have said that the Nigerian mining industry has witnessed some phenomenal developments and holds huge potential capable of turning the economy round.

“Nigeria is on the mining map and the sector is working hard to prepare its road map because ultimately, there are enormous investments opportunities in the Nigerian mining sector” says Elodie Delagneau, event director of Nigeria Mining Week that is taking place again in Abuja this October.

The event is a successful partnership between the organisers, the Miners Association of Nigeria (MAN) and PwC. “Despite signs of recession and low global commodity prices, the Nigerian mining industry has certainly witnessed some phenomenal developments within the past 10 months,” says Elodie Delagneau, “but a lot of progress still needs to be made to develop the sector, and bring about the required grass root impact for a country in dire need of alternative sources of foreign exchange. This is expected to be achieved in the medium to longer term within the Nigerian mining sector.“

She adds: “on another note, in August 2016, the mining road map was approved by the President and a bill proposing the creation of a regulator will be the next step for the development of the industry. The new legislation is including incentives such as allowing full foreign ownership of mining projects in order to attract investments and economic growth.”

Cyril Azobu who is an advisory partner and mining leader at PwC Nigeria, comments “any individual or organisation interested in exploring the many opportunities Nigeria’s solid minerals sector presents should plan to be at this year’s Nigeria Mining Week. Building on the success of last year’s edition and the key relationships we have built over the years, this year’s Mining Week is being packaged to add great value to all participants.”

He continues: “we at PwC are committed to this partnership with the Miners Association of Nigeria (MAN). This commitment to helping to unlock the potential in the sector aligns well with our purpose of building trust in society and solving important problems. I therefore invite all stakeholders to take advantage of the opportunity that the Nigeria Mining Week presents to make a difference for their business and the sector in general.”