Nigeria is rich in solid minerals located in different states, offering great economic potential. For many years, oil and gas have been the main sources of income. However, the country has not fully utilised the wealth of minerals buried in its soil. These minerals could improve the economy by creating jobs and supporting industrial growth if managed properly.
Let us take a look at some of these minerals and where they’re mostly located in the country.
Iron ore is one of Nigeria’s valuable minerals and is necessary for steel production. Large deposits are found in Kogi, Enugu, Niger states, and the Federal Capital Territory. The Itakpe iron ore mine in Kogi is a crucial site supplying materials for steel plants. Despite this, Nigeria imports steel because it doesn’t fully use these resources. Gold is another key mineral, found in Zamfara, Sokoto, Niger, Kwara, Kebbi, Kaduna, and Edo states. Although gold mining is mostly informal, efforts are being made to control and regulate it to prevent illegal activities.
Nigeria also possesses significant reserves of bitumen, about 42 billion tonnes, located primarily in Lagos, Ogun, Ondo, and Edo states. This amount is almost twice the country’s crude oil reserves, yet the bitumen industry remains underdeveloped, forcing Nigeria to import asphalt for road construction. In March 2024, Dele Alake, the Minister of Solid Minerals Development, informed investors that Nigeria should not import bitumen given its reserves of 42 billion barrels, highlighting the country’s potential to be a net exporter. Proper investments could transform the construction industry and reduce reliance on imports.
Coal is another resource found in Enugu, Benue, Nasarawa, Plateau, Ondo, and Zamfara. The Ogbete coal mine in Enugu was a major energy supplier in colonial times, but production declined after the discovery of oil. Now, there’s renewed interest in coal as part of global efforts to diversify energy sources.
Lead and zinc are important for making batteries and in construction. These minerals are found in Abuja, Enugu, Niger, and other states. Nigeria reportedly has about 10 million tonnes of lead/zinc deposits, but illegal mining and smuggling hinder the full benefits. Baryte and bentonite, used in oil drilling, are found in Borno, Plateau, Adamawa, Bauchi, and Taraba states.
Also, despite having over 7.5 million tonnes of baryte, Nigeria imports significant amounts for oil exploration, highlighting the need for local mineral processing. Additionally, Nigeria is rich in limestone, marble, and gypsum, essential for cement production, found in Benue, Kogi, Ogun, and other states. These minerals support the country’s cement industry, with companies like Dangote Cement and Lafarge leading the African market. This has boosted local production and positioned Nigeria as a major cement exporter.
A new and promising area is in lithium mining. Lithium, needed for batteries, is discovered in Nasarawa, Kwara, Oyo, Kebbi, and the Federal Capital Territory. As the world shifts toward electric vehicles and renewable energy, lithium is in high demand. Nigeria’s lithium deposits could attract significant foreign investment if managed well, offering an opportunity in the growing battery industry.
Stay tuned for Part 2!
