Nigeria’s mining sector has experienced a surge in Foreign Direct Investment (FDI), driven by reforms designed to create a business-friendly environment. In 2022, the sector attracted over $400 million in FDI, marking a 35% increase from the previous year. Key investments have focused on the extraction of gold, iron ore, and critical metals essential to industries worldwide.
The Nigerian government has introduced incentives to further boost FDI, including tax breaks, profit repatriation, and faster mining license approvals. These measures have encouraged both foreign and local companies to invest, with additional growth expected in the next five years.
With a projected annual growth rate of 10% until 2028, the mining sector is central to Nigeria’s economic diversification strategy. Investors are particularly eyeing lithium, a key resource for the electric vehicle industry, alongside other high-demand minerals.
Nigeria’s improved infrastructure, particularly in power and transportation, has made the country an attractive destination for international mining companies seeking both short-term gains and long-term advantages. The regulatory environment and mineral demand position Nigeria’s mining industry for sustained growth.
