Nigeria’s Solid Minerals

The vastness of Nigeria’s minerals resources cannot and should not be over emphasised. We began to explore and exploit her natural mineral resources in 1902 and in its prime, the solid minerals sector was one of the largest producers of tin and coal, as well as a producer of a considerable 1.4 tons of gold annually.

The history is now well known due to ill-effected policy changes and lack of proper attention, the sector saw a steady decline and today, mining and solid minerals only account for about 0.3% of the gross domestic product of Nigeria.

The Nigerian oil and gas sector has played a central role in the Nigerian economy. The revenue realized from the Nigerian petroleum industry has been the country’s fiscal mainstay and remains a major revenue source. The reality of the recent downward trend of oil prices and its impact on the revenue and foreign reserves of the country however means that it has never been more vital for Nigeria to protect herself by diversifying her revenue streams.

Nigeria is enriched with over forty (40) types of minerals including marble, gypsum, lithium, silver, granite, gold, gemstones, bentonite, iron ore and talc. The mining and solid mineral sector of the extractive industry in Nigeria has always been a viable greenfield and is now getting the attention it deserves, having been earmarked as a key source of economic development and diversification of the revenue streams of the country.

It is however incontrovertible that the sector is under-performing and plagued with issues ranging from inadequate infrastructure to illegal artesian mining and community challenges. These issues stifle potential by deterring potential investors whose resources are essential to the revitalisation of the sector.

Presented by Romano Pisciotti
2019MiningOffRoadTrains 300x178 Nigerias Solid Minerals
MPI IVECO Lagos Nigeria 300x80 Nigerias Solid Minerals
MPI IVECO, Lagos Nigeria

Leave a Reply

Your email address will not be published. Required fields are marked *