Discovering New Avenues for Nigeria’s Mineral and Energy Resources
Nigeria, much like numerous other nations, is currently exploring strategies to transition from conventional fossil fuel energy to sustainable renewable sources. However, this transition necessitates a consistent supply of critical minerals such as copper, lithium, nickel, and cobalt, which are indispensable for rendering renewable energy technologies more cost-effective and sustainable. Nigeria is fortunate to possess rich lithium deposits, located in Nassarawa, Kogi, Kwara, Ekiti, and Cross River.
Lithium constitutes a vital element in the production of rechargeable batteries utilized in electric vehicles, electronics, and grid energy storage. With the escalating demand for renewable energy sources, Nigeria has the opportunity to harness the potential of these mineral resources and incite innovation among policymakers and industry stakeholders.
While the prospects of harnessing these minerals are indeed promising, they are accompanied by notable challenges. The United Nations Environment Programme has underscored that the exploration and extraction of these minerals present environmental, social, economic, geopolitical, trade, and partnership challenges and opportunities.
To address these challenges, the Nigerian Mining and Geosciences Society (NMGS) has advocated for increased investment in critical minerals during its 59th Annual International Conference and Exhibition (AICE) held recently in Jos. The conference endeavored to showcase Nigeria’s potential in renewable energy to international investors and to engage with governments in propelling the sustainable development of minerals and energy resources.
The NMGS stressed the imperative for the optimal development of the iron and steel sector to expedite Nigeria’s industrialization process. The society also advocated for the establishment of a commercial intervention strategy conducive to facilitating easy market access, providing trade platforms, promoting financial inclusion, and ensuring that collateral issues impeding access to funds are eliminated. Additionally, they emphasized the significance of capacity building, research and development, and value chain training in the mineral and energy sectors to bolster wealth creation and increase GDP.
A notable aspect of the conference was the introduction of digital platforms to generate and share geoscience data utilized in extractive industries, natural hazard monitoring, and management. This innovation aims to address the challenges associated with generating and accessing quality geoscience data, ultimately facilitating better resource management strategies.
Experts at the conference accentuated the need for Africa to leverage geoscience data to attract increased mining investment on the continent, particularly in light of the global surge in energy transition. They highlighted the pivotal role of geoscience data in transforming natural resources into sustainable economic development and elevating the region.
In the discourse on the gemstone industry, it was recognized as a potential source of livelihood with numerous opportunities for geoscientists. The president of Women In Mining In Nigeria (WIMIN), Dr. Janet Adeyemi, highlighted the entrepreneurial opportunities in mining and the potential for industrialization in Nigeria and Africa. She recommended the establishment of a venture capital fund for mining, gemstone processing, and marketing, as well as the creation of a conducive regulatory environment to attract investment and trigger opportunities in the sector.
Furthermore, stakeholders emphasized the importance of gender inclusion in the energy and mineral resources industry, underscoring that promoting gender equality will propel sustainable development and economic growth. They also highlighted unexplored opportunities in sectors such as medical geology, geo-tourism, and geoheritage, calling for government support to foster public-private partnerships and invest in manpower development to unlock the potential of these untapped sectors.
In conclusion, as Nigeria endeavors to diversify its revenue streams and maximize the benefits of its mineral and energy sectors, deliberate efforts are requisite to ensure sustainable development, gender inclusion, and the exploration of untapped opportunities in the industry. By focusing on value addition, resource management, and inclusive policies, Nigeria can harness its mineral and energy resources to drive economic growth and sustainability.
