Mining sector attracts $2.6bn in 30 months as reforms gain traction, claims VP Shettima

VICE President Kashim Shettima has said ongoing reforms in Nigeria’s mining sector under President Bola Tinubu are beginning to deliver measurable results, with the industry attracting over $2.6 billion in foreign direct investment (FDI) within the past 30 months.

In a statement issued by Senior Special Assistant to the President on Communications, Mr Stanley Nkwocha, the vice president noted that deliberate efforts to de-risk the mining environment have strengthened investor confidence. He added that the administration has made local value addition a mandatory condition for licensing, signalling a shift away from exporting raw materials.

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Shettima spoke in Abuja during the commissioning of the Kursi Group headquarters, established by Abdulfatai Gambari. He emphasised that Nigeria is repositioning itself as a centre for mineral processing and industrial development, rather than a mere supplier of unprocessed resources.

According to him, companies involved in refining lithium for global energy needs and processing gold to international standards locally are critical to driving the country’s industrialisation agenda. He stressed that nations achieve economic strength by fully harnessing and transforming their natural resources into finished products and industries.