The Chairman of the Ore Reserves Development Forum (ORDF), Uba Saidu Malami, on Monday, reaffirmed that Nigeria’s mining sector holds immense potential to contribute significantly to the nation’s economic growth, if crucial gaps in project financing and geological data transparency are addressed.
It said that despite the abundance of mineral resources across the country, many viable mining projects still struggle to attract investment due to limited trust in the geological and project information presented to financiers.
Malami disclosed this in a statement ahead of a one-day workshop jointly organised by ORDF and the Solid Minerals Development Fund (SMDF), themed: “Building a Sustainable Mining Finance Framework for Nigeria,” scheduled for December 9 at the Shehu Musa Yar’Adua Centre in Abuja.
He said: “The mining sector can make a significant contribution to Nigeria’s economic growth. However, many promising projects fail to attract funding because investors do not fully trust available data.
“This workshop will enable stakeholders to work together to build a transparent and reliable system that supports investment and long-term sector development.”
The workshop is designed to address one of the sector’s biggest bottlenecks: access to finance. Miners, especially those at early stages of exploration, often struggle to secure funding due to weak reporting systems, poor data quality, and limited investor confidence.
Malami noted that the event will therefore convene stakeholders from across the mining ecosystem, including miners, financial institutions, regulators, government agencies, and technical experts.
He explained that the statement will explore ways to improve geological reporting, strengthen project transparency, and build a credible mining finance environment in Nigeria.
He said: “Participants will engage in high-level discussions on: The role of mining finance in Nigeria’s industrial development. Fundamental standards for reporting mineral resources. Financing pathways from exploration to production.
“Policy, regulatory, and market incentives for mining; Designing a practical and efficient mining finance system; Target Stakeholders and Learning Areas Early-Stage Miners: Understanding reporting and data requirements to access finance; Preparing for due diligence as projects advance.
“Strengthening transparency and risk mitigation; Enhancing investment readiness within the mining finance ecosystem; At the end of the workshop, organisers expect to achieve: Clear identification of constraints limiting mining finance in Nigeria.
“Improved understanding of the role of financial institutions in the mining sector; Recommendations for incentives that reduce risks for miners and investors; Consensus on standardised reporting systems and frameworks; Development of a draft Mining Finance Framework, to be refined by a technical working group representing key institutions across the mining value chain.
“The upcoming workshop is expected to play a pivotal role in shaping Nigeria’s mining investment landscape as the country intensifies efforts to diversify its economy and unlock the full value of its solid minerals sector.”
