Speaking at the 9th Edition of the Nigerian Mining week Press briefing held at the Ministry of Solid Minerals Development Abuja. The Minister of Solid Minerals development, Dr Dele Alake urged stakeholders to participate actively in Nigeria’s Mining sector. Highlighting the impact of the Nigerian Mining week and the current administration efforts to revive the
Current Solid Mineral Prices in Nigeria: Trends and Economic Implications
Nigeria’s solid minerals sector is shifting as global demand rises for resources like gold, tantalite, lithium, and limestone. Gold, in particular, has recently surged in value as a hedge against economic uncertainty, enabling Nigerian artisanal miners to sell at competitive prices. Lithium, increasingly sought after for electric vehicle batteries, is also experiencing a price boom,
Navigating Currency Challenges – Strategies for Nigerian Miners Amid Forex Instability
Nigeria’s mining firms are adopting various strategies to navigate the challenges posed by foreign exchange (forex) instability. This volatility, particularly with the Naira’s depreciation, has increased operational costs, making it challenging for companies to manage expenses tied to imported machinery and materials. To sustain growth and reduce financial risk, many mining firms are implementing both
Chinese Firms Commit Initial $500Million to Mining in Nigeria
A consortium of Chinese investors has pledged an initial investment of $500 million in Nigeria’s solid minerals sector, focusing on mining projects across Zamfara, Kebbi, and Nasarawa states. The commitment was made during an interactive session with the Senate Committee on Solid Minerals, where federal lawmakers assured the visiting delegation of strong legislative backing. The
Solid Minerals: Senate Courts Chinese Investors in Push for Economic Diversification
The Nigerian Senate has reaffirmed its commitment to economic diversification through the solid minerals sector, pledging to create an enabling legislative environment for foreign investors. This comes on the heels of a planned $1 billion investment by Chinese mining companies, starting with an initial $500 million spread across Zamfara, Kebbi, and Nasarawa states. Speaking during
Challenges Facing Nigeria’s Solid Minerals Industry and How to Overcome Them
Nigeria has many solid minerals, including gold, iron ore, limestone, lithium, and tantalite, spread across different states. However, despite this immense wealth, the mining sector remains largely underdeveloped, with the Mining & Quarrying sector contributing 7.72% to the overall GDP of the country in the third quarter of 2024, according to the National Bureau of
Exploring Nigeria’s Rich Solid Minerals and Their Economic Potential (II)
In the first part of this article, we discussed some key solid minerals in Nigeria, such as iron ore, gold, bitumen, coal, and lithium, which have the potential to boost the economy. These are only a small portion of Nigeria’s mineral wealth. In this second part, we will talk about other minerals like tantalite, copper,
RDI Commends Nigeria’s Value Addition Policy for Minerals
The Renevlyn Development Initiative (RDI), a prominent non-governmental organisation (NGO), has praised the Nigerian government for its 2024 policy aimed at adding value to the country’s indigenous minerals. In an interview with the News Agency of Nigeria, RDI’s executive director, Philip Jakpor, expressed strong support for the policy, which mandates companies seeking mining licences to
Nigeria’s Solid Minerals Sector: Progress and Challenges Under Tinubu’s Administration
When President Bola Tinubu assumed office on May 29, 2023, he pledged to diversify Nigeria’s economy and elevate its global standing. A critical component of this agenda is the revitalisation of the solid minerals sector. Despite Nigeria’s endowment with 44 commercially viable minerals, including seven critical for the global energy transition, the sector’s contribution to
Nigeria, World Bank Discuss Strategies to Advance Solid Minerals Sector
The Federal Government of Nigeria has intensified its efforts to boost the solid minerals sector by collaborating with the World Bank. Minister of Solid Minerals Development, Dr. Dele Alake, shared the progress of this partnership on Thursday via his official X account, highlighting a hybrid meeting with World Bank specialists. The discussion centred on Nigeria’s