Recent reports, such as those published by Gistmate, have raised critical concerns about the effectiveness of the foreign investment strategies under the leadership of President Bola Tinubu and Vice President Kashim Shettima. Despite numerous international engagements aimed at attracting investments for Nigeria, the tangible economic benefits remain far below expectations. As foreign tours and investment summits pile up, the economy has not yet seen the desired influx of capital or job creation to reflect the administration’s efforts.
Dr. Tofunmi Ogunronbi, a former gubernatorial candidate from Ogun State and founder of Imperial Glamour Mining Co-op Society Ltd, highlights this issue as one of critical national importance. With his extensive experience in the mining industry, Dr. Ogunronbi strongly believes that Nigeria is underperforming when it comes to harnessing its mineral resources, and thus missing out on a major opportunity for economic growth. He notes that instead of relying solely on foreign investors, Nigeria must refocus its efforts on developing internal drivers of economic growth, including tapping into the wealth of its diaspora and fully optimizing its vast mineral resources.
Diaspora Investment Fund: A Viable and Patriotic Alternative
Nigeria has one of the largest and most economically active diaspora populations in the world. According to the World Bank, remittances from Nigerians living abroad exceeded $20 billion annually in recent years, often surpassing foreign direct investment (FDI) inflows. However, these funds are largely used for personal consumption and family support, leaving a massive opportunity for structured investments that could benefit the nation as a whole. In this context, the creation of a Diaspora Investment Fund becomes essential.
Dr. Ogunronbi emphasizes that instead of heavily relying on external investors with unclear or purely profit-driven motives, Nigeria should turn to its diaspora, who have a genuine interest in seeing the country succeed. A structured Diaspora Investment Fund would allow Nigerians abroad to invest in national development projects with measurable returns. This could include investments in sectors such as education, infrastructure, agriculture, healthcare, and, importantly, the mining industry, where Dr. Ogunronbi sees massive untapped potential.
He argues that the patriotism and emotional ties of the Nigerian diaspora make them ideal investors. With the right governance structures in place, a Diaspora Investment Fund could pool resources from Nigerian professionals, entrepreneurs, and workers abroad, offering them opportunities to earn returns while contributing directly to the nation’s development. The fund could be designed to be transparent, with clear channels for monitoring how the investments are used, ensuring accountability and trust. This initiative would also reduce Nigeria’s reliance on foreign investors whose political and economic agendas may not align with Nigeria’s long-term growth objectives.
Diversification of Mineral Resources: Unlocking the Potential
Dr. Ogunronbi’s firsthand experience in the mining industry has given him a unique insight into the missed opportunities in Nigeria’s mineral sector. Nigeria is blessed with an array of untapped mineral resources such as gold, tin, limestone, iron ore, columbite, and other rare minerals that are increasingly in demand in global markets. However, despite this abundance, the country continues to underperform, both in terms of output and the economic value derived from these resources.
As the founder of Imperial Glamour Mining Co-op Society Ltd, an initiative designed to empower artisanal miners by providing them with seed capital and necessary equipment, Dr. Ogunronbi is at the forefront of transforming Nigeria’s mining landscape. His organization focuses on boosting the productivity of local miners, many of whom lack access to the financial and technical resources needed to scale up their operations. By empowering these miners, Imperial Glamour Mining aims to increase mineral output while ensuring that more value is retained within Nigeria rather than being exported in raw form.
Dr. Ogunronbi argues that the government has been too focused on oil revenues and has neglected the vast opportunities that lie within the mining sector. He points out that with proper investment and policy focus, Nigeria’s mining industry could become a significant contributor to national GDP, potentially overtaking oil as the primary revenue generator. For instance, instead of simply exporting raw minerals, Nigeria should invest in building refineries and processing plants locally. This would not only create jobs but also add value to the minerals before they are exported, ensuring that the country earns more from global trade.
The diversification of the mineral resources sector is critical to Nigeria’s economic sustainability. In contrast to the volatility of global oil markets, the demand for minerals is relatively stable, especially as industries like electronics, renewable energy, and construction require a steady supply of materials like lithium, cobalt, and rare earth elements. By investing in local mining and processing infrastructure, Nigeria could establish itself as a key player in the global minerals market, similar to how countries like Australia and South Africa have leveraged their mineral wealth.
Dr. Ogunronbi further explains that Nigeria’s failure to optimize the mining sector stems from several factors, including regulatory bottlenecks, lack of infrastructure, and insufficient local investment. These challenges could be overcome with strategic government support, particularly in offering incentives for private sector investment, reducing bureaucratic red tape, and establishing partnerships with local mining cooperatives.
Moving Beyond Foreign Investment: A Shift in Focus
In the face of lackluster results from the foreign investment tours by President Tinubu and Vice President Shettima, Dr. Ogunronbi strongly advocates for a shift in focus. Rather than seeking foreign capital, which often comes with political conditions or is siphoned off through profit repatriation, Nigeria should be leveraging its internal resources. Local investment in mining and infrastructure development, coupled with contributions from the diaspora, would offer more stable and sustainable growth. Furthermore, such investments would keep a larger portion of the profits within the country, ensuring that wealth generated from Nigeria’s resources benefits its citizens.
Conclusion: A Call for a Strategic Shift
It is increasingly clear that the foreign investment strategy pursued by President Tinubu and Vice President Shettima has not produced the necessary economic results, as observed by many stakeholders. Dr. Tofunmi Ogunronbi, drawing from his leadership in the mining industry and his role as a former gubernatorial candidate, advocates for a more inward-looking strategy that prioritizes local resource utilization and diaspora engagement.
By creating a Diaspora Investment Fund, Nigeria can tap into a massive pool of capital from patriotic Nigerians who have a vested interest in their home country’s prosperity. Simultaneously, by diversifying and optimizing the mining sector, Nigeria can significantly reduce its reliance on oil and take advantage of its wealth of untapped mineral resources. This dual strategy—focusing on internal growth drivers rather than external investment has the potential to transform Nigeria’s economy in ways that foreign investors alone cannot.
The success of the mining sector, coupled with diaspora-driven investments, can catalyze widespread economic development, creating jobs, enhancing infrastructure, and promoting long-term prosperity. This is the kind of strategic shift that Nigeria desperately needs at this critical juncture in its development journey.
