Nigeria’s Critical Minerals Worth $700bn, Says Expert

Nigeria’s critical minerals, valued at $700 billion, are largely unexplored. Selina Hayes of Hayes Group International urges the use of space-based tech for mapping these resources at the Africa Space Economy Confab. Other experts stress the need for collaboration among government, industry, and academia to support space technology’s integration into mining and economic development.

Nigeria possesses an impressive treasure trove of critical minerals, estimated to be worth around $700 billion, according to Selina Hayes, CEO of Hayes Group International. This announcement was made at the 2nd Africa Space Economy Confab and Exhibition (ASEC), which focused on the theme of “Space Economy and Emerging Markets in Africa.” Hayes, a prominent figure in African mining and emerging technologies, stressed the importance of utilizing space-based technology to fully map and explore Nigeria’s untapped resources.

Hayes highlighted that despite the vast potential, much of Nigeria’s mining wealth remains unrealized due to insufficient exploration efforts. “I think the value of your (Nigeria’s) mining industry is at $700 billion. A lack of exploration is a significant reason why this value is not fully realised,” she commented, advocating for the involvement of the National Space Research and Development Agency (NASRDA) in exploiting these resources. The success seen in the Democratic Republic of Congo, with an estimated $27 trillion worth of critical minerals, was also noted as a point of comparison for Nigeria.

She elaborated on how space-based data could enhance visibility and transparency in identifying rare earths and critical minerals, which have been challenges for many African nations. According to Hayes, such technologies could tackle environmental issues related to mining, including problematic deforestation. By employing space technology to manage these concerns effectively, the mining sector could see a notable increase in revenue.

In another session at the conference, Charles Mwangi from Kenya’s Space Agency underscored that African governments must show political commitment to advancing space technology. He pointed out the irony of Africa being a supplier of raw minerals yet primarily consuming finished products. Mwangi highlighted Nigeria’s oil dependency, noting the country’s singular private refinery amidst its vast crude oil reserves.

Dr. Mathew Adepoju, NASRDA’s Director General, spoke about integrating the private sector into Nigeria’s space economy. He argued that the advent of space technology has paved the way for many forms of modern business, from ride-hailing apps to online marketplaces. This shift from traditional terrestrial-based methods to innovative space applications marks a significant evolution.

Finally, Dr. Umaru Bindir stressed the necessity for a combined effort among government, industry, and academic circles to advance Nigeria’s capabilities in space technology. The call for collaboration aims to harness these advancements for the broader benefit of the Nigerian populace, driving both economic and community development.

In summary, the potential of Nigeria’s critical minerals, estimated at $700 billion, remains largely untapped due to insufficient exploration. Experts like Selina Hayes advocate for space-based technology as a solution to overcome challenges in visibility and environmental impact within the mining sector. There’s a pressing need for commitment from government and industry leaders to fully harness this technology for Nigeria’s economic benefit.

Original Source: guardian.ng