The Nigerian Content Development and Monitoring Board says Nigeria attracted over $800 million in mining investments in 2024, driven by new policy reforms requiring all mining licences to include local processing plans.
Speaking at the African Natural Resources and Energy Investment Summit in Abuja, NCDMB Executive Secretary, Felix Omatsola Ogbe, said targeted local content policies are transforming the mining sector and positioning Nigeria as a model for industrial development across the continent.
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The board highlighted its decade-long intervention in the barite value chain, which has led to the prohibition of barite imports for drilling. Through reserve certification, exclusive procurement mandates, and policy enforcement, domestic capacity has been strengthened and jobs created.
The NCDMB also pointed to ongoing reforms in steel and pipe manufacturing, supported by initiatives such as the Nigerian Oil and Gas Industrial Parks and a $350 million local content fund managed with the Bank of Industry to expand local manufacturing.
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