By Nnasom David

Veriv Africa, a research and advisory company, has explained how Nigeria can unlock its mining potential amid global shift.

This was contained in a recently released a whitepaper titled “Mining the Storm: An In-depth Look into Nigeria’s Mining Sector.”

The report offered a deep dive into the evolving landscape of Nigeria’s mining industry and the immense potential it holds in driving the country’s economic diversification and energy transition goals.

The report explores how the global shift toward green energy has heightened demand for critical minerals such as lithium, gold, and nickel – positioning Nigeria as a potential growth hub if structural and regulatory challenges can be addressed.

Despite its vast mineral wealth, the mining sector’s contribution to national GDP remains under 1%, far below its performance in the 1960s and 1970s.

Speaking on the whitepaper, Victor Igono, Senior Research Associate at Veriv Africa and Lead Author of the report, stated:

“Nigeria’s mining sector is sitting on a wealth of opportunity. What’s 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.”

The whitepaper thoroughly analyzes the existing regulatory frameworks, including the Nigerian Minerals and Mining Act (2007) and the Mining Regulations (2011).

It also acknowledges 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.

However, the report pinpoints several persistent challenges, including inadequate geological data, regulatory uncertainty, insecurity, and limited financing.

To overcome these, the paper outlines several actionable recommendations for reform. Specifically, Veriv Africa calls for enhanced geological mapping and data sharing, strengthened environmental and governance standards, the creation of bespoke mining finance instruments, formalization of artisanal mining operations, and improved security coordination within mining regions.

The paper also spotlights 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.