The Federal Government has reiterated its commitment to strengthening the nation’s economy through strategic global mining partnerships.
This was disclosed in a statement issued in Abuja on Sunday by Mr. Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance.
According to the statement, Dr. Doris Uzoka-Anite, Minister of State for Finance, outlined this vision during her presentation at the Future Minerals Forum (FMF) held in Riyadh, Saudi Arabia.
She highlighted Nigeria’s vast resource wealth and the government’s readiness to collaborate with international partners to drive economic growth, promote investment, and encourage innovation to establish the country as a leader in the global minerals and energy landscape.
“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.”
We invite global investors to partner with us as we unlock the immense opportunities in these sectors,” she stated.
The minister reaffirmed that these efforts reflect the Federal Government’s determination to revitalize the economy and strengthen economic ties with global stakeholders, including Saudi Arabia.
Strengthening economic ties
- Uzoka-Anite also highlighted the importance of fostering partnerships that focus on energy and mining, describing Nigeria as a preferred partner with untapped potential in its resource sector.
- She noted that such collaborations would bolster Nigeria’s economic standing and attract significant investments.
- The Future Minerals Forum is recognized as the world’s premier platform for shaping the future of minerals. Nigerian delegation’s participation highlights President Bola Ahmed Tinubu’s commitment to driving growth in the mining and energy sectors as part of his administration’s Renewed Hope Agenda.
- This engagement serves as a stepping stone for Nigeria to attract foreign investments, promote sustainability, and enhance innovation in the mining sector.
More insights
The Nigeria Mining Cadastre Office (NMCO) disclosed that it has issued approximately 7,000 mining licenses, yet fewer than 1,000 mines are active.
- Despite generating over N8 billion in revenue as of October 2024, NMCO faces funding challenges that hinder its operations.
- The Minister of Solid Minerals Development, Dr. Dele Alake, criticized the N9 billion capital budget allocated to the mining sector in the 2025 budget, describing it as “unacceptable” and insufficient to unlock the nation’s mining potential.
- He noted that reforms in 2024 created 45,000 new jobs, an increase from 30,000 the previous year, and exceeded the projected N11 billion revenue, generating N38 billion.
- However, he warned that the proposed budget would hinder significant investment in exploration activities.
He revealed that the ministry proposed over N531 billion for capital expenditure in the 2025 budget, but only N9 billion was allocated.