Solid Minerals: "We're Ready To Invest in Nigeria" - Turkey (Business)

L-R: Dele Alake, honourable minister, Nigeria's ministry of solid minerals' development and Alparslan Bayraktar,Türkiye’s Minister of Energy and Natural Resources, at the signing. (Image courtesy, federal ministry of solid minerals development) 

For decades, the oil industry has been the only sector of Nigeria that attracts investors to the country like bees to honey. This is the oil industry. It is not just the only attractive incentive for investors, it is also the only rainmaker generating revenue for the country for over 60 years. 

However, just within three years of the leadership of Honourable Minister Dele Alake of the ministry of solid minerals' development, the establishment has undergone a massive revival and dynamism. It is not only generating funds into the federation account, it is now attracting foreign investors and nations to Nigeria.

Recently, Alake made an official visit to Turkiye where his convincing arguments on Nigeria's improved economic strides resulted in an unprecedented move forward in Turkey's investment drive in Nigeria, especially in the country's solid minerals sector.

After series of engagements, Türkiye’s Minister of Energy and Natural Resources, Alparslan Bayraktar, eventually said, "We are ready to invest in Nigeria because of the remarkable initiatives your government has put in place," adding,“We look forward to cooperation, support, and guidance that will enable both countries achieve meaningful results." 

 Bayraktar commended the Nigerian government for the reforms and initiatives already introduced in the solid minerals sector, stressing that Turkish companies are eager to invest in Nigeria.

Besides mining, the Turkish minister further revealed that several Turkish industrial manufacturers and companies are interested in expanding operations into Nigeria beyond the mining sector, particularly in energy and hydrocarbons.

“Nigeria is a major player in the hydrocarbon industry. We would appreciate it if you convey to your President our desire to renew energy cooperation and contracts with Nigeria,” Bayraktar added.

He also noted that Türkiye is strategically expanding its engagement with African markets, with Nigeria positioned as a critical gateway for broader economic and energy partnerships across the continent.

Earlier, Alake infirmed the Turkish government of the immense strides the ministries has achieved under his leadership. He said that the Federal Government has implemented far-reaching measures to sanitise the sector, improve ease of doing business, and create incentives for foreign investors willing to establish long-term partnerships in Nigeria.

“We have significantly improved the ease of doing business and strengthened institutional support for investors. Investors can now repatriate profits after due process, while government incentives have continued to attract serious mining stakeholders into Nigeria,” he said.

These reforms have already triggered increased inflows of Foreign Direct Investment (FDI) into the sector, while reassuring investors of the commitment of President Bola Tinubu  to security and lawful mining operations.

Consequently, the minister said the specially+created Mining Marshals have intensified crackdowns on illegal mining activities across the country.

Alake said,“As of the latest count, over 300 illegal mining operators, including foreign nationals, have been arrested, while more than 150 prosecutions are currently ongoing. In addition, over 100 illegal mining sites have been recovered and returned to legitimate licence owners as part of efforts to restore investor confidence and strengthen lawful operations in the sector."

Thereafter, the Governments of Nigeria and the Republic of Türkiye signed a Memorandum of Understanding (MoU) to strengthen bilateral cooperation in the solid minerals sector, marking a significant step towards deepening economic collaboration between both countries on the sidelines of the Istanbul Natural Resources Summit (INRES) in Istanbul, Türkiye.

The MOU will enable Nigeria to leverage Türkiye’s technological advancement and expertise in mining exploration, training, digitisation, licensing systems, and capacity building to accelerate reforms and growth within the sector.

 The minister, who also serves as Chairman of the Africa Minerals Strategy Group (AMSG), said President Bola Ahmed Tinubu gave full backing to efforts aimed at strengthening bilateral relations with Türkiye in the mining and energy sectors.

“Türkiye is one of the countries we are confident of building strong bilateral cooperation with, particularly in the area of solid minerals development. Nigeria is open to working with the Turkish government to strengthen governance structures, improve technical capacity, and advance sustainable mining development in our country,” Alake said..

With this achievement, Turkiye has emerged as a foremost nation to expressed readiness to partner with Nigeria on the solid minerals' sector in conducting business with Nigeria. 

And with that, Alake scores another major win in securing a viable alternative source of revenue for Nigeria apart from its prior over reliance on oil under the Tinubu administration.