$2.6bn Mining Inflow Reflects Confidence in Tinubu’s Reforms — TSF
By Alabidun Shuaib AbdulRahman
The Tinubu Stakeholders Forum, TMV, has welcomed reports that Nigeria attracted over $2.6bn in foreign direct investment into the mining sector within the last two years, describing the development as a strong endorsement of ongoing economic reforms.
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the group said the inflow signalled growing investor confidence in the administration of President Bola Tinubu.
The forum attributed the development to deliberate government policies aimed at repositioning the mining sector, including improved governance, digitisation of licensing processes and intensified efforts to curb illegal mining.
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“For TSF, this is clear evidence that disciplined reforms, policy clarity and firm leadership can unlock sectors that were neglected for too long,” the statement read.
It noted that measures such as revoking dormant licences, strengthening transparency in mineral title administration and tackling illegal mining activities had restored credibility to the sector.
“Serious investors respond to serious policy, and that is exactly what this administration is providing,” the group added.
The TSF further observed that the reforms were already attracting firms establishing processing and value-addition projects in Nigeria, particularly in the lithium value chain.
It cited companies including Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Company, and Asba Group as being linked to major lithium processing investments in the country.
According to the forum, the investments indicate a shift from the export of raw minerals to local processing and industrial development.
“This marks an important shift from the old pattern where raw materials left the country with little domestic value created. What is emerging instead is a more strategic approach that links mining to industrial growth, job creation, technology transfer and stronger domestic production,” it stated.
The group added that the development goes beyond mining, noting that it reflects broader efforts to diversify the economy away from oil dependence and build new growth pillars in solid minerals and manufacturing.
It stressed the need for Nigeria to move beyond exporting raw materials and instead focus on local beneficiation and in-country processing to drive sustainable development.
“A stronger mining value chain will support the local manufacturing sector by supplying industrial inputs, stimulating investment in power and logistics, creating employment for Nigerian youths and strengthening linkages across the wider economy,” the statement added.
The TSF urged the Federal Government to sustain the momentum by deepening enforcement, expanding geological data, strengthening engagement with host communities and ensuring that the benefits of the sector are widely shared.
