According to Nigerian Investment Promotion Commission (NIPC), Nigeria has 45 different solid minerals buried in various locations across the country. But these minerals are largely untapped. Both local and foreign investors can leverage on this multi-billion-dollar market.
In its Economic Recovery and Growth Plan 2017 to 2020, the Federal Government of Nigeria declared that solid mineral sector is one of the fast-growing sectors of the economy. The recognition of this is a window opening for investors to tap into the promising sector in Nigeria.
The solid minerals deposits in Nigeria are worth several trillion-dollar market, yet Nigeria losses billions of dollars every year for importing things that can be produced locally using these items.
“The commercial value of Nigeria’s solid minerals has been estimated to run into hundreds of trillions of dollars. The domestic mining industry is underdeveloped, … leading to the importation of commodities that can be produced locally,” NIPC says in its document.
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