• Thursday, November 30, 2023
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GSN moves to unlock Nigeria’s $1trn mineral resources sector

Nigeria is a rich country!

In an effort to attract the needed foreign investment into Nigeria’s mining space, the Geological Society of Nigeria (GSN) has hinted on organising its first roundtable engagement.

According to Uba Sa’idu Malami, president of GSN, the roundtable will emphasise the role of the government in leading mineral exploration and attracting foreign investors to the mining sector.

“The roundtable aims to attract foreign investment and unlock Nigeria’s mineral resources, which are estimated to be worth between $700 billion and $1 trillion, according to the World Bank.

“The roundtable will bring together local and international experts, as well as key stakeholders such as the Africa Finance Corporation (AFC), PwC, the Nigerian Geological Survey Agency (NGSA), and the Solid Minerals Development Fund (SMDF).

“The goal is to emphasize the role of the government in leading mineral exploration and attracting foreign investors to the mining sector, similar to the approach taken by countries like Canada, Australia, and South Africa,” he said.

Malami highlighted the importance of using reliable exploration methods and generating accurate geoscience data to attract foreign direct investment (FDI).

He said the lack of robust data on Nigeria’s mineral resources, especially critical minerals, was a major obstacle to mining investment in the country.

He noted that previous administration’s efforts through the National Integrated Mineral Exploration Project (NIMEP) have been commendable, but more intentional commitment from the government is needed to promote data sourcing, similar to the approach taken in the oil and gas industry.

Malami also stressed the need for proven reserves and detailed exploration practices in line with industry standards.

“Having proven reserves adds value to Nigeria as a country. The current administration must make a lead commitment to the exploitation of the country’s mineral reserves while providing an articulate document that provides clear information for negotiations with potential investors.