The maiden Investment Summit and Roadshow for Solid Minerals in Nigeria recently concluded in Johannesburg, South Africa, spotlighting the transformative opportunities within Nigeria’s mining sector. Organised by the Nigerian High Commission to South Africa in collaboration with Rosebank Capital, the forum highlighted Nigeria’s vast solid minerals potential, ongoing mining reforms, and investment opportunities to South African mining leaders and international financial institutions. It also facilitated dialogue between the Federal Government and top mining companies, fostering partnerships aimed at revitalising Nigeria’s mining industry.
Dr. Dele Alake, represented by the Permanent Secretary, Dr. Mary Ogbe, delivered the keynote address. Private breakout sessions followed, allowing direct engagement with investors. These sessions addressed concerns about Nigeria’s business environment and provided clarity on the government’s efforts to strengthen the mining sector.
Policy Stability and Community Engagement
A key concern raised by investors was policy inconsistency, which was countered by the Nigerian delegation. They emphasised ongoing amendments to the Nigeria Minerals and Mining Act (2007) to solidify reforms and ensure stability in mining policies. Issues around host community relations were addressed through revised Community Development Agreements (CDAs), which mandate community consent before mining licences are approved. Collaboration with sub-national entities to bolster the Mineral Resources and Environmental Management Committee (MIREMCO) was also underscored.
Technological Innovation to Attract Investors
The Nigeria Mineral Decision Support System (NMDSS) was a focal point of the summit. This advanced online platform, equipped with high-resolution geophysical, hydrological, and mineral data, enables investors to make informed decisions remotely. It eliminates the need for physical travel to Nigeria, simplifying the investment process.
Incentives for Investment
President Bola Tinubu’s “Easy In, Easy Out” policy, which assures full profit repatriation, and tax waivers on imported mining equipment were highlighted as major incentives. Additionally, the policy of local value addition was emphasised, requiring mining companies to undertake significant processing of minerals within Nigeria before exporting. This strategy aims to create jobs for youth and women, transfer critical skills to local miners, and contribute substantially to Nigeria’s GDP.
This summit marks a significant step towards unlocking Nigeria’s solid minerals potential and positioning the nation as a key player in the global mining industry.
