Connect with us

Business

Nigeria risks future mineral imports, geophysicists warn

Published

on

As the Federal Government intensifies efforts to attract investment into Nigeria’s vast mineral resources and halt the export of raw ores, exploration geophysicists on Monday raised concerns that the country could one day be forced to import minerals it is currently extracting and exporting if strategic deposits are not deliberately conserved.

The warning came as the Minister of Solid Minerals Development, Dele Alake, said the Federal Government was strengthening geoscientific data, mineral exploration and professional capacity to transform the mining sector into a major pillar of Nigeria’s economic diversification.

The Nigerian Association of Exploration Geophysicists, however, argued that the push for value addition and increased mining must be matched by a national conservation policy to protect selected high-grade and strategic mineral deposits for future generations and Nigeria’s long-term industrial development.

The contrasting but complementary messages emerged at the 4th Annual International Conference and Training Workshop of the association in Abuja, where professionals examined the role of geophysics in resource exploration, environmental management and infrastructure development.

conference, themed “Geophysics: A Critical Driver in Resource Exploration, Environmental Management and Infrastructural Development,” also featured discussions on artificial intelligence, machine learning, groundwater assessment, geotechnical engineering, policy, investment and capacity building.

Alake, who was represented by a Director at the Nigerian Geological Survey Agency, Hadiza Godi, said geophysics was more than an academic discipline, describing it as a critical tool for discovering Nigeria’s underground wealth and supporting sustainable national development.

The minister said, “Geophysics is not just an academic pursuit; it is the master key that unlocks our underground wealth, protects our ecosystem, and secures the foundation of our national infrastructure.”

See also  PHOTOS: Unilever Nigeria Upgrades Facilities at Local Government Primary School, Elero-Igbesa, Ogun State

He said the Federal Government had made the generation of reliable geological and geophysical information a central part of its mining reform agenda because credible data remained critical to reducing uncertainty and attracting investment.

According to him, “Accurate and reliable geoscientific data is the ultimate bedrock of mining investment.”

Alake said the ministry, through the NGSA, had expanded geological mapping and undertaken targeted high-resolution airborne geophysical surveys as part of efforts to improve knowledge of Nigeria’s mineral endowment.

He said the exercise had led to the identification of deposits of minerals considered critical to the global energy transition, including lithium, graphite, copper, manganese and rare earth elements, alongside iron, lead, zinc and aluminium.

The minister said, “Through the Nigerian Geological Survey Agency, we have executed targeted high-resolution airborne geophysical surveys and extensive field mapping. We have successfully identified major deposits of critical transition minerals and supporting minerals such as lithium, graphite, copper, manganese, the REEs, as well as the traditional to transitional bridge minerals like iron, lead, zinc, and aluminium.”

But as the government seeks to unlock these resources, the President of NAEG, Akin George, cautioned that Nigeria must avoid a situation where the rush to mine and process minerals leaves future generations without access to strategically important deposits.

George acknowledged the Federal Government’s policy on local value addition, noting that it represented a departure from the long-standing practice of exporting minerals in raw form.

He said, “It is on record that the Ministry of Solid Mineral Development has made mandation for any investor that wants to mine minerals in Nigeria to subject such minerals to value addition. In other words, no mineral leaves the shores of this country without value addition.”

See also  Tinubu unveils tax calculator to show impact on incomes

“This concept of value addition shall yield positive results if strictly adhered to. We are aware that investors have started establishing mineral processing plants in almost all the six geopolitical zones of the federation, which shall definitely create more jobs for our teeming youth in the future.”

However, the NAEG president said local processing alone should not become the sole measure of success in Nigeria’s mining policy.

He warned that minerals were finite resources and that the country needed to determine which deposits should be mined immediately, which should be developed for domestic industrial use and which should be preserved as strategic reserves.

He said, “It is well known that Nigeria is endowed with over 34 vast, varied solid mineral resources, spread in about 450 different locations across the 36 states of the federation, including the FCT. It may surprise you to state here that mineral resources are not replenishable commodities. Once mined or taken away, they are not replenished.”

The NAEG president therefore called for a national conservation policy for strategic minerals, particularly as Nigeria accelerates efforts to attract local and foreign capital into the mining sector.

He particularly called for the conservation of selected high-grade deposits of lithium and chromite, as well as other strategic minerals such as uranium, platinum and bauxite where they are found in commercially viable quantities.

On his part, the Executive Secretary of the Petroleum Technology Development Fund, Prof Shehu Ahmed, who was represented by a manager in the fund, Wasiru Ahmed, said the PTDF would continue to support the development of indigenous capacity through training, research, knowledge transfer and mentorship.

See also  Dangote Refinery stops sales to unregistered marketers

Also speaking, a former Minister of Mines and Steel Development, Prof Musa Sada, commended the association for sustaining professional collaboration and stressed the importance of continuous learning in an industry increasingly shaped by technological changes.

Other speakers, including representatives of the Nigerian Mining and Geosciences Society, the Miners Association of Nigeria and the NGSA, called for stronger collaboration among professional bodies and improved archiving of exploration data, samples, drill logs and technical reports.

The conference also paid tribute to the Chairman of the NAEG Board of Trustees, Prof Deborah Ajakaiye, for her pioneering contributions to geophysics and her role in training generations of Nigerian geoscientists.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

ARE NIGERIANS BUILDING CHINA’S ECONOMY WHILE NEGLECTING THEIR OWN?

Published

on

While other nations are busy producing, manufacturing and exporting, Nigeria must ask itself a difficult question: Are we building our own economy, or simply creating a bigger market for other countries?

Nigeria has a huge population, abundant natural resources and a massive consumer market. Yet the country continues to depend heavily on imported finished products—from electronics and clothing to machinery, household goods and other consumer items.

The issue is not simply about Chinese businesses or businesses from any other foreign country operating in Nigeria. Foreign investment can bring capital, technology, jobs and expertise.

The bigger issue is whether **Nigerian businesses are being given the opportunity and support to manufacture competitively at home.

Instead of remaining primarily a consumer of finished products, Nigeria needs to strengthen its manufacturing sector and move further up the value chain.

Nigeria needs to produce, not just consume.

A stronger manufacturing economy could help Nigeria:

* Create more jobs for Nigerians
* Add value to locally available raw materials
* Develop industrial skills and technology
* Reduce excessive dependence on imported finished goods
* Build competitive Nigerian companies
* Increase the country’s ability to export

The goal should not be to drive legitimate foreign businesses out of Nigeria. The goal should be to build an economy where **Nigerian manufacturers can compete, grow and eventually take Nigerian-made products to markets around the world.

The question Nigerians should be asking is simple:

**Why should Nigeria remain one of the world’s biggest markets for finished products when we have the potential to manufacture many of them ourselves?

See also  Tinubu unveils tax calculator to show impact on incomes

🇳🇬 **Nigeria must move from being predominantly a consumer nation to becoming a stronger producer, manufacturer and exporter.

What do you think?

Which products should Nigeria prioritize for local manufacturing instead of relying heavily on imports?

Share your thoughts in the comments.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

ICRC defends toll pricing on highways

Published

on

The Infrastructure Concession Regulatory Commission has defended the toll pricing structure under the Highway Development and Management Initiative, saying charges are evaluated against the quality and benefits of the upgraded roads.

In a statement made available to PUNCH Online on Thursday, the Director-General, Dr. Jobson Ewalefoh, cited the 227-kilometre Akwanga–Makurdi road corridor as an example.

He said the route has four toll gates, and motorists pay as they travel along it.

He argued that toll payments should be viewed against the previous costs imposed by the poor condition of the road, including lost man-hours, vehicle damage and accident risks.

Feedback from road users, he said, shows many motorists are willing to pay tolls where they see clear improvements in road quality.

Some drivers have expressed support for similar arrangements on other major corridors if the roads are upgraded to the same standard.

“That, to me, is the beauty of a well-structured PPP,” Ewalefoh said.

He explained that negotiators carefully consider toll pricing to keep charges fair. A portion of the revenue is set aside specifically for road maintenance. Under the concession agreements, the government does not bear additional maintenance costs for the duration of the contract.

The government must repair potholes within 48 hours, and it funds major routine repairs from the dedicated toll revenue.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

See also  FG to give Nigerian shipowners $25m each under new shipping fund
Continue Reading

Business

Nigeria raises N748.6bn from FGN bonds as rates ease

Published

on

The Federal Government raised N748.64bn from its September 2026 domestic bond auction, with investors showing strong demand for both the newly issued 10-year instrument and the reopened 15-year bond.

The Debt Management Office allotted N288.83bn from the N400bn offered on the 10-year FGN bond at a marginal rate of 16.79 per cent.

Investors submitted bids worth N546.90bn for the 10-year paper, pushing demand 36.7 per cent above the amount offered.

The stronger demand for the new 10-year instrument came alongside a moderation in the yield compared with recent borrowing levels, suggesting some improvement in investor appetite for longer-dated government securities.

For the 15-year FGN bond, which was offered as a N600bn reopening, investors submitted N947.83bn in bids.

The DMO allotted N460.01bn from the reopening at a marginal rate of 16.85 per cent, significantly below the 17.79 per cent rate recorded at the previous auction.

Overall, investors sought N1.49tn across the two securities, representing about 49.5 per cent more than the N1tn offered by the DMO.

However, the debt office allotted N748.64bn, leaving about N746.59bn of the bids unaccepted.

The auction results indicate that while demand for Nigerian government securities remained strong, the DMO was selective in determining the volume of debt to issue.

The decline in the marginal rate on the 15-year bond also points to a gradual easing in investors’ required returns on longer-term government debt, although borrowing costs remain elevated.

The latest auction comes as the Federal Government continues to rely heavily on the domestic debt market to finance its fiscal requirements and manage its debt portfolio.

See also  FG borrows N5tn from bond market in six months

The outcome of the auction will also be closely watched by investors in the secondary bond market, where movements in government bond yields influence pricing across fixed-income assets, including treasury bills, corporate bonds and other debt instruments.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending