By: Businessday NG

The roadshow which will run until November 9 is being organised by the Nigeria High Commission in collaboration with South Africa-based investment bank, Rosebank Capital.

This year’s theme “Unlocking the potentials of solid minerals for sustainable development in Nigeria and South Africa,” aims to attract foreign direct investments in Nigeria’s solid minerals sector by leveraging South Africa’s advanced expertise in mining and resource development.

Nigeria boasts a wealth of mineral resources, from gold to tantalite, limestone and lithium. 

With an estimated $700 billion worth of mining potential, the nation’s geological composition presents a treasure trove waiting to be tapped.

However, despite this potential, mining exploration in Nigeria remains underfunded, with several projects stuck at exploration stage due to challenges in accessing financing for design, construction and production.

The high capital risk and expertise gap continue to pose significant barriers for private sector participation and investments.

“We are targeting at least $500 million in initial investments and that is coming on really well,” said Niyi Oloruntoba, CEO of Rosebank Capital. “We are already discussing a single project worth $200 million,” Oloruntoba said.

The event kicked off with a presentation by Yemi Kale, the chief economist of the African Export Import (Afrexim) bank.

Kale, who headed Nigeria’s data agency, the National Bureau of Statistics (NBS) for a decade, reeled out compelling statistics on the attractiveness of Nigeria as an investment destination.