Nigeria’s Solid Minerals Potential Valued at $750 Billion, Minister Highlights Path to Trillion-Dollar Economy

The Minister of Solid Minerals Development, Dele Alake, revealed during a national stakeholders’ roundtable on sustainable development of the mining industry in Abuja that Nigeria boasts a deposit of mineral products worth a staggering $750 billion. The event, themed “Sustainable Development of the Mining Industry in Nigeria,” was organized by the National Institute for Policy and Strategic Studies in partnership with Bruit Costaud.

Alake emphasized the government’s determination to position Nigeria as an attractive destination for solid minerals investment, citing preliminary reports from German firm GeoScan as evidence of the nation’s vast mineral wealth. He underscored the pivotal role of data availability in attracting investors and facilitating local value addition to mined products, essential for job creation and economic growth.

“We are working with the World Bank, Excalibur, and GeoScan, a German company, to get the necessary data on the sector,” Alake explained, highlighting ongoing efforts to harness Nigeria’s mineral resources fully. He emphasized the need to transition from fossil fuels to solid minerals as a revenue generator for the government, outlining concrete measures to revitalize the sector and maximize community benefits from mineral exploration.

Part of the reform agenda includes the establishment of the Nigerian Solid Minerals Corporation, a private sector-led limited liability company aimed at catalyzing investment across the mining value chain. Alake clarified that the proposed corporation differs significantly from NNPC, emphasizing its private sector-driven structure and operation.

Governor Abdullahi Sule of Nasarawa State commended the reform initiatives, stressing the importance of private investment in driving sectoral growth. He highlighted the significance of lithium, noting Nigeria’s abundant supply and the forthcoming commissioning of a major lithium processing factory, poised to enhance economic prospects.

Former Minister of Information, Lai Mohammed, emphasized the importance of collaboration among stakeholders to address challenges and explore investment opportunities in the mining sector. The Director-General of NIPSS, Ayo Omotayo, reiterated the summit’s objective of charting a strategic path for the mining industry to contribute significantly to Nigeria’s goal of achieving a trillion-dollar economy.


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