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Set Minerals
Investment Opportunities in the Mineral Sector in Nigeria
Nigeria is a Country blessed with abundant mineral deposits, which could launch her into being among the 20 leading economies of the world by the year 2020. The country has a large land surface area of 924,000km2 of varied topography. About one half of the Country, extending from the North central area to the South western part, formed during the pre Cambrian period (over 600 million years ago), are underlain by crystalline basement rocks, while the other half of the Country (the Niger Delta, Anambra, Chad basin, Sokoto embayment and the Benue trough) is covered by sedimentary rocks.
This geological setting favors the occurrence of a wide variety of minerals which could support diverse industries. Below is a list of major non-metallic minerals that are at various stages of exploitation for which any investor can tap into:
Coal, Limestone, dolomite, Marble, Talc, Granite, Phosphate, Clay, Kaolin, Gypsum, Barites, Trona, Bentonite, Silica sand, Magnesite, Bauxitic clay, salt.
The metallic component of these Minerals is not as developed as their non metallic counterparts. However, the following metallic minerals are currently being mined in Nigeria:
Tin, Columbite, Tantalite, Wolframite, Molybdenite, Thorite, Lead, Zinc, Gold, Iron ore.
The table below shows reserve estimates of some minerals in Nigeria. These estimates will assist any investor interested in this sector to be adequately informed on the situation on ground:
Table 1: Reserve estimates and lifespan of some major minerals in Nigeria.
Mineral Major market Reserve estimates (Tonnes) Estimated life
span (Years)
Cassiterite Export 100,000 10
Columbite Export n/a 30
Coal Local/Export 1.3 billion n/a
Lignite Local/Export 500 million n/a
Crude
Petroleum Local/Export 32 billion barrels 35
Natural gas Export 172 trillion cubic ft. 100
Bitumen/Tar
Sand Local/Export 40 billion barrels n/a
Lead,Zinc Export 1.5 million 20
Iron ore Local 2.3 billion n/a
Exploitation and involvement of foreign technical partners and other investors in this sector of the Nigerian economy will play a useful role in the following strategic industrial sectors:
- Construction
- Engineering (Iron & Steel)
- Chemical/Petrochemicals
- Agro-allied
- Information and communication technology
- Biotechnology
- Space technology
- Design, manufacture and installation of plants and machineries (Engineering)
Investors may be assisted by a number of institutions set up by the Government of Nigeria with mandates on different areas of mineral exploration, mining, processing, training, industrial promotion and advisory services. These institutions have enormous information and data that will assist any investor interested in the Country’s solid mineral sector. These agencies include: Geological Survey of Nigeria, Abuja; National Steel Raw Materials exploration Agency, Kaduna; National Ore mining Company; Nigerian Mining Corporation, Jos; Nigerian Coal Corporation, Enugu; National Barites Mining Company, Jos; Nigerian Kaolin Mining Company Ltd., Jos; National Metallurgical Development Centre, jos; National Research Institute for Chemical Technology, Zaria; National Metallurgical Training Institute, Onitsha; Raw Materials Research and Development Council, Abuja; National Institute for Oceanography and Marine Research, Lagos; National Water Resource Institute, Kaduna; 13 River Basin Development Authorities; Geo-Science Departments of Nigerian Universities and Polytechnics; Nigerian Building and Road Research Institute, Lagos; Federal Ministry of Environment, amongst others.
The solid mineral sector in Nigeria is yet to be fully exploited. This offers a great window of opportunities for serious investors to take advantage of, and make a worthwhile investment in this budding sector.
About the Author
Dr. Bolarinwa Olugbemi is an Entomolpgist, specialising in the ecology and behavior of Termites. His secondary area of interest is the development of Nigerian Raw Materials as inputs for the local industries. Poverty reduction as well as building capacity for small scale industries are also of interest.
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is there a store in melbourne that sells stuff you need to identify minerals?
im looking for things like a set of pens with different minerals on the end to see if it scratches the mineral you are trying to identify.
Try Miners Den, or Prospectors' Supplies in Sydney. They keep all sorts of interesting and useful stuff.
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