In a significant announcement that could reshape Nigeria’s economic landscape, the Minister of Solid Minerals Development, Dr. Oladele Alake, revealed that Nigeria is sitting on a mineral wealth estimated to be worth over $750 billion. This revelation came during a two-day national stakeholders’ roundtable on sustainable development of the mining industry held in Abuja.
The preliminary report, provided by the German firm GeoScan, indicates that Nigeria’s solid mineral deposits could be even more substantial than currently estimated, with further reports from other global firms eagerly anticipated.
Dr. Alake emphasized the strategic importance of the mining sector in achieving President Tinubu’s ambitious goal of transforming Nigeria into a trillion-dollar economy. He highlighted that the availability of comprehensive data on Nigeria’s mineral resources is crucial for attracting both local and international investors.
The minister also announced that the Nigerian government is collaborating with notable organizations such as the World Bank and Excalibur to gather necessary data, which will bolster investor confidence and encourage the establishment of processing plants within the country. This move is expected to create jobs and spur economic growth.
In line with the administration’s vision, the Nigerian Solid Minerals Corporation is set to be established as a private sector-led entity. This initiative marks a shift from the traditional state-controlled management of resources and aims to introduce a competitive edge to the mining sector.
Dr. Alake’s announcement has been met with optimism, as it promises to diversify Nigeria’s economy, which has been heavily reliant on oil. The focus on solid minerals development is seen as a step towards sustainable economic growth and a more resilient economic structure for Nigeria.