Plans are underway by the Geological Society of Nigeria (GSN) to bring together critical stakeholders to discourse the strategic importance of the government’s commitment to the exploration of mineral resources in the country
The roundtable, which is the first of its kind in the country, aims to attract foreign investment to unlock Nigeria’s mineral resources, which the World Bank estimated to be worth between $700 billion to $1 trillion.
The President of GSN, Mr Uba Sa’idu Malami, who stated this in Abuja, added that the roundtable will bring together local and international experts, as well as key stakeholders such as the Africa Finance Corporation (AFC), PwC, the Nigerian Geological Survey Agency (NGSA) and the Solid Minerals Development Fund (SMDF).
According to him, the goal is to emphasize the role of the government in leading mineral exploration and attracting foreign investors to the mining sector, similar to the approach taken by countries like Canada, Australia, and South Africa.
Malami stressed the importance of using reliable exploration methods and generating accurate geoscience data to attract Foreign Direct Investment (FDI).
He emphasized that the lack of robust data on Nigeria’s mineral resources, especially critical minerals, is a significant obstacle to mining investment in the country.
He explained that while the previous administration’s efforts at boosting investment in mineral resources exploration through the National Integrated Mineral Exploration Project (NIMEP) have been commendable, more intentional commitment from the government is needed to promote data sourcing, similar to the approach taken in the oil and gas industry.
Malami also stressed the need for proven reserves and detailed exploration practices in line with industry standards.
He mentioned that having proven reserves add value to Nigeria as a country. He called for the current administration to make a lead commitment to the exploitation of the country’s mineral reserves and emphasized the importance of an articulate document that provides clear information for negotiations with potential investors.
The GSN Mining Roundtable aims to advocate for professionalism in mineral exploration by focusing on the production of high-value geo data reports. Geologists play a significant role in mining, as they are trained to execute geological exploration tasks. The roundtable will bring together stakeholders to discuss global best practices and learn from countries with developed mining regimes, such as Canada, Australia, and South Africa.
He added that the roundtable seeks to create a platform for discussion and collaboration that will benefit Nigeria and attract foreign investors to the mining sector.
