The Geological Society of Nigeria (GSN), says it plans to attract foreign investment and unlock Nigeria’s mineral resources estimated to worth between $700 billion to $1 trillion according to the World Bank.
Its President, Mr. Uba Malami, in a statement issued on Monday stated that the first-ever mining 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).
The roundtable, GSN, said will bring together stakeholders to discuss global best practices and learn from countries with developed mining regimes, such as Canada, Australia, and South Africa.
Malami 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.
The goal, he noted, is to emphasise 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, while highlighting the importance of using reliable exploration methods and generating accurate geoscience data to attract foreign direct investment (FDI), emphasised that lack of robust data on Nigeria’s mineral resources, especially critical minerals, is a major obstacle to mining investment in the country.
He explained that the previous administration’s efforts through the National Integrated Mineral Exploration Project (NIMEP), he added have been commendable, but more intentional commitment from the government is needed to promote data sourcing, similar to the approach taken in the oil and gas industry.