The Potential of Nigeria’s Mineral and Energy Resources And Their Role in Sustainable Development

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In the global effort to transition from fossil fuel-dependent energy to renewable sources, critical minerals such as copper, lithium, nickel, and cobalt play a crucial role in driving the advancement of renewable energy technologies. Africa, particularly Nigeria, is blessed with an abundance of these critical minerals.

Nigeria is currently mining lithium in Nassarawa, Kogi, Kwara, Ekiti, and Cross River. Lithium is a vital component for the production of rechargeable batteries used in electric vehicles, electronics, and grid energy storage. With the increasing demand for renewable energy sources, there is a growing opportunity for innovation among the nation’s policymakers to harness the potential of these minerals.

However, it is essential to recognize that the exploration of these minerals comes with its own set of challenges and opportunities. According to the UN Environment Programme, the environmental, social, economic, geopolitical, trade, and partnership implications of mining these minerals need to be carefully managed.

As part of efforts to contribute to the sustainable development of these mineral resources, the Nigerian Mining and Geosciences Society (NMGS) has emphasized the need for increased investment in critical minerals. This was notably highlighted during the society’s 59th Annual International Conference and Exhibition (AICE), which aimed to showcase Nigeria’s renewable energy potential to international investors and engage with relevant government bodies.

The need for optimal development of the iron and steel sector to fast-track Nigeria’s industrialization was also emphasized during the conference. The society advocated for the implementation of a mineral governance structure with supportive policies, along with the inclusion of all stakeholders to foster socio-economic development and environmental sustainability.

To further promote the development of the minerals and energy sectors, the society recommended the establishment of a commercial intervention strategy that facilitates easy market access, provides trade platforms, encourages financial inclusion, and ensures the elimination of collateral issues that impede access to funds. Capacity building, research and development, and value chain training were also highlighted as critical areas for growth within the sector.

In addition, the application of innovations in information technology to develop resource management strategies was underscored during the conference. The use of digital platforms to generate and share geoscience data used in extractive industries and natural hazard monitoring and management was introduced as an important avenue for progress.

The lack of a coordinated, centralized geo-database and limited access to quality geo-sciences data has been identified as a significant challenge. In this regard, the implementation of the Deep-time Digital Earth Programme (DDE), a big science programme designed to facilitate innovation in understanding the earth’s evolution and applications, has been proposed as a solution to these challenges.

Furthermore, the need to leverage geoscience data to attract increased mining investment on the continent was highlighted. It was emphasized that geoscience data is crucial in transforming natural resources into sustainable economic development that benefits all.

Other opportunities such as the potential of the gemstone industry as a source of livelihood and wealth creation were also explored at the conference. Suggestions to establish a venture capital fund for mining, gemstone processing, and marketing were made, in addition to creating a conducive business environment for mining companies.

In conclusion, as Nigeria looks towards diversifying its revenue sources, it is crucial to maximize the opportunities inherent in all sectors, including its rich mineral and energy resources. With the right policies, investment, and management, Nigeria has the potential to lead the way in sustainable development driven by its mineral and energy resources.