Nigeria Seeks Global Mining Alliances to Unlock Economic Potential

By Achimi Muktar

The Federal Government has reaffirmed its commitment to revitalizing Nigeria’s economy by forging strategic global mining partnerships. Dr. Doris Uzoka-Anite, Minister of State for Finance, underscored this vision during her presentation at the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.

Speaking to an international audience, Uzoka-Anite highlighted Nigeria’s vast resource wealth and the government’s readiness to collaborate with global investors to drive economic growth, foster innovation, and promote sustainability.

“With our rich resource base and a renewed focus on innovation, sustainability, and investment, we are positioning Nigeria as a leader in the global minerals and energy landscape,” Uzoka-Anite declared. “We invite global investors to partner with us as we unlock the immense opportunities in these sectors.”

Strengthening Ties for Growth

The minister emphasized Nigeria’s strategic focus on energy and mining, describing the nation as a preferred partner with untapped potential in the resource sector. She noted that these collaborations would bolster Nigeria’s economic standing, attract foreign investments, and create a sustainable future.

This initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes the development of Nigeria’s mining and energy sectors.

Challenges and Opportunities

Despite issuing approximately 7,000 mining licenses, the Nigeria Mining Cadastre Office (NMCO) reported fewer than 1,000 active mines. While the sector generated over N8 billion in revenue as of October 2024, funding constraints continue to hamper operations.

The Minister of Solid Minerals Development, Dr. Dele Alake, voiced concerns over the insufficient N9 billion capital budget allocated to the mining sector in 2025, deeming it “unacceptable” for unlocking the nation’s mining potential.

Alake highlighted the sector’s successes, including the creation of 45,000 new jobs in 2024 and a significant revenue surge to N38 billion—exceeding the projected N11 billion. However, he warned that inadequate funding would impede exploration and development, potentially stalling growth.

A Vision for the Future

The Future Minerals Forum, recognized as the premier platform for shaping the future of the global minerals industry, served as a stepping stone for Nigeria’s renewed push for international collaboration.

By leveraging its untapped mineral wealth and fostering global partnerships, Nigeria aims to position itself as a powerhouse in the global energy and mining landscape, ensuring sustainable development and economic prosperity for its citizens.