The Geological Society of Nigeria (GSN) is planning to host a roundtable event to discuss the investment potential of the country’s minerals and mines sector. The event, scheduled for July 13, 2023, aims to bring together local and international participants, including the Africa Finance Corporation (AFC) and PwC, to explore opportunities for attracting foreign direct investment (FDI) in the mining industry. The Geological Society emphasized the importance of quality geo data on critical minerals in attracting FDI, citing estimates by the World Bank of a potential investment of between $700 billion and $1 trillion. The Society also highlighted the role of the government in leading mineral exploration and called for best practices in generating reliable geo data reports. The roundtable will provide a platform for stakeholders to discuss the need for the government’s commitment to mineral exploration and the exploitation of the country’s mineral reserves. The Society aims to learn from countries with established mining regimes, such as Canada, Australia, and South Africa, and address the lack of robust data on Nigeria’s mineral resources. By promoting data sourcing and exploration imperatives, the Society hopes to make the mining sector more attractive to investors. The roundtable will focus on critical minerals like lithium, barite, tin, phosphate, coal, gold, and iron ore, which have global demand but lack proven reserves in Nigeria. The Society emphasized the importance of JORC-compliant mineral exploration to establish proven reserves and boost Nigeria’s balance sheet as a country. The National Integrated Mineral Exploration Project (NIMEP) was commended for its efforts in addressing the dearth of geoscience data, but further commitment from the government is needed to promote data sourcing in the mining sector.
