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.

Nigeria is gaining global attention due to its vast lithium reserves, essential for sustainable energy technologies like electric vehicles (EVs) and solar panels. With Africa expected to contribute 20% of global lithium supplies by 2030, Nigeria is working to establish itself as a crucial competitor in the lithium market.

The country has begun constructing lithium processing plants, with two already operational and a third in progress. Segun Tomori, media assistant to the minister of solid minerals development, emphasised lithium’s importance, stating that it is increasingly sought after in discussions about green energy.

In 2022, the Nigerian government denied Tesla’s proposal to buy raw lithium, insisting on local processing to boost job creation and industrial growth. This reflects Nigeria’s evolving mining policies that prioritise domestic processing over raw material exports. Additionally, Nigeria is partnering with South Africa to enhance lithium’s role in the energy transition.

The Nigerian government aims to foster a favourable investment climate by addressing security issues and establishing technical partnerships with leading mining countries. Despite facing challenges, Nigeria’s commitment to lithium mining demonstrates its potential to lead Africa’s critical mineral sector.

Nigeria’s lithium reserves are positioned to play a transformative role in the global green energy landscape. By focusing on domestic processing and attracting international investors, the country is laying the groundwork to become a dominant player in lithium production. Collaborative efforts with nations like South Africa further underline its ambitions in the critical minerals industry.

Original Source: northafricapost.com

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The Nigerian federal government plans to set up a new mining corporation, the Nigeria Solid Minerals Corporation, to enhance the mining sector’s growth. This announcement was made by Segun Tomori, the Special Assistant on Media to the Minister of Solid Minerals Development, Dele Alake, during an XSpace discussion.

The corporation will be managed by the Ministry of Finance Incorporated (MOFI) and is expected to launch soon. It aims to serve as a specialized vehicle focused on advancing Nigeria’s mining industry, allowing Nigerians to hold equity in the corporation.

Equity distribution will aim to balance public and private interests: the federal government and citizens will each hold 25% while the private sector will own the remaining 50%. This structure is designed to minimise government interference and ensure sustainability beyond current administrations.

In parallel, Minister Alake has proposed establishing a mining development bank to assist in providing long-term financing for the sector. He urged mining company CEOs to lead this initiative, which aims to reduce government involvement and enhance the sustainability of the sector.

Furthermore, the government is working on removing obstacles that hinder business operations in the mining industry, fostering a better investment climate in Nigeria.

The establishment of the Nigeria Solid Minerals Corporation marks a significant step towards revitalising Nigeria’s mining industry by encouraging private sector participation and equity distribution. The proposal for a mining development bank further aims to sustain industry growth while reducing government involvement. Overall, these initiatives indicate a strategic effort to create a conducive environment for investment in Nigeria’s mining sector.

Original Source: www.tv360nigeria.com

The post Nigeria to Establish Solid Minerals Corporation to Boost Mining Sector first appeared on Nigerian Mining News.

Dele Alake, Nigeria’s Minister for Solid Minerals Development, has highlighted insecurity and insufficient funding as the main obstacles to the nation’s mining sector growth. He has called on the Senate for increased financial support to facilitate thorough exploration of Nigeria’s rich mineral resources.

During an investigative hearing by the Senate Committee on Solid Minerals, Alake pointed out that poor funding hampers exploration and limits the sector’s potential in economic diversification. He expressed concern over Nigeria’s meagre $2.5 million investment in mining exploration, which ranks it 12th in Africa behind countries like Ivory Coast and the Congo.

Alake lamented the country’s low exploration budget compared to Africa’s leaders, with Ivory Coast investing $147 million. He proposed a funding requirement of N70 billion to enhance exploration across Nigeria, warning that the upcoming budget may hinder progress without legislative support.

To combat illegal mining, the Minister introduced a 2,220-strong Mining Marshals unit, deploying operatives across the states. He explained the various categories of illegal miners and revealed that Nigeria loses over $9 billion annually due to illegal mining activities.

In addition to the Marshals, Alake disclosed ongoing initiatives aimed at advocating for legalisation of artisanal mining, including a radio campaign to promote cooperative formation. This effort aims to align with the government’s new value addition policy, with plans for establishing six processing centres across Nigeria’s geopolitical zones.

Senate President Godswill Akpabio commended Alake’s commitment to solid minerals development, emphasising collaboration between the legislature and executive to tackle issues arising from illegal mining. The Senate Committee Chair, Ekong Sampson, reiterated the importance of addressing challenges to maximise the economic benefits of Nigeria’s vast mineral resources.

The Nigerian mining sector faces significant challenges, primarily due to insecurity and inadequate funding. These issues detract from the sector’s potential to serve as a key driver for economic diversification. The call for legislative backing and increased investment highlights the government’s recognition of the mining sector’s expansive potential, stemming from the rich mineral deposits available throughout the country.

In summary, Dele Alake has underscored the critical issues of insecurity and funding in Nigeria’s mining sector. He is advocating for legislative support and increased investment to enhance exploration efforts and combat illegal mining. With collaboration between the Senate and the Ministry, there is hope for a revitalised mining sector that contributes meaningfully to Nigeria’s economy.

Original Source: businessday.ng

The post Insecurity and Funding Issues Restrain Nigeria’s Mining Sector Growth first appeared on Nigerian Mining News.

The Nigerian Government is actively pursuing partnerships with international players in the mining sector to harness the nation’s capabilities. During the Future Minerals Forum in Riyadh, Saudi Arabia, Minister of State Finance, Dr. Doris Uzoka-Anite, highlighted Nigeria’s considerable resource potential and readiness for collaboration. She expressed a commitment to innovation, sustainability, and investment, positioning Nigeria as a key player in global minerals and energy. Dr. Uzoka-Anite urged global investors to explore the untapped opportunities available in Nigeria’s mining and energy sectors.

Attending alongside Minister of Solid Minerals, Mr. Dele Alake, Dr. Uzoka-Anite emphasised Nigeria’s openness for business at the Future Minerals Forum, which hosted over 14,000 participants from 178 countries, including government leaders and industry experts. The Nigerian delegation aimed to showcase the country’s extensive natural resources and support President Bola Ahmed Tinubu’s focus on economic growth through mining and energy collaboration.

The Future Minerals Forum serves as a significant platform for shaping the minerals industry’s future globally. Nigeria’s involvement at the forum illustrates its commitment to fostering international partnerships that drive economic advancement, aligned with the Renewed Hope Agenda of the Tinubu Administration, aimed at enhancing the country’s mining and energy sectors.

Nigeria is rich in natural resources, which presents significant opportunities for economic growth through the mining sector. The government is keen on attracting global partnerships to unlock these resources. With a strong focus on innovation and sustainability, Nigeria aims to improve its position in the global minerals market, enhancing its economic landscape in the process. Participation in international forums like the Future Minerals Forum reflects Nigeria’s strategy to engage globally and promote investment in its resources.

In summary, the Nigerian Government is seeking global partnerships to strengthen its mining and energy sectors. By showcasing its resource wealth at international forums, Nigeria is positioning itself as an emerging leader in the global minerals market. The ongoing efforts to attract foreign investment are aligned with the country’s broader economic agenda, aiming to stimulate growth and sustainability in critical industries.

Original Source: newtelegraphng.com

The post Nigeria Seeks Global Mining Partnerships to Strengthen Economy first appeared on Nigerian Mining News.

Nigeria is actively pursuing international partnerships to enhance its mining sector, as stated by Dr. Doris Uzoka-Anite, the Minister of State for Finance. Speaking at the Future Minerals Forum in Riyadh, she emphasised the nation’s untapped natural resource potential and welcomed global investors to help position Nigeria as a key player in the global minerals and energy market through sustainable practices. Dr. Uzoka-Anite reaffirmed President Bola Tinubu’s commitment to advancing growth and diversification within these sectors.

Currently, the Nigeria Mining Cadastre Office has generated over $4.8 million in revenue as of October 2024, but it is experiencing funding challenges. Furthermore, Minister of Solid Minerals Development, Dele Alake, has expressed concerns regarding the insufficiency of the 2025 mining budget, indicating that it falls short of promoting adequate exploration and investment.

Nigeria aims to strengthen its economy by tapping into its rich mineral resources through enhanced global investment in the mining sector. The government is focused on developing sustainable mining practices and fostering innovations to establish a leading position in the energy and mineral markets. This push for investment comes amid existing financial constraints and critiques of budget allocations in the mining sector.

In summary, Nigeria seeks to attract global investments to develop its mining sector, identifying it as vital for economic growth. While the potential is significant, challenges such as funding limitations and inadequate budget allocations need to be addressed to realise these ambitions.

Original Source: www.africa.com

The post Nigeria Aims for Global Investments to Enhance Mining Sector first appeared on Nigerian Mining News.

Abuja is focusing on establishing global mining partnerships to enhance Nigeria’s economy, as stated by Dr. Doris Uzoka-Anite, the Minister of State for Finance. In her address at the Future Minerals Forum in Riyadh, she showcased Nigeria’s rich untapped resources and called on international investors to join efforts in positioning the nation as a key player in the global minerals and energy industry through sustainable innovations.
Uzoka-Anite emphasised President Bola Tinubu’s commitment to stimulating growth in the mining and energy sectors while diversifying the economy. As of October 2024, the Nigeria Mining Cadastre Office had generated over $4.8 million in revenue, but it is facing financial challenges. Recently, the Minister of Solid Minerals Development, Dele Alake, expressed concerns regarding the insufficiency of the 2025 mining budget in fostering exploration and investment.

The Nigerian government is taking steps to attract foreign investment in the mining sector, which is seen as vital for economic growth. Despite its rich natural resources, the country is grappling with underfunding and budgetary constraints that limit exploration and development. Initiatives aimed at showcasing Nigeria’s potential in the global minerals market are part of a wider strategy to diversify its economy and reduce dependence on oil revenue.

Nigeria’s government is actively seeking global partnerships to develop its mining sector and enhance economic growth. With significant untapped resources and a commitment from leadership, Nigeria aims to position itself as a competitive player in the global minerals market. However, financial and budgetary limitations pose challenges that must be addressed to attract necessary investments.

Original Source: iafrica.com

The post Nigeria Pursues Global Investment to Boost Mining Sector Growth first appeared on Nigerian Mining News.

Nigeria is actively seeking to attract Western miners as part of its strategy to diversify its economy and reduce its heavy dependence on oil and gas, which currently accounts for over 80% of government revenue. This move comes amidst a backdrop of concerns over Nigeria’s long-term sustainability and economic vulnerability linked to fluctuating oil prices. By developing its mining sector, Nigeria hopes to create new revenue streams and employment opportunities while fostering sustainable economic growth. The government is working to improve the regulatory framework and attract foreign investment, aiming to reshape its economic landscape.

Nigeria, primarily known for its vast oil and gas reserves, is looking to broaden its economic base. The reliance on fossil fuel revenues has exposed the economy to global oil price volatility, prompting the government to explore alternatives such as mining. This shift towards mining aligns with global trends, where many nations are recognising the potential of mineral resources in driving economic development and diversification. Western miners, with their expertise and technology, are seen as crucial partners in this endeavour.

Nigeria’s initiative to engage Western miners represents a significant step towards economic diversification. By leveraging its mineral resources, the country aims to decrease its dependency on oil revenues, create jobs, and ensure greater economic stability. However, the success of this strategy will depend on the effectiveness of regulatory reforms and the ability to attract substantial investments from the global mining industry.

Original Source: www.mining-journal.com

The post Nigeria’s Economic Diversification: Courting Western Miners first appeared on Nigerian Mining News.

Nigeria is actively attracting Western miners to reduce its heavy dependence on oil and gas, which constitutes over 80% of its government revenue. This initiative aims to diversify the economy and tap into the country’s rich mineral resources. Nevertheless, skepticism remains regarding Nigeria’s track record in governance and regulatory issues, which may deter potential investors. The embrace of mining opportunities could lead to significant economic benefits if the government addresses these challenges effectively.

Nigeria’s economy heavily relies on oil and gas, exposing vulnerabilities to fluctuations in global energy prices. In a strategic shift, the government seeks to bolster its mining sector and lessen this dependence by exploiting the country’s extensive mineral wealth. This approach not only aims to enhance revenue streams but also create jobs and foster economic stability in the region.

The Nigerian government’s efforts to engage Western miners signify a pivotal move towards economic diversification. By successfully navigating existing challenges, Nigeria could enhance its standing as a mining destination, ultimately fostering growth in other sectors beyond oil and gas.

Original Source: www.mining-journal.com

The post Nigeria Courts Western Miners to Diversify Economy Beyond Oil and Gas first appeared on Nigerian Mining News.