Nigeria’s solid minerals worth over $750bn — Minister

Nigeria’s solid minerals worth over $750bn — Minister

The Minister of Solid Minerals Development, Dele Alake, revealed a preliminary report by German firm GeoScan that estimates Nigeria’s solid minerals are worth $750 billion. He highlighted this during a summit organized by the National Institute for Policy and Strategic Studies (NIPSS) and Bruit Costaud, emphasizing the sector’s potential contribution to Nigeria’s goal of achieving a trillion-dollar economy.

Alake noted President Bola Ahmed Tinubu’s commitment to reforms in the mining sector to prevent Nigeria from merely being a mining pit for solid minerals. He stressed the importance of data availability to attract investors and stimulate job creation and economic growth through mineral processing plants.

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

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Collaborations with organizations like the World Bank, Excalibur, and GeoScan aim to gather essential data for the sector. The memorandum of understanding signed with GeoScan resulted in a preliminary survey revealing the substantial value of Nigeria’s mineral resources.

Nasarawa State Governor Abdullahi Sule highlighted the importance of investing in solid minerals, particularly citing the significance of lithium, which he likened to gold. He announced the impending commissioning of Nigeria’s largest lithium processing factory, expected to process 4,000 metric tons daily and transport over a million tons of lithium annually.

Ayo Omotaya, Director General of NIPSS, reiterated the summit’s purpose of charting a path forward for the mining sector, underscoring the necessity of strategic planning and collaboration to harness Nigeria’s mineral wealth.

Nigeria’s solid minerals worth over $750bn — Minister