Nigeria has launched a new online portal aimed at providing detailed information about the country’s mineral resources to potential investors. The Nigeria Mineral Resources Decision Support System (NMDSS) is designed to streamline access to data on Nigeria’s geological and mineral wealth, making it easier for investors worldwide to make informed decisions.
The mining minister, Dele Alake, highlighted the significance of this development, stating, “Investors no longer need to travel to Nigeria to gather necessary information. With the NMDSS, they can access all relevant data online, from anywhere in the world.”
Nigeria, known as Africa’s top oil producer, also has abundant deposits of gold, limestone, and zinc. However, the mining sector has remained underdeveloped, contributing less than 1% to the country’s GDP. The government aims to change this by enhancing the sector’s role in the national economy through various reforms.
The NMDSS portal, accessible at www.nmdss.gov.ng, provides comprehensive data on Nigeria’s geology, mineral reserves, facilities, and infrastructure. This initiative is part of a broader strategy to attract foreign investment and stimulate growth in the mining industry.
In addition to the portal, the government has introduced measures to attract investors, such as offering a 75% stake in the new national mining company and reducing the export of unprocessed minerals. Efforts to curb illegal mining have also been intensified with the deployment of mining marshals, and the formation of 152 cooperatives by artisanal miners to legalize their operations.
By developing its mining industry, Nigeria aims to diversify its economy, create jobs, and reduce its reliance on oil. The launch of the NMDSS is a significant step in this direction, positioning Nigeria as an attractive destination for global mining investments.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
15th May, 2024
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