Habeeb Jaiyeola, Partner and Head of Mining Sector Business Development at PwC Nigeria, outlined the strategies required to advance Nigeria’s mining sector.
In a recent interview, he emphasised governance reforms, policy updates, and sustainable practices as essential steps to attracting foreign investment and driving sectoral growth.
The Need for Policy and Implementation Reform
Jaiyeola highlighted the critical need for aligning Nigeria’s mining policies with global best practices. “The mining sector across the world is experiencing significant development and changes. While Nigeria has policies that are adequate, implementation remains a challenge,” he stated.
He stressed the importance of updating policies to meet global standards and ensuring stringent follow-up on their implementation. “Without proper implementation, policies are just as good as paper. It is essential to have actionable frameworks and robust enforcement to achieve meaningful progress,” he said.
PwC’s Role in Nigeria’s Mining Sector
PwC Nigeria, a key player in the sector for over a decade, has been actively supporting the government and private sector in driving discussions and providing workable solutions. Jaiyeola noted, “Our role is to be the backbone of the sector, supporting stakeholders to have critical conversations and ensuring that the outcomes are implemented to guarantee the sustainability of the sector.”
He explained that sustainable mining practices and shared prosperity for Nigerians can only be achieved through continuous dialogue and actionable solutions. “Mining won’t bring shared prosperity unless solutions are effectively provided and implemented,” he added.
Tapping into Green Energy Opportunities
The global transition to green energy presents a unique opportunity for Nigeria’s mining sector. Jaiyeola explained that mining is central to providing the critical elements required for energy transition, such as lithium and other key minerals.
“There is a lot of conversation on green energy globally, and mining is core to supporting this transition. Nigeria has vast untapped potential, but we need to focus on exploration and creating an investor-friendly climate,” he said.
Jaiyeola also warned against missing out on this global opportunity. “Nigeria must ensure it harnesses its resources, resolves local challenges, and provides comfort to investors—both local and foreign. Ease of operation is key to attracting investments into the sector,” he advised.
Diversification Beyond Oil and Gas
The importance of diversifying Nigeria’s economy away from oil and gas into mining was another focal point. Jaiyeola praised the efforts of the current and previous administrations in identifying mining as a key revenue driver.
“Mining has always been recognised as a critical part of Nigeria’s diversification strategy. It is imperative that we take mining seriously to unlock its potential as a significant source of revenue,” he said.
The Road Ahead
In conclusion, Jaiyeola underscored the importance of exploration, policy reform, and investor confidence in driving the mining sector forward. He called for sustained collaboration between stakeholders and actionable steps to ensure Nigeria remains competitive on the global stage.
“Nigeria has the resources and potential to be a mining hub, but this can only happen if we create the right environment and take advantage of the opportunities before us,” he concluded.
This vision from PwC Nigeria highlights a pathway for transforming the mining sector into a cornerstone of Nigeria’s economic growth and sustainability.
