Solid Minerals: Nigeria Dormant Wealth Awaiting Exploitation

For decades, Nigeria’s economic narrative has been predominantly tied to crude oil. However, beneath its terrain lies an equally compelling and under exploited opportunity—solid minerals. This sector, historically marginalized, is now undergoing a resurgence with the potential to reshape the nation’s economic future and strengthen its global competitiveness.

Current estimates place Nigeria’s untapped mineral reserves at approximately \$700 billion, underscoring the magnitude of the opportunity. Mining once contributed between 4–5% of GDP in the 1960s and 1970s, but the advent of oil relegated the sector to near obscurity, reducing its share to less than 0.3% of national output in recent years.

Today, with reforms gaining traction and international demand for critical minerals intensifying, the industry is re-emerging as a strategic growth frontier.

Geologically, Nigeria is one of Africa’s most endowed nations, with over 53 solid mineral types identified in commercial quantities across its 36 states and the Federal Capital Territory. This resource diversity provides a solid foundation for economic diversification and long-term resilience.

Bitumen Nigeria possesses the world’s second-largest reserves, estimated at 42 billion tons, primarily located in Ondo, Lagos, Edo, and Ogun States. These reserves present vast opportunities for infrastructure development, particularly in road construction and asphalt production, as well as export potential.

Coal, With nearly 3 billion tons of identified deposits and over 600 million tons proven, Nigeria’s coal—spread across Enugu, Kogi, Nasarawa, and Benue—is characterized by low sulfur and ash content, making it an environmentally favorable energy source with export prospects to Europe and Asia.

Iron Ore Reserves exceeding 3 billion tons are concentrated in Kogi, Enugu, and Niger States. Unlocking these resources could catalyze the growth of a competitive steel industry, reduce import dependence, and serve as a backbone for industrialization, with projects such as the Ajaokuta Steel Plant positioned as potential game-changers.

Limestone – With proven reserves of over 10.6 billion tons, limestone forms the foundation of Nigeria’s thriving cement industry. Major deposits in Kogi, Ogun, Ebonyi, and Benue States support both domestic infrastructure expansion and regional market supply.

Gold – Extensive deposits exist along schist belts in Zamfara, Kaduna, Osun, Kebbi, Niger, and Kogi States. Efforts to formalize artisanal mining and initiatives such as the Kano Gold Souq are laying the groundwork for a structured value chain, enhancing both production and trade.

The revitalization of Nigeria’s mining industry is more than an economic diversification strategy it represents a structural transformation capable of delivering inclusive growth, industrial capacity, and global competitiveness. With sustained policy consistency, investment in value-added processing, and transparent governance, Nigeria is well-positioned to become a leading mining hub in Africa and a strategic supplier to global markets.

The moment is opportune for Nigeria to redefine its economic identity not as a petroleum-dependent economy, but as a diversified powerhouse anchored on its vast mineral wealth.