By Ijeoma Olorunfemi
Veriv Africa, a research and advisory company, has highlighted the need for coordinated strategies to bridge gaps in the mining industry and boost the confidence of investors in the sector.
The company made the call following their research into the mining sector and release of white paper entitled, “Mining the Storm: An In-depth Look into Nigeria’s Mining Sector,” in Abuja.
The report revealed that in spite Nigeria’s vast mineral wealth, the mining sector’s contribution to the Gross Domestic Product (GDP), still remained below one per cent, far below its performance in the 1960s and 1970s.
The report offered a deep dive into the evolving landscape of Nigeria’s mining industry and the immense potential it held in driving the country’s economic diversification and energy transition goals.
It also explored how the global shift towards green energy had increased the demand for critical minerals such as lithium, gold and nickel, thereby positioning Nigeria as a potential growth hub if structural and regulatory challenges could be addressed.
The paper also highlighted investment opportunities in areas such as mining data acquisition, bespoke mining finance, equipment leasing, logistics and value-chain processing for minerals like lithium and gold.
The whitepaper analysed the existing regulatory frameworks, including the Nigerian Minerals and Mining Act (2007) and the Mining Regulations (2011).
Mr Victor Igono, Senior Research Associate, Veriv Africa, said that the mining sector was sitting on a wealth of opportunity.
“What is missing is a coordinated strategy that bridges data gaps, strengthens investor confidence and unlocks financing for operators across the value chain.
“With the right reforms, the sector could once again become a cornerstone of national growth,” he said.
Igono acknowledged key government initiatives aimed at bolstering the industry, such as the establishment of the Solid Minerals Development Fund, the Nigerian Solid Minerals Corporation and the Mining Marshals Unit, saying that proper implementation was required.
He added that they mirrored persistent challenges in the sector, including inadequate geological data, regulatory uncertainty, insecurity and inadequate funding.
According to him, to overcome these challenges, we need enhanced geological mapping and data sharing, strengthened environmental and governance standards.
He also called for the creation of mining finance instruments, formalisation of artisanal mining operations and improved security coordination within mining regions.
Igono said they remained committed to providing actionable insights and advisory support across Africa’s critical industries, including energy, infrastructure and mining.
“Veriv Africa is a research and advisory company dedicated to leveraging data, technology and domain expertise to transform data into actionable intelligence.’’(NAN)
Edited by Francis Onyeukwu
