Nigeria is actively seeking international investment to boost its mining sector, a cornerstone of its economic diversification strategy. Speaking at the Future Minerals Forum in Riyadh, Dr. Doris Uzoka-Anite, Minister of State for Finance, emphasized the nation’s untapped mineral wealth and invited global investors to participate in developing the industry. Uzoka-Anite outlined Nigeria’s ambitions to become a significant player in the global minerals and energy markets through innovative and sustainable initiatives.
The push aligns with President Bola Tinubu’s broader agenda to expand the mining and energy sectors and reduce the country’s reliance on oil revenues. Despite some progress, challenges remain. As of October 2024, the Nigeria Mining Cadastre Office reported revenues of $4.8 million. However, funding constraints continue to hinder the sector’s growth.
Minister of Solid Minerals Development Dele Alake recently expressed concerns over the 2025 mining budget, describing it as insufficient to drive the exploration and investment needed to fully unlock Nigeria’s mineral potential.
