Nigeria’s Mining Sector Sees Boost In Foreign Investment

Nigeria’s Minister of Solid Minerals Development, Dele Alake, has reassured foreign investors about the country’s low production costs in the mining sector.

Alake highlighted President Bola Tinubu’s efforts to reform the sector to attract foreign investment.

Nigeria’s geological bounty includes over 44 distinct mineral types, with lithium being included as a strategic mineral. Alake emphasized solid mineral beneficiation and value addition as a panacea for sustainable growth in the mining industry.

A recent report from KPMG showed that Nigeria’s mining sector increased its contribution to the GDP from 0.3% to 0.85% in 2022, showing a 0.63 percent year-on-year growth.