Nigeria has set its sights on securing $500 million in initial foreign investment for its solid minerals sector through a four-day investment roadshow launched on November 6 at the Sandton Convention Centre in South Africa. Organised by the Nigerian High Commission in partnership with Rosebank Capital, a South African investment bank, the event aims to showcase Nigeria’s rich mineral resources, including gold, tantalite, limestone, and lithium, to potential investors.
Themed “Unlocking the Potentials of Solid Minerals for Sustainable Development in Nigeria and South Africa,” the roadshow seeks to attract foreign direct investment by leveraging South Africa’s expertise in mining and resource management. Nigeria’s untapped reserves, valued at an estimated $700 billion, remain largely underutilised, with many projects stuck in the exploration phase due to limited financing and expertise.
Rosebank Capital’s CEO, Niyi Oloruntoba, confirmed discussions on projects worth up to $200 million, expressing optimism about hitting the $500 million investment target. Yemi Kale, Chief Economist of the African Export-Import Bank, underscored Nigeria’s potential to generate $25 billion in GDP over the next decade through its solid minerals sector, which could create approximately 3 million jobs.
In her address, Mary Ogbe, Permanent Secretary of the Ministry of Solid Minerals, presented new investor incentives, including tax waivers for mining equipment, guaranteed profit repatriation, and infrastructural support. She highlighted government initiatives to formalise the sector by organising artisan miners into cooperatives and granting them small-scale mining licences. This, she noted, reflects a renewed commitment to developing the solid minerals industry as a vital component of Nigeria’s economic diversification.
