Nigeria Launches Portal to Showcase Mining Sector to Potential Investors

Total Views : 21
Zoom In Zoom Out Read Later Print

Nigeria has inaugurated a portal designed to provide potential investors with information about the country's mining sector.

The Nigerian government has inaugurated an information portal where investors can obtain details regarding its mineral resources, facilities, and infrastructure, as per a statement from the Ministry of Mines.

Dele Alake, Nigeria's mining minister, remarked on Tuesday, "Previously, prospective foreign investors had to journey to Nigeria to acquire necessary information. However, with this launch, regardless of your location globally, you can access all requisite information with just a click, enabling informed investment decisions."

Africa's leading oil producer, abundant in gold, limestone, and zinc, seeks to enhance the role of its mining industry in diversifying the economy away from its oil dependence.

The portal, named the Nigeria Mineral Resources Decision Support System (NMDSS), is accessible on its eponymous website and encompasses publicly available data on Nigeria's geology and mineral wealth.

Nigeria is aiming to attract investors to its underdeveloped mining sector, which has historically contributed less than 1% to the country's gross domestic product.

To bolster the sector, Nigeria has intensified reforms, such as providing investors with a 75% stake in a new national mining company, restricting the export of unprocessed minerals, and enforcing compliance with regulations to combat illegal mining.

Alake mentioned that the crackdown on illegal mining is being facilitated by the newly introduced mining marshals. Additionally, approximately 152 cooperatives have been established by artisanal miners to formalise their activities, aligning with the ongoing reform initiatives.