Nigeria Attracts $2.6bn Foreign Investment in Mining Sector – Alake

Nigeria has attracted over $2.6 billion in foreign direct investment (FDI) into its mining sector within the last two and a half years, according to the Minister of Solid Minerals Development, Dele Alake.

Alake disclosed this while speaking at the ongoing Powering Africa Summit in Washington, D.C., United States. The development was made public in a statement issued by his Special Assistant on Media, Segun Tomori.

The minister attributed the inflow of investments to sweeping reforms that have repositioned Nigeria’s mining sector as an attractive destination for both local and international investors.

“We have successfully de-risked and sanitised the mining environment, making it conducive to Foreign Direct Investment (FDI). Within the last two and a half years, we have attracted over $2.6 billion into the sector,” Alake said.

Reforms Driving Investor Confidence

Alake explained that the government has introduced a range of incentives aimed at boosting investor confidence. These include tax waivers on imported mining equipment and policies that guarantee the full repatriation of profits after due payment of royalties and taxes.

He emphasized that while Nigeria remains open to genuine investors, strict compliance with local laws and regulatory frameworks is non-negotiable.

The minister also highlighted reforms under the administration of President Bola Ahmed Tinubu, noting that improved governance structures, digitisation of licensing processes, and enhanced ease of doing business have significantly strengthened the sector.

According to him, these reforms now ensure secure tenure for mineral title holders, providing the long-term stability needed for investment decisions.

Strengthening Data and Industry Governance

Alake further revealed that the government is ramping up the generation of scientific and internationally certified geological data, enabling investors to make informed decisions.

He added that ongoing efforts to sanitise the sector have contributed to restoring credibility and transparency in mining operations.