The Economic and Industrial Potentials of Nigeria’s Mineral Endowments and Mineral Endowments by States. A review of the Economic And Industrial Potentials of Nigeria’s Mineral Endowments.
The Federal Government has identified the need to diversify the economy, due to the continued decline in the price of crude oil in the international markets, which has led the country into an economic recession in more recent times. Hence, the solid minerals sector was identified as one of the areas that could be further developed to boost the economy and generate the much needed jobs. As such, the mining sector Road Map was drawn up, through which the Federal Government has encouraged state governments in the country to establish special purpose vehicles (SPVs) to access mineral titles and engage in the active exploitation and mining of these minerals, whilst coordinating mineral buying centres, and processing these minerals, either directly or through joint venture (JV) operations with partners in the private sector.
Source; NGSA
Some states have already taken steps in this direction, even if these have not yet resulted in successful commercial ventures. Some minerals could be harnessed toward rapid industrialisation by the government and business communities. This can be categorised on the basis of usage/sector:
1. Precious stones, which include emerald, sapphire, topaz and tourmaline;
2. Metallic ore minerals, comprising gold, columbite, iron ore, copper and cassiterite, etc.;
3. Energy minerals, such as bitumen, coal and uranium;
4. Industrial and minerals, including lithium, cobalt, limestone, gypsum, barite and kaoline;
5. Construction minerals like laterite, granite and gravel.
Source; NEITI 2020
Editorial Consultant: Professor Gbenga Okunlola
The Report Of The Survey Of The Solid Minerals Landscape & Endowments In Nigeria is available to view here
There is no doubt that Nigeria is endowed with a rich geology that supports a variety of mineralisation that can be harnessed on a commercial basis. This is able to lead the economic diversification efforts of the Federal Government, contribute sustainably to national economic growth, while becoming an expanding source of job creation in Nigeria. While the extractive sector is capable of making significant contributions to a nation’s economy, the need for an understanding of the country’s mineral endowments and attendant appurtenances for holistic utilisation and development, is also necessary. This will ensure that the real owners of the endowments, which are ultimately the people, are able to maximally benefit.
The report has been able to show that all the states of the Nigeria are richly endowed with various mineral resources. It is hoped that this information would encourage the various stakeholders in the extractive industry to seek out these potentials, with the private sector, governments, local and international investors, hopefully looking inwards to invest in the country’s solid minerals sector.
Also, the study has provided a strong basis for the preliminary assessment of the expectations of returns from Nigeria’s solid minerals sector, as exploitation and revenue accrues therefrom, and ultimately its immediate and potential contributions to the nation’s Gross Domestic Product. Read More
Understanding Solid Minerals Law and Taxation
The publication,“Understanding Solid Minerals Law and Taxation” is essential to the current and prevailing economic situation in Nigeria, with the growing emphasis on the development of the solid minerals sector of the Nigerian economy. The increased economic activities prompted by the reforms introduced by the Federal Government through the Ministry of Solid Minerals has made it imperative for stakeholders to understand the tax laws applicable to these activities with the view to driving effective compliance. The responsibility of enlightening relevant stakeholders is a duty the Institute will not fail to bequeath to the industry.
This book is an effort to explain in details, the mines and solid minerals industry in Nigeria as a major segment of the extractive sector of the Nigerian economy. The conceptualization behind this is to fully understand the analysis of mines and solid minerals industry, the legal framework of mines and solid minerals, the role of institutional and regulatory bodies on mines and solid minerals, Nigeria's fiscal regime in mines and solid minerals and lessons from the fiscal regime in mines and solid minerals in selected economies in Africa.
