Nigeria, abundant in over 44 minerals across 500 locations, is evolving into a major player in Africa’s mining sector. The government aims to elevate the mining sector’s GDP contribution to 10% by 2026 by fully exploiting its vast mineral resources. Upcoming events like Africa Mining Week in Cape Town will spotlight investment opportunities in Nigeria.

Bitumen: Nigeria possesses 42.47 billion tons of probable bitumen reserves, ranking sixth globally. Major deposits are located in Lagos, Ogun, Ondo, Rivers, Bayelsa, and Edo States. A $1 billion investment by Owena Bitumen Exploration Nigeria Limited aims to develop these reserves in Ondo State.

Limestone: With approximately 10.6 billion tons, Nigeria has one of Africa’s largest limestone reserves, spread across 14 states. This resource is key for job creation and economic diversification, particularly in cement production through companies like Dangote Cement.

Coal: Nigeria’s coal reserves are significant, estimated at 2.75 billion tons, mainly found in Gombe, Kogi, Nasarawa, and Enugu States. The Zuma Coal Mining Project, operated by Zuma Energy Nigeria Limited, has a production target of two million metric tons annually over 25 years.

Iron Ore: The Itakpe mine in Kogi State hosts around 3 billion tons of iron ore, a crucial resource for Nigeria’s industrialization. The iron ore is processed to 67% purity and supplies steel plants like Aladja and Ajaokuta.

Gold: Nigeria, with 21.37 metric tons of gold reserves, is the sixth-largest gold holder in Africa. Major deposits are spread across Zamfara, Kaduna, Bauchi, Niger, and Osun States, while initiatives, including a new gold refinery by Kian Smith, aim to enhance the gold value chain.

Nigeria’s mining sector offers significant opportunities for investment and economic growth, driven by its vast mineral reserves in bitumen, limestone, coal, iron ore, and gold. By attracting global investors and focusing on sustainable exploitation of these resources, Nigeria aims to diversify its economy and improve its mining contributions to GDP.

Original Source: energycapitalpower.com

The post Five Emerging Mineral Resources in Nigeria first appeared on Nigerian Mining News.

The Minister of Solid Minerals Development, Dr. Dele Alake, has announced that reforms carried out under the Tinubu administration have renewed investor interest in Nigeria’s mining sector. Speaking at the Nigeria Middle East Investors Expo and Awards, he highlighted the government’s focus on solid minerals, which has attracted global attention and boosted investments and revenues. Dr. Alake outlined the success of the 7-point agenda in tackling illegal mining, with over 300 illegal operators apprehended and 133 facing prosecution. The minister mentioned plans to enhance monitoring through satellite surveillance of mining sites, thus allowing for efficient oversight and rapid response to illicit activities. He encouraged investors to exploit Nigeria’s vast mineral resources, including substantial deposits of talc, iron ore, lead, and zinc identified across various states. Alake introduced the Decision Support System (DSS), an online platform aimed at assisting potential investors with comprehensive information about Nigeria’s solid minerals sector. Alake reaffirmed Nigeria’s potential as a global mining destination, noting the presence of over 44 critical minerals and stressing the importance of data for attracting foreign investment. He concluded with a commitment to significantly boost exploration funding to generate essential data.

In recent years, Nigeria’s mining sector has been targeted for reform to increase investment and improve regulatory frameworks. The focus has shifted towards solid minerals as the government seeks to combat illegal mining, enhance operations, and attract international investors. The introduction of new technology and comprehensive data systems aims to create a conducive environment for capital influx into the sector, which is crucial for national economic development.

The reforms led by Dr. Dele Alake aim to rejuvenate Nigeria’s mining sector, evidenced by increased investor confidence and substantial progress in illegal mining enforcement. With strategic initiatives like satellite monitoring and the DSS platform, the Nigerian government is poised to make informed investment opportunities available to global players, reaffirming the country’s position as a major player in the mining industry.

Original Source: tribuneonlineng.com

The post Reforms Boost Investor Confidence in Nigeria’s Mining Sector first appeared on Nigerian Mining News.