From Chukwuma Umeorah
Nigeria’s efforts to transform the mining sector with the reforms of the President Bola Tinubu Administration are attracting more global support and international collaboration as more requests are 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 in what is seen as largely unprecedented are not only organising to raise funds from global financial institutions, but are also 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.
A few days ago, Nigeria launched a four-day investment roadshow in South Africa, aimed at drawing $500 million in initial foreign investments into its solid minerals sector, which boasts a staggering $700 billion in mining potential.
The roadshow seeks to leverage South Africa’s mining expertise and engage major stakeholders in unlocking Nigeria’s resources like 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 themed “Unlocking the Potential of Solid Minerals for Sustainable Development in Nigeria and South Africa,” is said to reflect the growing interest in Nigeria.
The spike in international investors interest in the sector is being linked to the reforms the Tinubu Administration has emplaced which Dr. Dele Alake, the Solid Minerals Development Minister is implementing.
An African diplomat in Abuja who pleaded anonymity last night said “I am aware that several Ambassadors from western countries, and Africa have filed diplomatic notes and emissaries to their capitals on why the Chinese alone should not be the only ones to tap from the rich solid minerals reservoirs of Nigeria. And they are all pointing to the content and the steady pace of the reforms in the Nigerian mining sector in the last one year.”
Also a diplomat from North America confirmed this development saying even the US is aware and welcomes the development, as it would significantly diversify the Nigerian economy, and give the country “a much needed alternative to oil revenue. There is a lot of untapped potential in the solid mineral sector here.”
The North American diplomat added that western countries prefer to see Nigeria partnering with “countries like South Africa, rather than with China.”
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.
With the potential to generate over three million jobs, the solid minerals sector is one of Nigeria’s most ambitious and lucrative investment landscapes in recent years, according to experts.
It is also believed that Nigeria can add $25 billion over next decade to its GDP 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. His appointment of Honorable Minister Dele Alake to lead this transformation is proving timely. The Ministry of Solid Minerals under the Tinubu Administration is addressing dual national challenges—economic revitalisation and security stabilisation.