Nigeria’s solid minerals sector is poised for a significant transformation following the revelation that investors have expressed keen interest in injecting $20 billion into the industry.
The announcement comes as a beacon of hope for the nation’s economy, which has long sought diversification away from its heavy reliance on oil revenue.
Addressing reporters in Abuja, Alhaji Mohammed Abba Liman, the CEO of Daroo Nigerian Limited, disclosed that various investors from countries including the United Kingdom, Saudi Arabia, Turkey, China, and France are eyeing opportunities in Nigeria’s solid minerals sector.
This interest spans across the production and value chains of minerals such as lithium, lead, gold, and other precious gems.
Liman highlighted the collaborative efforts between Daroo Nigerian Limited and Saudi Arabia’s Ministry of Industry and Solid Minerals Resources, particularly through the Saudi Gold Refinery Company Ltd in Riyadh.
He noted the pivotal role played by the 2024 Future Minerals Forum (FMF) hosted by Saudi Arabia, where Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, showcased the country’s vast potential in the sector.
The surge in investor confidence is attributed to the proactive steps taken by Nigeria’s solid minerals development ministry, led by Dr. Dele Alake, and supported by the administration of President Bola Ahmed Tinubu.
The administration’s strategic policies have created an environment conducive to investment and business activities in the solid minerals sector.
Stakeholders in the industry express optimism about the sector’s potential to drive economic growth and diversification.
The influx of investment offers a promising outlook for Nigeria’s economy, signaling a shift towards sustainable development and reducing dependence on oil revenue.
As the nation embraces this transformative momentum, stakeholders remain committed to supporting the government’s efforts in realizing the sector’s full potential.