Nigeria has launched a strategic push to attract foreign investments into its solid minerals sector, with an initial target of $500 million. The initiative aims to leverage South Africa’s advanced expertise in mining and resource development to unlock the potential of Nigeria’s estimated $700 billion mining sector.
On November 6, a four-day investment roadshow began at the Sandton Convention Centre in Johannesburg, South Africa. Organized by the Nigeria High Commission in partnership with South African investment bank Rosebank Capital, the event is set to run until November 9. This year’s theme, “Unlocking the Potentials of Solid Minerals for Sustainable Development in Nigeria and South Africa,” emphasizes collaboration to drive sustainable growth and attract foreign direct investments.
Nigeria’s solid mineral resources, including gold, tantalite, limestone, and lithium, remain underexplored, with many projects stuck in early development stages due to funding and expertise challenges. “We are targeting at least $500 million in initial investments, and progress is promising,” said Niyi Oloruntoba, CEO of Rosebank Capital. He revealed ongoing discussions about a single project valued at $200 million.
Despite its rich geological potential, Nigeria’s mining sector faces significant hurdles, including high capital risks and a lack of skilled manpower, deterring private sector participation.
Meanwhile, the Federal Government has intensified efforts to combat illegal mining. In a recent operation, an illegal gold mine in Iyeh Odogbe, Isanlu community of Kogi State, was shut down. Dele Alake, Minister of Solid Minerals Development, reaffirmed the government’s commitment to curbing illicit activities and repositioning the sector to enhance Nigeria’s global standing.
