Diplomatic sources cited in a local report have claimed that global investors are interested in Nigeria’s mining sector reforms under President Bola Tinubu’s government to unleash $700 billion in undiscovered mineral riches.

The Nigerian solid minerals sector sought $500m in foreign investment during a four-day mining investment roadshow in South Africa last week.

At the Sandton Convention Centre in Johannesburg, Nigeria’s High Commission and Rosebank Capital hosted an event for investors interested in Nigeria’s gold, tantalite, limestone, and lithium deposits.

“We know that several ambassadors from Western and African countries have sent diplomatic notes back to their capitals, questioning why Chinese firms should be the only ones benefiting from Nigeria’s vast solid mineral reserves,” a source in Abuja, who pleaded anonymity, said in a note to The PUNCH.

“These ambassadors are citing the steady pace and substance of the reforms in Nigeria’s mining sector over the past year.”

Minister of Solid Minerals Development Dele Alake oversaw the measures to diversify Nigeria’s economy and minimise oil reliance. President Tinubu has tasked Alake with promoting this agenda because of his experience and dedication to outcomes.

At the occasion, Alake urged South African investors and global mining companies to take advantage of Nigeria’s mining sector reforms and better business climate.

According to sources, the World Bank has expanded assistance for these changes since their pace and breadth correspond with its recommendations for economic stability and diversification, which highlight lowering Nigeria’s oil dependence.

Over the next decade, Nigeria’s mining sector may add $25bn to the GDP and create over three million jobs, according to experts.

The Nigerian government sees solid minerals as a means to diversify the economy and improve foreign profits. As part of this strategy, President Tinubu allegedly recruited loyal friend Alake to head sector restructuring.

Nigeria’s mining sector might become a major economic engine with these changes and investment possibilities. The country wants Glencore, Rio Tinto, Intro-Africa Mining & Exploration, and Rainbow Mines to identify its significant mineral riches and work with them to boost economic growth.

The Nigerian National Petroleum Company Limited (NNPC) has declared that it has finally stopped the long-standing practice of importing petroleum products after decades of doing so.

Nigeria’s national oil corporation stated that it now purchased from the 650,000 barrels per day Dangote Petroleum Refinery in Lagos, which is estimated to save the country up to $10 billion in hard currency each year.

This was revealed by Mr Mele Kyari, Group Chief Executive Officer of NNPC, in Lagos during his keynote address at the 42nd annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE).

The statement coincided with the Independent Petroleum Marketers Association of Nigeria (IPMAN) announcing another positive development: the organisation had agreed to purchase goods directly from the $20 billion Dangote facility.

The oil dealers had fiercely protested the prior arrangement, which called for independent marketers to purchase from the NNPC rather than the Dangote Refinery.

However, Kyari also stated that all of the nation’s oil producers are required to send crude to the four NNPC refineries upon their return to the grid, citing the Domestic Crude Oil Obligation (DCOO) as outlined in the Petroleum Industry Act (PIA) 2021 as support.

He denied rumours that local refineries were being harmed by the national oil company’s refusal to supply them with crude oil.

As a proud co-owner of the Dangote Refinery, Kyari described NNPC as having recognised an opportunity in the $20 billion refinery as a clear market for at least 300,000 barrels per day of production, which would allow it to avoid being caught in the rapidly contracting crude oil market.

“Oil is found in very many unexpected locations across the world and people have choices. And therefore, we saw an opportunity to now supply to not just Dangote, but every refinery that operates in the country. So, it’s a well-informed business decision. Therefore, from day one, we knew that it was to our benefit to supply crude oil to domestic refineries.

“So, we don’t need to be persuaded. We don’t need anyone to talk to us. There is no need for any pressure from the streets for us to do this. We are already doing this”, Kyari stated.

Nigeria saw a decrease in petrol imports according to the National Bureau of Statistics, after President Bola Tinubu eliminated the gasoline subsidy in May 2023. Additionally, the report revealed that petroleum imports decreased by 13.77 percent year over year to 20.30 billion litres in 2023 from 23.54 billion litres in 2022.