In a significant boost to its mining industry, Nigeria has secured over $800 million in investments in 2024 alone, driven by new policies that require mining licences to include local processing plans. This development marks a key milestone in the country’s push to promote industrial growth and local content within its resource extraction sector.
The Nigerian Content Development and Monitoring Board (NCDMB) revealed that its targeted local content policies are behind the transformation currently underway in Nigeria’s mining sector. During his address at the African Natural Resources and Energy Investment Summit in Abuja, Engr. Felix Omatsola Ogbe, Executive Secretary of the NCDMB, described these policies as a “blueprint for industrial growth across Africa.”
The policy shift, particularly the intervention in the barite value chain, has been central to this success. Barite, a mineral essential for oil and gas drilling, had previously been imported, but NCDMB’s new regulations now prohibit its importation. “Today, barite importation for drilling is prohibited in Nigeria,” Ogbe emphasized. “That didn’t happen by accident. It was made possible by deliberate policy instruments, stakeholder partnerships, and enforcement frameworks.”
In a statement, Dr. Obinna Ezeobi, Manager of Corporate Communications at NCDMB, highlighted how this strategic intervention has reinforced local industrial capacity and created jobs. He also pointed out that Nigeria is now seen as a continental model for mineral-based industrialisation. These measures are part of broader initiatives to promote local manufacturing and reduce dependency on foreign imports.
The NCDMB’s efforts extend to other sectors as well. Ogbe highlighted that similar policies have been implemented in the steel and pipe manufacturing industries, including a 2022 directive requiring the sourcing of bare line pipes and oil tubular goods from within Nigeria. These initiatives are part of the NCDMB’s larger plan to boost domestic capacity, which includes the Nigerian Oil and Gas Industrial Parks (NOGAPS) and the $350 million Nigerian Content Intervention Fund, managed in partnership with the Bank of Industry.
These moves are expected to strengthen Nigeria’s mining and manufacturing industries while encouraging sustainable growth in its resource sectors. As the country continues to push forward with these local content policies, it stands poised to make further strides toward becoming a leader in industrialisation across the African continent.
