Attracting Big Investors Into Nigeria’s Mineral Resource Space: The Role of Geologists
Uban Saidu Malami, the President of the Geological Society of Nigeria, recently addressed the challenges confronting the Nigerian mining sector and stressed the crucial role of geologists in the country’s economic development. He underscored the low contribution of the mining sector to the GDP and emphasized the necessity of dependable geological data to attract large-scale investors. Malami pointed out the extensive artisanal mining activities in Nigeria, but noted the absence of major global mining companies in the country’s sector.
He elaborated on the success of the oil and gas sector in attracting significant players, attributing it to transparent policies, deliberate investor incentives, and the presence of comprehensive geological data. In contrast, the mining sector has not received comparable attention in terms of data generation and policy engagement with foreign companies. Malami emphasized that the lack of reliable geological data has hindered the attraction of major investors to the mining sector.
Malami highlighted the imperative need for intentional investment in geological data generation, citing reports from prominent management consultants involved in the mining sector. He also stressed the significance of professionalizing the mining sector to counteract malpractices by illegal and legal miners. Additionally, Malami underscored the geopolitical importance of mineral management and administration, urging clear delineation of who is permitted to operate within Nigeria’s mining space.
As a geologist, Malami emphasized the necessity for international interest and collaboration in the mining sector. He stressed the importance of experienced foreign players in fostering a culture of large-scale mining in Nigeria. He also emphasized the need for the government to take the mining sector seriously, recognizing its economic, social, and geopolitical significance.
In discussing the aims and objectives of the Geological Society of Nigeria, Malami highlighted the society’s focus on promoting the professional development of geologists, raising awareness about the diverse career opportunities in geology, and advocating for the inclusion of geologists in various industries. He emphasized the need to clarify the unique role of geologists in preserving the environment and managing earth resources.
When questioned about the challenges facing the industry, Malami lamented the intimidation and misconceptions faced by geologists, emphasizing the need for a society that champions continuous professional development and enforces standards of professionalism. He emphasized the value of geologists in nearly every sector and their role in understanding the connection between raw materials and finished products.
Looking ahead, Malami outlined the society’s programs, stressing the importance of promoting relevance, inclusiveness, and collaboration within the geology community. He called for government support in acknowledging the society’s contributions and partnering to raise awareness about the significance of geology in Nigeria’s development.
In conclusion, Malami reiterated the abundance of Nigeria’s geological wealth and the need to bridge the gap between raw materials and finished products. He emphasized the importance of promoting accountability for the country’s mineral resources and supporting initiatives for traceability. Overall, Malami’s insights shed light on the pivotal role of reliable geological data and professional geologists in attracting large-scale investors to Nigeria’s mineral resource space.
