The Federal Government focuses on establishing international collaborations to enhance the country’s economic growth through the mining sector. Dr. Doris Uzoka-Anite, the Minister of State for Finance, shares this vision during her presentation at the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.
She emphasizes Nigeria’s abundant natural resources and the government’s determination to attract international investment and innovation. Dr. Uzoka-Anite states that the government is committed to positioning Nigeria as a leader in the global mining and energy landscape by fostering sustainability and economic partnerships.
“We are unlocking the vast opportunities in Nigeria’s resource sector. Our focus is on driving growth through innovation, sustainability, and global partnerships,” she explains.
The Minister highlights that these partnerships align with the government’s broader goals of revitalizing the economy and encouraging foreign investments. This is part of President Bola Tinubu’s Renewed Hope Agenda, which prioritizes the development of mining and energy sectors.
Despite issuing over 7,000 mining licenses, fewer than 1,000 mines are operational. The sector generates over ₦8 billion as of late 2024 but faces significant funding challenges. Dr. Dele Alake, the Minister of Solid Minerals Development, calls the ₦9 billion allocation in the 2025 budget inadequate compared to the ₦531 billion proposed by the ministry for capital expenditure.
Dr. Alake notes that mining reforms in 2024 create 45,000 jobs, up from 30,000 in 2023, and generate ₦38 billion in revenue, far exceeding the ₦11 billion initially projected. However, he warns that insufficient funding could hinder further exploration and investment growth in the sector.
The Future Minerals Forum serves as a critical platform for shaping the future of the global minerals industry. Nigeria’s participation underscores its intent to attract investments, promote innovation, and solidify its position in the international mining market. The government continues to prioritize strategies that drive sustainable growth while leveraging the country’s untapped resource potential.
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