‘Tinubu’s mining sector reform is drawing global attention’

Nigeria’s efforts to transform the mining sector through the various reforms initiated by the President Bola Ahmed Tinubu administration is attracting global support, licenced miners, expatriates, and diplomats interested in investing in Nigeria have said.

They said deliberate efforts by those in charge of the mining sector have drawn interests for international collaboration as more requests are being received from around the world to explore and harness the multi-billion dollar mining sector.

A diplomat, Ibrahim Tawfik, said leading global mining investment interests are not only organising to raise funds from international financial institutions, but are also planning to host more informative events to bring to the fore, the potential of the Nigerian mining sector which is valued at over $700 billion.

A licenced miner in Jos, Plateau State, Joshua Michael, said the streamlining of the solid mineral sector by the Tinubu administration has restored confidence for foreign investment and at the same time provided job opportunities for thousands of people across many states who are now gainfully employed.

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He commended the ingenuity of the Minister of Solid Minerals Development, Dr. Dele Alake, who is championing the implementation of the Tinubu’s agenda of diversifying the economy.

Nigeria recently launched a four-day investment road show 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 sought to leverage South Africa’s mining expertise and engage major stakeholders in unlocking Nigeria’s resources like gold, tantalite, limestone, and lithium, which are a 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,” was said to have reflected the growing interest in Nigeria.

Another diplomat said: “I am aware that several ambassadors from the West and many Africa countries have filed diplomatic notes and emissaries to their capitals on why apart from the Chinese, others should also 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.”

A source close to the presidency said President Tinubu strongly believed in Alake’s foresight as one of the key players that are delivering impactful results. 

With the potential to generate over 3 million jobs, the solid minerals sector is one of Nigeria’s most ambitious and lucrative investment landscapes in recent years. 

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.