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Nigeria’s solid minerals wealth valued at $750bn, says Alake
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The Minister of Solid Minerals Development, Dele Alake, disclosed on Monday that Nigeria currently possesses a deposit of mineral products worth $750 billion.
The minister revealed this at a two-day national stakeholders’ roundtable on sustainable development of the mining industry organised by the National Institute for Policy and Strategic Studies with the theme “Sustainable Development of the Mining Industry in Nigeria” in Abuja.
Alake, who noted that the government is working to ensure the country becomes an investor’s destination in solid minerals development, revealed that preliminary reports by a German firm, GeoScan, indicated that the nation is blessed with minerals worth a conservative amount of $750 billion.
The summit, organised in partnership with Bruit Costaud, was to brainstorm possible solutions to the issues faced in the mining sector.
Speaking in his address, Alake said the mining sector has the potential to contribute a large part of the nation’s goal of achieving a trillion-dollar economy, as pushed by the current administration.
He said this is the reason for the insistence on pursuing local value addition in products mined in the country.
He, however, said the availability of data is important to attract investors that will establish plants in Nigeria to process the minerals and create a multiplier effect on job creation and growth in the economy.
Alake said, “We are working with the World Bank, Excalibur and GeoScan, a German company, to get the necessary data on the sector. That is why the federal government signed a memorandum of understanding with Geoscan and they did a preliminary survey of our minerals on the output and potential. They gave us a figure of $750 billion worth of minerals embedded under the ground of Nigeria.”
“That is a conservative estimate; by the time we conduct a serious, accurate data exploration, we will discover that we have trillions of solid minerals embedded under. So, the president’s projection of a one-dollar economy is not a fluke. By the time we are done with all of these efforts, input and policies we are putting in place, trillions of naira will be a child’s play and we will be nudging trillions of dollars.”
According to him, the government was putting in place concrete measures that would shift attention away from fossil fuels to solid minerals as a way of generating revenue for the government.
Alake, while stating the ongoing reforms aimed at revitalising the sector, stressed the importance of preventing Nigeria from remaining solely a “pit-to-port” exporter of solid minerals, with processing and conversion activities outsourced to other countries.
He also said that communities, where solid minerals are extracted, must henceforth derive maximum benefit from solid mineral exploration.
The minister added that part of its reform is the establishment of the Nigerian Solid Minerals Corporation.
He disclosed that the Committee on Solid Minerals Development has initiated the enactment of an act of the National Assembly on the Nigerian Solid Minerals Corporation, which will be a private sector-led limited liability company with a clear mandate of engaging in the business of mining across the entire value chain from upstream to downstream.
He added that the company is expected to create some of the stability the sector requires and spur other private sector activity by catalysing investment inflow across the entire sector.
“When I first read this, a lot of people were taken aback and sceptic because what rang in their minds was NNPC, that is, we are going to establish something similar like NNPC, which is a quasi-government venture. But no, the proposed corporation is vastly different in nomenclature, structure and operation.”
He added that the establishment of the corporation is before the National Assembly and will be driven by the private sector.
“We are proposing 50 per cent of the equity entirely to the private sector, 25 per cent to Nigerians at large and 25 per cent to the government.”
“My objective as your Minister is to work to ensure that Nigeria becomes a mining destination for the first time in its history, and we are working to make this happen by alleviating bottlenecks and salient challenges that have plagued the sector over time, such as security, licencing problems, unclear community engagement/development frameworks, policy inconsistencies, illegal mining on existing licences, and others. With your support, we are committed to overcoming these challenges and putting Nigeria on the global mining map,” he stated.
During his address, Governor Abdullahi Sule of Nasarawa State commended the ongoing reforms and emphasised that private investment in solid minerals is crucial for driving growth in the sector.
He said lithium is the new gold, and Nigeria has an abundant supply of it, adding that the biggest lithium processing factory will soon be commissioned, processing 4,000 metric tonnes a day and transporting over a million tins of lithium a year.
Former Minister of Information, Lai Mohammed, said the brainstorming session is aimed at bringing key stakeholders in the mining sector from the private sector, government, and civil society together to discuss the current mining landscape in Nigeria and explore potential opportunities for investment facilitation and sectoral development.
The Director General of NIPSS, Ayo Omotayo, said the summit was organised to chart a way forward for the mining sector.
He said, “We must do all we can to take our country to greater heights by ensuring that the critical mining sector contributes its share of a 1 trillion dollar economy in the very few years ahead.
“The question is; Can we achieve the promise of a trillion-dollar economy if the mining sector performs optimally?”
News
Reaction as portal shows NDC candidate’s picture, opponent name
A leader of the Nigeria Democratic Congress and former Chief Whip of the Senate, Sir. Rowland Owie, has expressed dissatisfaction over the change of the name of the party’s candidate for the Edo South senatorial district in the 2027 general election.
The Independent National Electoral Commission portal had the picture of Sunny Aguebor as the senatorial candidate while it had the name Epelle-Asemota Bridgitte Osayuki as the candidate.
Reacting to the development in a telephone interview, Owie said Aguebor emerged as the candidate of the party in a primary election monitored by the INEC and alleged that a national officer of the party may be responsible for the current development.
Owie declared the development as fraud that would not stand, noting that Aguebor is the Edo South Senatorial candidate.
He said, “The truth is fraud cannot stand. The duly nominated candidate for Edo South NDC is Sunny Aguebor.
His primary election was monitored by the INEC and we have the CTC of his nomination from INEC.
“The party uploaded the information to INEC portal. What they were trying to do is to put that lady’s name but they couldn’t remove Aguebor’s picture.
“Whoever did it is a criminal, it is because we want peace in the party otherwise such a person should have been arrested. It is a criminal act. The NDC is a corrective party, we can’t be part of fraud.
“We have written to the INEC to make the necessary corrections. The person behind the fraud is a leader in the South South and we can get him arrested for forgery.”
When contacted, the state chairman of the party, David Olukoga said the party was still working with the INEC over the issue.
“Those are social media issues, when we are ready, we will publish our lists, we are not done with INEC, when we are done, they will give us our list and we will publish them,” he added.
News
Attacks: Kebbi gov convenes emergency security meeting
Kebbi State Governor, Dr Nasir Idris, on Wednesday convened an emergency security meeting to review the security situation in the state and strengthen measures aimed at addressing emerging security challenges in some communities.
The meeting, which brought together key security stakeholders, focused on reviewing and reinforcing existing security strategies to ensure a more coordinated and effective response to threats across the state.
Briefing journalists after the meeting, the Commissioner for Home Affairs and Internal Security, Haliru Wasagu, said the governor called the meeting as part of his administration’s commitment to protecting lives and property and sustaining peace across Kebbi State.
According to Wasagu, the discussions centred on fine-tuning the state’s security architecture and enhancing collaboration among security agencies to improve operational effectiveness.
“Our governor is fully committed to flushing out criminal elements and dismantling their hideouts. Anyone found engaging in criminal activities will face the full weight of the law,” the commissioner said.
He added that Idris had continued to intensify efforts to maintain peace, law and order, assuring residents that the government would not relent in confronting all forms of criminality.
Wasagu also appealed to residents to support security agencies by providing timely and credible intelligence capable of aiding the identification, arrest and prosecution of criminal elements.
“If members of the public remain vigilant and work closely with security agencies, the fight against crime will be more effective,” he said.
The commissioner further commended security personnel operating in the state for their dedication, professionalism and sacrifices in ensuring peace, stability and public safety, assuring that the state government would continue to support their operations.
News
Kano nabs fake health workers running illegal outreach
The Kano State Ministry of Health, in collaboration with the Private Health Institutions Management Agency, the Kano State Centre for Disease Control, and the Kano State Police Command, has arrested some suspects allegedly conducting an illegal medical outreach in Panshekara, Kumbotso Local Government Area, as part of ongoing efforts to protect the health and safety of residents.
The Public Relations Officer of the Ministry of Health, Nabilusi Abubakar, confirmed the arrest of the suspects in a statement on Wednesday.
According to the statement, the arrest of the suspects followed credible intelligence received from vigilant members of the public regarding the unauthorised medical activity.
“We acted immediately upon receiving the report. A joint team from the Ministry of Health, PHIMA, and KNCDC was deployed to the location, leading to the arrest of the suspects.
“We subsequently contacted the Kano State Police Command, and the suspects are currently in police custody at the Bompai Headquarters for further investigation,” the Commissioner for Health, Abubakar Yusuf, was quoted as saying.
Yusuf explained that the suspects were found operating under the name Brother Paul Legacy Foundation, a purported non-governmental organisation, where they were distributing registration cards bearing the organisation’s name and collecting money from unsuspecting members of the public under the guise of providing medical services.
He further revealed that preliminary investigations conducted by officials of the Ministry of Health, PHIMA, and KNCDC established that the mastermind and the other suspects were neither qualified health professionals nor possessed any recognised health-related certification.
According to the commissioner, the registration cards issued by the suspects, which bear an address in Karu Local Government Area of Nasarawa State, falsely promised “free treatment” in an apparent attempt to lure unsuspecting victims into the illegal operation.
Yusuf urged residents to remain vigilant and refrain from patronising unlicensed individuals or self-acclaimed healthcare providers, emphasising that medical services should only be sought from government-approved health facilities and duly licensed healthcare professionals.
He also commended the state police command, under the leadership of the Commissioner of Police, Ibrahim Bakori, and his officers for their decisive intervention.
He further commended the public-spirited individuals whose timely report led to the arrest of the suspects, describing their action as a demonstration of the vital role citizens play in safeguarding public health.
The commissioner called on members of the public to promptly report any suspicious or illegal medical activities to the appropriate authorities, reaffirming the Kano State Government’s unwavering commitment to eliminating quackery, protecting lives, and ensuring that healthcare services across the state remain safe, ethical, and professionally regulated.
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