Mining sector attracts $2.6bn as reforms drive industrial ‘shift’

Nigeria has secured more than $2.6bn (£2bn) in foreign direct investment (FDI) into its mining sector over the last two years, signalling a major move towards economic diversification.

The Tinubu Stakeholders Forum (TSF) described the influx of capital as a “vote of confidence” in President Bola Tinubu’s efforts to clean up the long-neglected solid minerals industry.

In a statement by Chairman Ahmad Sajoh and Secretary Danjuma Sada, the group credited the growth to “disciplined reforms” and a crackdown on illegal mining operations.

Cleaning up the sector

For years, Nigeria’s mineral wealth was plagued by disorder and criminal exploitation. However, the TSF argues that recent government actions have begun to restore international credibility.

Key measures highlighted include:

• Licensing Reform: Digitising the mineral title administration to improve transparency.
• Enforcement: Revoking dormant or non-compliant licences.
• Security: Intensifying the crackdown on illegal mining activities.

“Serious investors respond to serious policy,” the group stated. “Nigeria’s mineral wealth will no longer be left to disorder and speculation.”

Beyond raw materials

A significant shift noted by the forum is the move towards “value-addition”—ensuring minerals are processed within Nigeria rather than exported in their raw state.

Major international firms, including Canmax Technologies, Jiuling Lithium, and Avatar New Energy Nigeria, have reportedly been linked to new lithium processing projects in the country.

“This marks an important shift from the old pattern where raw materials left the country with little domestic value created,” the TSF added. “What is emerging instead is a strategic approach that links mining to industrial growth and job creation.”

Breaking the oil habit

The $2.6bn investment is being viewed as a cornerstone of the administration’s plan to end Nigeria’s decades-long “overdependence” on oil and gas.

By building a mining value chain that feeds into local manufacturing, the group believes Nigeria can finally transition from a resource-rich nation to a productive industrial economy.

The TSF urged the government to sustain this momentum by expanding geological data collection and ensuring host communities benefit directly from the mineral wealth beneath their feet.

#reformsaaaaaaaa