Nigeria's Mineral Wealth Valued At $750 Billion: Minister Unveils Ambitious Plans For Sector

In a groundbreaking revelation, the Minister of Solid Minerals Development, Dele Alake, unveiled Nigeria’s substantial mineral wealth, estimated at a staggering $750 billion. This disclosure came during a two-day national stakeholders’ roundtable on sustainable development of the mining industry organized by the National Institute for Policy and Strategic Studies in Abuja.

Alake emphasized the government’s commitment to positioning Nigeria as an investor’s destination in solid minerals development. He underscored the significance of the mining sector in achieving the nation’s goal of becoming a trillion-dollar economy, as envisaged by the current administration.

The minister highlighted the importance of data availability to attract investors willing to establish processing plants in Nigeria. He revealed that preliminary reports by a German firm, GeoScan, indicated the nation’s vast mineral resources, paving the way for potential investment opportunities worth billions.

Alake stressed the government’s focus on shifting attention from fossil fuels to solid minerals as a means of generating revenue. He outlined concrete measures and ongoing reforms aimed at revitalizing the sector, including the establishment of the Nigerian Solid Minerals Corporation.

According to the minister, the proposed corporation, which awaits approval from the National Assembly, will be a private sector-led entity tasked with engaging in mining activities across the entire value chain. Alake emphasized the need to prevent Nigeria from remaining solely a “pit-to-port” exporter of solid minerals, advocating for increased community involvement and benefit-sharing in mineral exploration.

Governor Abdullahi Sule of Nasarawa State commended the ongoing reforms and emphasized the importance of private investment in solid minerals. He highlighted the significance of lithium as a valuable resource, with Nigeria poised to become a major player in its processing and exportation.

Former Minister of Information, Lai Mohammed, emphasized the importance of collaboration among key stakeholders to explore investment opportunities and drive sectoral development. He described the roundtable as a vital platform for discussing the current mining landscape and charting a way forward.

In his remarks, the Director-General of NIPSS, Ayo Omotayo, reiterated the summit’s objective of charting a path for the mining sector’s growth and contribution to Nigeria’s trillion-dollar economy goal.

Minister of Solid Minerals Development, Dele Alake

“As your Minister, my objective is to work to ensure that Nigeria becomes a mining destination for the first time in its history, and we are working to make this happen by alleviating bottlenecks and salient challenges that have plagued the sector over time,” said Minister Alake.

“We are working with the World Bank, Excalibur and GeoScan, a German company, to get the necessary data on the sector,” Minister Alake added. “That is why the federal government signed a memorandum of understanding with Geoscan and they did a preliminary survey of our minerals on the output and potential. They gave us a figure of $750 billion worth of minerals embedded under the ground of Nigeria.”

“My objective as your Minister is to work to ensure that Nigeria becomes a mining destination for the first time in its history, and we are working to make this happen by alleviating bottlenecks and salient challenges that have plagued the sector over time,” Alake stated.