Nigeria woos South African investors into $700bn mining sector

…Targets $500m in initial investments

Johannesburg|| Nigeria is targeting as much as $500 million in initial investment from foreign investors into its nascent solid minerals sector as it began a four-day investment roadshow in South Africa on November 6 at the Sandton Convention Centre.

The roadshow which will run until November 9 is being organised by the Nigeria High Commission in collaboration with South Africa-based investment bank, Rosebank Capital.

This year’s theme “Unlocking the potentials of solid minerals for sustainable development in Nigeria and South Africa,” aims to attract foreign direct investments into Nigeria’s solid minerals sector by leveraging South Africa’s advanced expertise in mining and resource development.

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Nigeria boasts a wealth of mineral resources, from gold to tantalite, limestone and lithium.

With an estimated $700 billion worth of mining potential, the nation’s geological composition presents a treasure trove waiting to be tapped. However, despite this potential, mining exploration in Nigeria remains underfunded, with several projects stuck at exploration stage due to challenges in accessing financing for design, construction and production.

The high capital risk and expertise gap continue to pose significant barriers for private sector participation and investments.

“We are targeting at least $500 million in initial investments and that is coming on really well,” said Niyi Oloruntoba, CEO of Rosebank Capital. “We are already discussing a single project worth $200 million,” Oloruntoba said.