Nigeria woos South African mining investors

From Charity Nwakaudu, Abuja

The Minister of Solid Minerals Development, Dr. Dele Alake, has charged South African investors and global mining giants to seize the opportunities presented by ongoing reforms and the improved business climate in Nigeria’s mining sector.

In his keynote address at the inaugural International Investment Forum and Roadshow in South Africa for the Solid Minerals Sector in Nigeria, the minister emphasised that Nigeria is open for business, citing the renewed focus of President Bola Tinubu’s administration on solid mineral development.

Dr. Alake, in a statement released by his media aide, Segun Tomori, outlined that aggressive promotion of the sector is central to his Seven-Point Agenda, affirming that the strategy has successfully redirected global attention to Nigeria’s mining industry, culminating in increased investments and a significant rise in revenue generation for the country.

“Our vision is to establish a sector where global mining giants—such as Glencore, Rio Tinto, Intro-Africa Mining & Exploration, and Rainbow Mines—recognise Nigeria’s vast mineral resources and collaborate with us to maximise the benefits of these resources for our citizens and economic development of the nation,” the minister added.

Highlighting the positive impact of recent reforms, the Minister, represented by the permanent secretary, Dr. Mary Ogbe, pointed out that the introduction of the Electronic Mining Cadastral System (EMC+) has streamlined the licensing process, enabling a fully digitised application system for mining licenses. Additionally, the newly launched Nigeria Minerals Decision Support System (NMDSS) offers critical hydrological, geological, and geographical data that will assist potential investors in making informed decisions.

The host of the investment forum, Ag. Nigerian High Commissioner to South Africa Ambassador Tope Ajayi stated in his remarks that the conference aims to showcase the vast solid mineral potentials of Nigeria to South African investors, secure valuable collaborations with the ministry, and get the needed capital investment that will spur the rapid development of the mining sector.

In a related development, a representative of the Minister, Dr. Mary Ogbe, also participated in a panel session answering questions from diverse investors, sensitising the audience on the improved business climate in the mining sector and reeling out incentives for prospective investors.

As a result of these productive engagements, which also included private break-out sessions with investors, several companies expressed strong interest in investing in Nigeria. Many of these companies are expected to formalise partnerships during the upcoming Nigeria Mining Week, which will take place from November 18-20, 2024.