Tinubu's policy overhaul revitalizes mining industry, draws in international capital, according to Alake

Dr. Dele Alake, the Minister of Solid Minerals Development, asserts that President Bola Tinubu's reforms have had a profound impact on Nigeria's mining sector, substantially increasing productivity and Foreign Direct Investments (FDIs).

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A statement released by Segun Tomori, the Minister's Special Assistant on Media, revealed that Alake discussed the sector's rapid growth through Engr. Obadiah Nkom, the Director-General of the Mining Cadastre Office (MCO), at the Prospectors and Development Association of Canada (PDAC) conference in Toronto.

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While addressing the 27th Annual African Mining Breakfast, a gathering of African ministers, industry leaders, and global investors, Alake stressed the significance of partnering with credible investors committed to sustainable mining practices in Nigeria.

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He also advocated for enhanced regional collaboration to unlock the continent's mineral potential, emphasizing the importance of collective efforts to drive growth and development.

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Alake further noted that the Federal Government is focused on adding value to the sector, shifting its approach from exporting raw minerals to prioritizing local processing to maximize benefits for citizens and the economy.

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According to Alake, integration in Africa is hindered by stalled projects at border crossings, rather than a lack of frameworks, citing examples such as a viable mine in one country and essential infrastructure like rail links, power lines, or processing facilities in another.

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He urged development finance institutions and strategic investors to provide funding for regional linking systems, stating that "Nigeria is ready to anchor such corridors" with the necessary data, reforms, and political backing in place.

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On the sidelines of the PDAC conference, the Nigerian delegation, facilitated by Canadian High Commissioner to Nigeria, HE Pasquale Salvaggio, met with Ms. Paula Caldwell, Chairperson of the Canada–Africa Chamber of Business, to discuss strengthening Canada–Nigeria business ties in the mining sector.

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The meeting centered on the upcoming African Partnership Business Conference in May, which aims to connect Canadian companies with African investment opportunities, with a focus on enhancing bilateral engagement.

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The 4-day PDAC conference featured high-level discussions with mining executives, development partners, and prospective investors, highlighting Nigeria's mineral potential and the ongoing reforms aimed at improving transparency, strengthening geological data, formalizing artisanal mining, and creating a competitive investment climate.