Unlocking the Wealth of Nigeria: GSN Leads Efforts to Attract Foreign Investment in Mineral Resources Sector
The Geological Society of Nigeria (GSN) is embarking on proactive measures to attract foreign investment into the country’s mining industry, with the aim of tapping into Nigeria’s extensive mineral wealth. Uba Sa’idu Malami, President of GSN, has announced plans to host the inaugural roundtable engagement, which seeks to highlight the government’s pivotal role in leading mineral exploration and attracting international investors to the sector.
Nigeria’s mineral resources are estimated to be valued at an impressive $700 billion to $1 trillion, as reported by the World Bank. To initiate this initiative, the roundtable will bring together a diverse array of local and international experts, along with key stakeholders such as the Africa Finance Corporation (AFC), PwC, the Nigerian Geological Survey Agency (NGSA), and the Solid Minerals Development Fund (SMDF).
The primary objective of this gathering is to underscore the government’s significance in leading mineral exploration and enticing foreign investors to participate in the mining industry—adopting a strategy akin to that of successful mining nations like Canada, Australia, and South Africa, as articulated by Malami.
A critical aspect highlighted by Malami is the necessity of employing reliable exploration methods and generating precise geoscience data to attract foreign direct investment (FDI). The lack of comprehensive data on Nigeria’s mineral resources, particularly critical minerals, has posed a substantial barrier to mining investment within the country.
While acknowledging previous government initiatives like the National Integrated Mineral Exploration Project (NIMEP), Malami emphasized the need for a more deliberate commitment to promoting data acquisition, drawing parallels to the practices seen in the oil and gas industry.
Furthermore, the importance of ascertaining proven reserves and implementing meticulous exploration procedures in accordance with established industry standards was emphasized. Malami articulated that verified reserves would significantly enhance Nigeria’s value as a nation. Thus, he urged the current administration to make a resolute commitment to exploit the country’s mineral reserves while furnishing a comprehensive document that provides clear information for negotiations with potential investors.
In conclusion, the GSN’s efforts to facilitate the flow of foreign investment into Nigeria’s formidable mineral resources sector have the potential to catalyse significant economic growth and infrastructural development. By focusing on leveraging governmental leadership in mineral exploration and adopting best practices from successful mining nations, Nigeria could unlock the untold wealth concealed within its mineral reserves.
