Nigeria’s Solid Mineral Wealth Valued At $750 Billion, Minister Alake Reveals 

Nigeria’s Solid Mineral Wealth Valued At $750 Billion, Minister Alake Reveals 

In a significant revelation, Minister of Solid Minerals Development, Dele Alake, has disclosed that Nigeria is endowed with solid mineral resources worth a staggering $750 billion. This revelation comes as the government intensifies efforts to position the nation as an attractive investment destination for solid minerals development……READ ALSO Federal-State Friction: Tension Escalates Over Resource Control Policies

Speaking at a national stakeholders’ roundtable on sustainable mining industry development organized by the National Institute for Policy and Strategic Studies in Abuja, Alake highlighted the findings of preliminary reports conducted by GeoScan, a reputable German firm. According to these reports, Nigeria’s underground wealth includes mineral deposits valued at $750 billion, a conservative estimate according to Alake.

Emphasizing the potential of the mining sector to significantly contribute to Nigeria’s aspiration of achieving a trillion-dollar economy, Alake underscored the importance of data availability in attracting investors. He stressed the need for accurate data to entice investors to establish processing plants within Nigeria, thus fostering job creation and economic growth.

“We are working with the World Bank, Excalibur, and GeoScan, a German company, to obtain the necessary data on the sector,” Alake stated. He further elaborated on the memorandum of understanding signed with GeoScan, which conducted a preliminary survey of Nigeria’s mineral resources. This survey revealed the vast potential embedded beneath Nigeria’s surface, with a conservative estimate of $750 billion worth of minerals awaiting extraction.

Alake highlighted ongoing reforms in the solid minerals industry aimed at revitalizing the sector. He emphasized the government’s commitment to ensuring that Nigeria transcends its current status as a mere exporter of raw materials. Instead, the focus is on fostering local processing and conversion activities to maximize economic benefits.

Moreover, Alake emphasized the need for communities affected by solid minerals extraction to receive maximum benefits from these resources. This sentiment underscores the government’s determination to ensure that mining activities contribute to the socio-economic development of local communities.

As Nigeria continues its journey towards harnessing its abundant mineral resources, Alake’s revelations serve as a reminder of the nation’s vast potential in the global mining landscape. With concerted efforts and strategic reforms, Nigeria aims to emerge as a powerhouse in the solid minerals sector, unlocking immense economic opportunities for its citizens.

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