Nigeria seeks economic diversification through solid minerals

Nigeria possesses at least 44 mineral deposits in commercial quantities across more than 500 locations. Analysts suggest that leveraging this vast mineral wealth offers an opportunity to reposition the economy and reduce the nation's heavy dependence on oil revenue.

Historically, a focus on the oil sector has left the solid minerals industry under-regulated, leading to issues such as revenue loss, environmental degradation, and corruption. Furthermore, there are links between illegal mining activities and the funding of banditry.

Efforts to develop the sector began in earnest during the administration of President Muhammadu Buhari with the 2016 Roadmap for the Growth and Development of the Nigerian Mining Industry. This roadmap addressed constraints such as inadequate geoscience data, poor infrastructure, and limited access to finance. Under President Bola Tinubu, the administration has emphasized economic diversification as part of a broader goal to grow Nigeria into a one trillion dollar economy by 2030.