Nigeria‘s efforts to transform the mining sector through the reforms of the Tinubu Administration are attracting significant global support and international collaboration, with more requests being received from around the world to host roadshows on solid minerals in the country.
According to top diplomatic sources in Abuja, leading global mining investment interests are organising unprecedented fundraising efforts to raise funds from international financial institutions and planning to host more informative events and other platforms for investors to increase awareness of the potential of the Nigerian mining sector, which is valued at over $700 billion.
Recently, Nigeria launched a four-day investment roadshow in South Africa aimed at drawing $500 million in initial foreign investments into its solid minerals sector.
The roadshow sought to leverage South Africa‘s mining expertise and engage major stakeholders in unlocking Nigeria‘s resources, such as gold, tantalite, limestone, and lithium, which are key to diversifying the Nigerian economy.
Held at the Sandton Convention Centre and organised by the Nigeria High Commission in partnership with Rosebank Capital, the event with the theme „Unlocking the Potential of Solid Minerals for Sustainable Development in Nigeria and South Africa“ reflects the growing interest in Nigeria.
The spike in international investors‘ interest in the sector is being linked to the reforms the Tinubu Administration has implemented, which Dr Dele Alake, the Solid Minerals Development Minister, is implementing.
A diplomat who pleaded anonymity last night said, „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. And they are all pointing to the content and steady pace of the reforms in the Nigerian mining sector in the last year.“
Diplomatic sources added that there is also a significant shift in the approach of the World Bank in supporting the reforms because the pace and content align with the World Bank’s recommendations for macroeconomic stability and revenue diversification, underscoring the importance of policies that reduce Nigeria’s dependence on oil.
A source close to the presidency had earlier noted that President Tinubu placed profound trust in a select few cabinet members, among whom Alake stands out as a key player, recognised for his expertise and unwavering focus on delivering impactful results.
According to experts, the solid minerals sector has the potential to generate over 3 million jobs and has become one of Nigeria’s most ambitious and lucrative investment landscapes in recent years.
It is also believed that Nigeria can add $25 billion to its GDP over the next decade by harnessing its solid minerals sector.
Also, the federal government‘s quest to diversify the economy away from oil, especially regarding foreign earnings, is said to be increasingly expected to be realised through the transformation of the mining and solid minerals, sectors for which reasons President Tinubu reportedly named his trusted ally, Alake to the job.
President Tinubu, known for his strategic foresight and ability to place the right leaders in critical roles, has directed Nigeria’s future toward solid minerals as a sustainable alternative to oil.
