Geological Society, Others to Unlock Nigeria’s $7bn Solid Mineral Resources

Kasim Sumaina in Abuja 

The Geological Society of Nigeria (GSN) has said that it is set to attract foreign investment and unlock Nigeria’s mineral resources, which according to the World Bank, are estimated to be worth between $700 billion and $1 trillion.

The first-ever mining roundtable, it noted, is to discuss the importance of government’s commitment to exploring minerals in the country. 

The President of GSN, Mr. Uba Sa’idu Malami, stated in Abuja Monday that 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, he noted, is to emphasise the role of 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.

Malami, while highlighting the importance of using reliable exploration methods and generating accurate geoscience data to attract foreign direct investment (FDI), emphasised that lack of robust data on Nigeria’s mineral resources, especially critical minerals, is a major obstacle to mining investment in the country. 

The previous administration’s efforts through the National Integrated Mineral Exploration Project (NIMEP), he added, 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, adding that having proven reserves adds value to Nigeria as a country.

He further explained that GSN mining roundtable aims to advocate for professionalism in mineral exploration by focusing on the production of high-value geo data reports, adding that geologists play a significant role in mining, as they are trained to execute geological exploration tasks. 

He called for the current administration to make a lead commitment to the exploitation of the country’s mineral reserves and emphasised the importance of an articulate document that provides clear information for negotiations with potential investors.