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Introduction

The African continent is known for its rich mineral resources, and Nigeria is no exception. With over 34 commercially viable solid mineral deposits, Nigeria is one of the most mineral-rich countries in Africa. This post will explore the untapped potential of these solid minerals and the opportunities they present for local and international investors.

Main Sections

Nigeria’s Solid Mineral Resources

Nigeria is endowed with numerous mineral resources. Some of these minerals include gold, coal, bitumen, gemstones, limestone, and iron ore. However, despite this abundance, the mining sector contributes only a little to the country’s GDP.

Mineral Estimated Reserve
Gold 200 million oz
Coal 2.7 billion tonnes
Bitumen 27 billion barrels
Iron Ore Over 3 billion tonnes

Challenges in the Mining Sector

Several challenges have hindered the growth of Nigeria’s mining sector. These include inadequate infrastructure, lack of funding, policy inconsistency, and a lack of geological data.

Potential of the Mining Sector

Despite these challenges, there is significant potential for growth in Nigeria’s mining sector. With proper regulation and investment, the mining sector could contribute significantly to Nigeria’s economy.

Quote

As the famous geologist, David Lowell, once said, “Minerals are a non-renewable resource, but the most important one for the future of mankind.”

Conclusion

Nigeria’s untapped solid minerals present a significant opportunity for economic growth and development. With the right policies, infrastructure, and investment, the mining sector could become a major contributor to Nigeria’s economy.

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