2017 important for industry growth in Nigeria

With the introduction of the Nigerian mining growth roadmap, 2017 will be an important year for sector development and industry growth in the country, and Mining Investment Africa endeavours to be part of this engine of growth, says event organiser Spire Events MD Daniel Radziszewski.

The Nigerian government announced the ‘Roadmap for the Growth and Development of the Nigerian Mining Industry – On the Road to Shared Mining Prosperity’ at the end of 2016.

The roadmap aims to attract $5-billion in mining investment over the next ten years.

The Nigerian Minerals and Mining Act has been in place since 2007; however, the sector’s growth and contribution to the country’s gross domestic product (GDP) have remained less than ideal, accounting for only about N400-billion, or 0.33%, of GDP in 2015.

This is highlighted by Nigeria’s Solid Minerals Development Minister, Dr Kayode Fayemi, in the roadmap’s foreword, in which he notes that, on March 1, 2016, a multistakeholder committee was set up, working to “crystallise a coherent strategy to rejuvenate the mining sector”.

In brief, the strategy states that Nigeria’s ambition should be to create a globally competitive sector capable of contributing to wealth creation, providing jobs and advancing the country’s social and human security.

“Nigeria can achieve this by focusing on using its mining assets to drive domestic industrialisation initially and then migrate to winning in global markets. Nigeria should pursue this strategy through a value- chain-based growth plan,” elaborates Fayemi.

Mining Investment Africa, part of the Global Mining Investment Conference Series, will return to Abuja, in Nigeria, from May 15 to 17, and aims to draw international investors to the country to explore its mining opportunities and that of the continent.

“Mining Investment Africa is a platform to further develop mining in Nigeria, raise awareness, build human capital, bring investments into the country, show the benefits of mining to communities and educate attendees on how the mining industry works,” Radziszewski explains.

He adds that the event provides an ideal platform for miners, investors, government officials and service providers riding the wave of renewed confidence and optimism with regard to Nigeria’s mining industry to forge new business opportunities and partnerships.

The Nigerian mining industry is hindered by a lack of investment (project- and technology- wise) and underdeveloped human capital and mining expertise.

“Nonetheless, the industry is developing and government is targeting mining to be a substantial contributor to the national GDP,” Radziszewski continues.

Although unable to estimate the value of the country’s mining industry, he says it is definitely headed for growth, given government’s heavy focus on mining through local holding companies.

He adds that the current trend is to invest in established companies, which leaves junior miners having to work harder to attract the attention of international investors.

However, the biggest potential for growth in the mining industry lies in new mining exploration – one of the key points to be discussed at Mining Investment Africa.

Other key topics that will be discussed include global and regional investment opportunities, financing options for mining companies, the stance of junior mining companies in the region, regional mining regulations, geopolitical risks, commodity updates on various precious metals, infrastructure investments and managing the risks associated with mining investments.

Also on the programme is renewable energy in mining, corporate social responsibility and community engagement, Pan African mining exploration projects, port developments and dry bulk handling for the minerals trade, as well as strategic use of information and communication technologies, satellites, new survey technologies and telecommunications.

Mining Investment Africa
When it debuted in Nigeria last year, Mining Investment Africa attracted more than 150 international and local delegates, with Spire Events receiving positive feedback from the attendees.

Miners Association of Nigeria president Alhaji Sani Shehu Mailalle found the event “highly exciting in view of the [high-quality] papers presented, attendees and networking”, and said it was a pleasure to be a part of the event. Pridolian Natural Resources Advisory director Philip Andrews congratulated the event organiser on organising “a successful mining conference in these challenging times”.

Since its inception in Singapore in 2015, the Mining Investment Conference series has successfully expanded, creating a global footprint beyond Asia to Nigeria, Panama, Oman and, most recently, Botswana, using the same core objectives of connecting miners with investors and highlighting mining opportunities in the host country to attending global investors, notes Radziszewski.

The Mining Investment Conference series is held in Africa, Latin America, Asia, Europe and the Middle East, with plans to expand to North America.