Harnessing Nigeria's solid mineral potentials

Nigeria's solid mineral potential has come into focus as the country explores ways to attract foreign direct investment and maximize the value of its mineral deposits. The Nigerian government recently valued the country's mineral deposits at a staggering $700 billion, indicating a vast potential for growth in the sector. Cyril Azobu, Partner and Mining Leader at PwC, discussed the topic in a recent interview with CNBC Africa. Azobu acknowledged the significant mineral potential in Nigeria's mining industry, although he emphasized the need for more accurate data to quantify the extent of the mineral resources. He expressed confidence in the abundance of minerals within the country and agreed with the government's assessment of the sector's potential. One key area of focus for Nigeria is attracting foreign direct investment (FDI) to the solid minerals sector. Azobu highlighted the importance of creating a conducive environment for stakeholders and investors, including addressing issues like security and illegal mining. He commended the government's efforts to improve data collection and valuation methods to attract potential investors. The establishment of a Solid Minerals Corporation was also discussed as a potential vehicle to facilitate investments and partnerships in the sector. Azobu urged the government to learn from past mistakes, particularly in the oil and gas industry, to ensure the success of future initiatives. By leveraging private sector investments and fostering strategic partnerships, Nigeria aims to unlock the full potential of its mineral resources. Regulatory frameworks play a crucial role in providing confidence to investors and securing investments in the mining sector. Azobu noted that the current mining law in Nigeria is under review to address any regulatory gaps and enhance the investment climate. He stressed the importance of political will and consistency in implementing effective regulatory measures to drive sustainable investments. In conclusion, Azobu highlighted the significance of a value chain approach in the mining industry, emphasizing the importance of value addition and economic development. By prioritizing local participation and sustainable practices, Nigeria seeks to position itself as a key player in the global mining market. The country's solid mineral sector holds immense potential for growth and investment, signaling opportunities for both local and foreign investors.