$2.6bn Mining Deals Mark Nigeria’s Push Beyond Oil — TSF

$2.6bn Mining Deals Mark Nigeria’s Push Beyond Oil — TSF

JOEL OLADELE, Abuja 

The Tinubu Stakeholders Forum (TSF) has said Nigeria’s attraction of over $2.6 billion in foreign direct investment (FDI) into the mining sector signals a deliberate shift away from oil dependence and a growing focus on industrial expansion.

In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the group described the development as a strong indication that ongoing reforms under President Bola Ahmed Tinubu are beginning to yield tangible results.

“For TSF, this is clear evidence that disciplined reforms, policy clarity and firm leadership can unlock sectors that were neglected for too long,” the group said. “Serious investors respond to serious policy, and that is exactly what this administration is providing.”

The forum noted that recent measures by the Federal Government, including the digitisation of licensing processes, improved oversight of mineral titles, and a crackdown on illegal mining, have helped restore confidence in the sector.

“These reforms are restoring credibility. By improving transparency in mineral title administration, revoking dormant and non-compliant licences, and confronting illegal mining, the government is sending a clear signal that Nigeria’s mineral wealth will no longer be left to disorder and criminal exploitation,” it added.

TSF further observed that the inflows are not limited to extraction but are driving investments in processing and value addition, particularly in the lithium value chain. It cited companies such as Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Company, and Asba Group as being linked to major processing projects in the country.

According to the group, this marks a significant departure from past practices where raw minerals were exported with minimal local benefit.

“What is emerging is a more strategic approach that links mining to industrial growth, job creation, technology transfer and stronger domestic production,” the statement said.

The forum stressed that the development underscores a broader economic strategy aimed at diversifying Nigeria’s revenue base and building new growth pillars in solid minerals and manufacturing.

“For decades, hydrocarbons dominated national economic thinking. What we are seeing now is a determined effort to widen the base of the economy and reduce overdependence on oil and gas,” it said.

TSF also highlighted the potential of a strengthened mining value chain to support local industries, stimulate investment in infrastructure, and create employment opportunities, particularly for young Nigerians.

“If sustained, these reforms can help Nigeria move from being simply a resource-rich country to becoming a productive industrial economy,” the group stated.

The forum, however, called for sustained momentum, urging the government to deepen enforcement, expand geological data, strengthen engagement with host communities, and ensure that the benefits of the sector are broadly shared.