The Tinubu Stakeholders Forum (TSF) has lauded the federal government’s economic diversification efforts following reports that Nigeria’s mining sector attracted over $2.6 billion in foreign direct investment (FDI) over the past two years.
In a joint statement issued by Chairman Ahmad Sajoh and Secretary Danjuma Sada, the group characterized the capital influx as a “major vote of confidence” in President Bola Ahmed Tinubu’s reform agenda. The TSF attributed the growth to increased policy clarity, the digitalization of licensing, and a heightened crackdown on illegal mining activities.
Policy Reforms and Transparency
According to the TSF, the administration’s focus on improving governance has restored credibility to a sector previously hindered by disorder and speculation. Key actions cited include:
- Digitalization: Streamlining mineral title administration.
- Licensing Oversight: Revoking dormant or non-compliant licenses to discourage speculation.
- Enforcement: Intensifying efforts to eliminate criminal exploitation and illegal mining.
”Serious investors respond to serious policy,” the statement read, noting that the administration is successfully signaling that Nigeria’s mineral wealth is now being managed with discipline.
Shift Toward Local Processing
A significant highlight of the report is the shift from exporting raw materials to establishing domestic value-addition projects. The TSF identified several international firms—including Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Company, and Asba Group—as key players currently investing in major lithium processing plants within the country.
The group noted that this transition is crucial for:
- Industrial Growth: Building factories and infrastructure linked to mineral deposits.
- Job Creation: Providing skilled employment opportunities for Nigerian youths.
- Technology Transfer: Enhancing domestic technical capacity through refining and processing.
Economic Diversification
The Forum emphasized that the growth in solid minerals is a strategic move to reduce Nigeria’s decades-long overdependence on the oil and gas sector. By building “new pillars of growth” in mining and manufacturing, the TSF believes the country is better positioned to become a productive industrial economy.
”The push for local beneficiation is the right path if the country is to convert natural resources into sustainable prosperity,” the statement added.
Recommendations for Sustainability
While celebrating the current momentum, the TSF urged the Federal Government to remain steadfast. The group called for expanded geological data collection, deeper enforcement of existing laws, and more robust engagement with host communities to ensure the benefits of the mining boom are shared equitably across the federation.