The Quest for Nigeria’s Riches: The Potential of Solid Minerals

The Ministry of Solid Minerals Development has undergone a significant evolution since its inception as the Mines and Steel Development Ministry in 1985. However, it was not until the administration of President Olusegun Obasanjo that a comprehensive geological survey and mapping of Nigeria’s solid minerals was commissioned, drawing attention to the country’s valuable mineral resources.

Historically, artisanal miners and foreign organizations exploited the lack of regulation and illegally mined Nigeria’s minerals, leading to substantial revenue losses for the country. This illicit activity, as emphasized by the Permanent Secretary of the Ministry of Solid Minerals Development, Mrs. Mary Ogbe, has had severe economic implications for Nigeria.

Furthermore, Femi Falana, Senior Advocate of Nigeria (SAN), has stated that an estimated $9 billion worth of gold is unlawfully taken out of the country annually. This illegal mining, particularly of gold, has been linked to heightened insecurity in specific regions of Nigeria.

Given Nigeria’s economic challenges and the global shift towards alternative energy sources, the solid mineral sector has garnered renewed attention. The administration of President Bola Ahmed Tinubu has acknowledged the potential of the sector, particularly in generating revenue beyond crude oil sales. Minister of Solid Minerals Development, Dele Alake, has underscored the sector’s capacity to make a significant contribution to the country’s treasury.

In response to this, proposals for the establishment of a Nigeria Solid Minerals Corporation, joint venture arrangements with multinational corporations, and the formation of a task force to combat illegal mining and smuggling have been put forward. These ambitious initiatives are designed to revitalize the sector and address illegal mining activities.

As the world increasingly focuses on environmentally friendly solid minerals, there is a heightened interest in these resources. Consequently, scrutiny of investors and companies engaged in mining activities in Nigeria is necessary. The significance of conducting environmental impact assessments before commencing mining operations cannot be overstated, in addition to obtaining the consent of landowners and state governments.

It is crucial to ensure that solid minerals are processed locally to benefit the local population, acquire technological expertise, and create employment opportunities. Transparency and adherence to international best practices are also imperative for the development of the mining sector.

The government’s renewed emphasis on the solid mineral sector signifies a significant advancement towards establishing a structured and regulated industry. By drawing from past experiences in other mineral-rich regions of Nigeria and implementing stringent regulations and oversight, the solid mineral sector has the potential to substantially contribute to Nigeria’s economic growth and development.