Nigeria risks losing investment opportunities in its solid minerals sector unless the government tackles insecurity, regulatory conflicts and uncertainty that continue to undermine investor confidence, mining industry leaders have warned.
The warning came as stakeholders gathered in Abuja for the 11th Nigeria Mining Week, where they stressed that the country’s mineral wealth would not deliver jobs, revenue and economic growth without a more predictable business environment.
President of the Miners Association of Nigeria, Oba Ayandele Ayanleke, identified insecurity along mining corridors and disputes between federal and subnational authorities over regulatory responsibilities as major barriers to investment.
He called for clearer regulations and better coordination among government agencies, warning that investors needed confidence in the rules governing their operations.
The concerns come against the backdrop of Nigeria’s demonstrated capacity to produce gold commercially, raising questions about how the country can expand existing successes into a broader mining industry.
Country Manager of Segilola Resources Operating Limited, Austin Menegbo, said the company’s mine produced 91,910 ounces of gold in 2025.
He added that Nigerians accounted for 99 per cent of its workforce, demonstrating the potential of large-scale mining to create local employment.
However, Menegbo warned that regulatory uncertainty, illegal mining, insecurity, poor infrastructure and limited access to finance could discourage further investment.
He urged authorities to streamline approval processes and establish predictable regulatory timelines to reduce uncertainty for companies considering projects in Nigeria.
Menegbo also called for stronger collaboration among government agencies, mining companies, investors, host communities and civil society.
He said the government must pay greater attention to artisanal and small-scale miners, advocating safety training, technical support, access to finance and cooperative structures to bring more operators into the formal economy.
Sweden has offered to deepen cooperation with Nigeria in mining technology, automation, skills development and responsible mineral production.
Head of Mission of the Swedish Embassy in Nigeria, Ambassador Anna Westerholm, said partnerships should prioritise local processing, workers’ safety, community welfare and transparency.
She also highlighted mineral traceability, which enables buyers to establish where minerals originate and how they are extracted, as an increasingly important requirement in international markets.
Partner and Mining Industry Leader at PwC Nigeria, Cyril Azobu, urged the government to turn the country’s mineral potential and international interest into bankable projects capable of attracting capital.
He said Nigeria needed predictable policies and stronger partnerships to connect domestic opportunities with international financing, technology and expertise.
Azobu also advocated increased investment in local processing to reduce raw mineral exports and retain more value within the Nigerian economy.
The 11th Nigeria Mining Week is being held under the theme, “Unlocking Investment and Growth through Partnerships.”
The discussions underscored a challenge confronting Nigeria’s mining ambitions: commercial gold production has demonstrated the sector’s potential, but expanding that success will depend on whether the government can address insecurity, regulatory disputes and the barriers discouraging investors.