Nigeria records $2.6 billion mining FDI
Nigeria has attracted over $2.6 billion in foreign direct investment (FDI) into the mining sector in two years, Minister of Solid Minerals Development, Dr. Dele Alake, has said. He attributed
- From Jide Orintunsin, Abuja
Nigeria has attracted over $2.6 billion in foreign direct investment (FDI) into the mining sector in two years, Minister of Solid Minerals Development, Dr. Dele Alake, has said.
He attributed the growth to improved governance, digitisation of licensing processes, and a crackdown on illegal mining.
The minister called on the United States and African countries to establish regional energy hubs as a strategy to accelerate cross-border mining industrialisation and secure global supply chains for critical minerals.
Alake made the call at the Powering Africa Summit in Washington, D.C., during a high-level panel titled “Critical Minerals in Africa: Meeting Global Demand.”
In a statement by his Special Assistant on Media, Segun Tomori, the minister was quoted as saying that Africa’s vast mineral potential can only be fully unlocked through sustainable partnerships and integrated infrastructure.
He proposed the development of regional industrial corridors, similar to the Lobito Corridor, noting that belts such as the Lagos-Abidjan corridor (spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire) and the Walvis Bay Corridor could serve as economic catalysts for the continent.
Alake said: “The development of nuclear power in one West African country, for instance, can service an entire corridor.
“With that in place, local beneficiation, technology transfer, manufacturing, and cross-border industrialisation will naturally follow.
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“If three to five such corridors are developed in Africa, we would significantly advance industrialisation across the continent, creating a win-win outcome for both Africa and the West.”
The minister also highlighted progress in Nigeria’s mining sector under President Bola Ahmed Tinubu’s administration.
He noted that recent reforms have strengthened governance structures, improved regulatory frameworks, digitised licensing processes, enhanced ease of doing business, and repositioned the sector as a key driver of economic diversification.
He explained that reforms introduced over the past two and a half years now guarantee mineral title holders secure tenure, providing the long-term stability required for investment decisions.
He said the newly established “Mining Marshals” have arrested over 350 suspected illegal miners, including foreign nationals, within a year, with more than 150 currently facing prosecution.
Alake said: “This has sent the right signal that Nigeria means business.
“We have successfully de-risked and sanitised the mining environment, making it conducive to foreign direct investment.
“These reforms guarantee mineral title holders secure tenure, providing the long-term stability required for investment decisions.”
To attract more international investors, the minister assured them of Nigeria’s openness to genuine partnerships and outlined incentives, including tax waivers on imported mining equipment, full repatriation of profits (after royalties and taxes), and expanded geological data access.
Alake added that the government is expanding the generation of scientific and internationally certified geological data to support informed decision-making by both local and international investors.
Senior Vice President at the U.S. Export-Import Bank (EXIM), Sarah Whitten, expressed readiness to support African mining projects but stressed the importance of political stability.
She said: “American banks are ready to support projects, but our role is to catalyse and unlock private sector capital.
“If we succeed in unlocking that capital, we have fulfilled our mandate.”
The panel featured a diverse group of global leaders, including Guinea’s Minister of Energy, Sekou Camara, as well as top executives from Denham Capital, ReElement Technologies, and TechMet.
