Unlocking Nigeria’s Potential: The Valuable Mineral Reserves and Push for Local Processing
During a recent summit convened by the National Institute for Policy and Strategic Studies (NIPSS) and Bruit Costaud in Nigeria, the Minister of Solid Minerals Development, Dele Alake, imparted some momentous insights. As per a preliminary report furnished by a German firm, GeoScan, it has been revealed that Nigeria is endowed with a plethora of minerals with an estimated value of $750 billion.
This disclosure comes at a juncture when Nigeria is steadfastly pursuing economic advancement in order to attain the ambitious trillion-dollar target outlined by President Bola Ahmed Tinubu. Alake underscored the pivotal role that the mining sector can play in contributing to this economic aspiration.
In his address, the Minister underscored the urgency of according precedence to local processing of solid minerals to preclude Nigeria from being relegated to merely a supplier of raw materials to other nations. He accentuated the necessity of enhancing the value of products mined in the country locally, in a bid to catalyse economic growth and employment generation.
Furthermore, Alake stressed the significance of possessing accurate and comprehensive data to attract potential investors keen on establishing processing plants in Nigeria. In pursuit of this objective, the government is collaborating with esteemed organisations such as the World Bank, Excalibur, and GeoScan to amass essential data on the country’s mineral sector.
The Minister categorically asserted that the estimated $750 billion worth of minerals barely scratches the surface, and with comprehensive exploration, Nigeria may uncover solid minerals worth trillions of dollars. He exuded confidence that through the implementation of strategic policies and initiatives, Nigeria could soon be on the path to realising trillions of dollars in mineral wealth.
As part of the ministry’s reform agenda, the establishment of the Nigerian Solid Minerals Corporation is underway. Alake explicated that this corporation would deviate significantly from the familiar NNPC model and would entail substantial participation from the private sector, with 50% of the equity earmarked for private entities, 25% for the general public, and 25% for the government.
The significance of investing in solid minerals was reiterated by the Governor of Nasarawa State, Abullali Sule, who accentuated the abundance of lithium in Nigeria. Sule expressed optimism regarding the imminent inauguration of the largest lithium processing factory, underscoring the transformative potential of this investment.
Ayo Omotaya, the Director General of NIPSS, underscored that the summit was convened to chart a strategic trajectory for the mining sector, emphasising the concerted efforts to unlock Nigeria’s mineral wealth.
The revelations proffered by Minister Dele Alake at the summit serve to underscore the prodigious potential inherent in Nigeria’s mineral reserves. The impetus for local processing and value addition represents a noteworthy stride towards sustainable economic growth and development. With the right policies and investments, Nigeria may indeed be on course to realising its trillion-dollar economic ambition.
