Overview of Nigeria's Solid mineral Potentials, Challenges and Prospects

Abstract

Nigeria is rich in abundant solid mineral resources, including gold, iron, lead, zinc, coal, and gemstones, which hold great potential for the country's development. Despite this mineral endowment, the mineral sector has not lived up to its potential, contributing less than 3% to the nation's GDP. This paradox of being resource-rich yet poor can be attributed to overreliance on oil, political instability, frail legal and regulatory frameworks, and a lack of up-to-date geosciences data for investment decisions. To address this issue, recent governments have initiated policies to attract foreign investors interested in tapping into Nigeria's vast but largely untapped mineral resources. The geological setting of the mineral deposits spans different eras, presenting opportunities for exploration and extraction. A strategic roadmap has been devised to provide up-to-date geosciences data, strengthen legal frameworks, and create a favorable investment environment. If diligently pursued and sustained, this roadmap aims to revamp the mineral sector, significantly increasing its contribution to the nation's GDP, possibly reaching 10%. By harnessing these resources effectively, Nigeria has the potential to drive economic growth, generate employment opportunities, and achieve better overall development.