The event, which will continue until November 9, is organized by the Nigeria High Commission in partnership with the 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," is designed to attract foreign direct investment into Nigeria's solid minerals sector by capitalizing on South Africa's advanced mining and resource development expertise.
Nigeria is rich in mineral resources, including gold, tantalite, limestone, and lithium.
With an estimated $700 billion in mining potential, the country's geological resources represent a significant opportunity for development.
However, despite this promise, mining exploration in Nigeria is significantly underfunded, with many projects stalled at the exploration phase due to difficulties in securing financing for design, construction, and production.
The high capital risk and lack of expertise continue to create substantial obstacles for private sector involvement and investment.
“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.
The event commenced with a presentation delivered by Yemi Kale, the chief economist of the African Export-Import Bank (Afrexim). Kale, who previously led Nigeria's National Bureau of Statistics (NBS) for ten years, presented compelling data highlighting Nigeria's appeal as a prime investment location.
“The solid minerals sector presents a great opportunity for Nigeria to diversify its economy, Nigeria can add $25 billion over next decade to its GDP by harnessing its solid minerals sector while the sector could generate 3 million jobs,” Kale added.
Kale pointed out that initiatives aimed at expanding Nigeria's economic foundation have encountered obstacles, such as the absence of unified national planning and insufficient investment in sectors outside of oil.
The country is significantly dependent on crude oil exports, which represent approximately 90 percent of its export income and over half of its governmental revenue.
The renewed emphasis on developing the solid minerals sector arises from an urgent necessity to diversify the government's revenue sources amid declining oil revenues.
Nigeria has made multiple attempts to broaden its revenue streams, but a lack of political commitment has frequently undermined these efforts.
However, this time presents a different scenario, as noted by Mary Ogbe, the permanent secretary of the solid minerals sector.
“Our vision is to attract global investors into the sector with a raft of policy initiatives from tax waivers for mining equipment to a guarantee of 100 percent profit repatriation to the home country of the investors,” Ogbe said.
“We are also developing critical infrastructure to support the investors and are bundling artisan miners into cooperatives and granting them small-scale mining licences in order to formalise the sector,” Ogbe, who was representing Dele Alake, the minister of the solid minerals sector, said.
Nere Emiko, the founder and CEO of Kian Smith, a mining company based in Nigeria, addressed a group of investors regarding the significant advancements the company is making in the country.
Her presentation emphasized the potential within the sector while also alleviating some of the concerns investors may have about committing their resources in Nigeria.
“If we have been there this long, it’s not all gloom and doom,” Emiko said, after going through the opportunities in investing in each of the 44 different minerals in Nigeria.