Mkpoikana Udoma
Port Harcourt — Nigeria has begun intensifying efforts to attract billions of dollars in foreign investments into its mining sector, with a focus on developing its vast mineral resources, particularly tin and steel industries.
At the Resourcing Tomorrow event during the Mines and Money Expo in Islington, London, the Minister of Solid Minerals Development, Dele Alake, engaged key global stakeholders to discuss strategies for unlocking Nigeria’s mining potential.
In a meeting with Saudi Arabia’s Deputy Minister of Minerals and Energy, Engr. Khalid bin Saleh Al-Musdaifer, Alake outlined plans for iron ore extraction and steel processing, as a critical step in Nigeria’s industrialization drive.
He said, “Nigeria holds vast untapped resources that can transform our economy. We are here to forge partnerships that bring expertise and funding to our mining sector.”
During the event, the Minister also met with representatives from Woodcross and Gerald Group, as well as fund managers from AMG Group and Business Idea Development in China.
According to him, Woodcross revealed preliminary findings from a survey in Jos, Nigeria, indicating that the area holds significant tin ore reserves that could cater to long-term global demand.
“A final investment decision by the company is anticipated by February 2025, marking a potential major milestone for the Nigerian mining industry.”
Alake emphasized the potential of Nigeria’s mining sector, stating, “Nigeria’s mineral resources are a vital part of our vision for economic diversification. With our rich deposits of tin and iron ore, we are confident that global investors will find immense value in the opportunities that lie ahead. Our government is committed to creating a conducive environment for sustainable investments in this sector.”
Further discussions with AMG Group and Business Idea Management Centre highlighted their willingness to assist in securing funding for various mining projects in Nigeria, offering vital capital for the country’s mining growth.
“We are excited about the potential of Nigeria’s mining sector,” said Dr. Alake. “Our engagement with global investors is an essential step in transforming this sector into a major driver of growth and job creation for our people.”
In addition to these talks, Dr. Alake engaged with over 30 mining entrepreneurs from around the world, furthering conversations about the African Extractive Minerals Bank proposal.
“The initiative aims to establish a financial institution dedicated to supporting the development of Africa’s extractive industries, which would unlock significant economic growth for Nigeria and the wider continent.”
