The country needs to diversify its economy today more than ever because the worldwide demand for crude oil, which was once the nation’s main source of income, has decreased. There are many untapped natural resources that are dispersed over 36 States and the Federal Capital Territory (FCT).
Due to the decline in global oil prices, it becomes necessary for the federal government to put economic diversification measures into action. Taking advantage of these untapped mineral resources in Nigeria will ensure that the state government, don’t have to be overly reliant on federal funding for all initiatives, but can explore within their own borders for enormous natural resources that may be exploited.
Despite not having oil or as many natural resources as Nigeria, several developed countries with large economies include Singapore, China, and the United Arab Emirates. For survival, they are reliant on tourism, agriculture, and information technology. Even our neighbours nations, such as Niger, Togo, and Benin, which do not receive any oil revenue, are thriving economically. In this post, we provide a list of ten (10) major untapped mineral resources in Nigeria that can be used to entice foreign investors to the nation, and grow the country economically.
TOP 10 MAJOR UNTAPPED MINERAL RESOURCES IN NIGERIA
Here are the major resources that are untapped in Nigeria today.
Gold is a sturdy mineral, and the government should properly fund its exploration to assist the economy recover. In Nigeria, there are a few small-scale gold mining operations. Kwara, Bauchi, Ebonyi, Edo, Kaduna, Kebbi, Niger, Zamfara, and the FCT are among the places where it is present.
(lignite, sub-bituminous coal, and bituminous coal) is one of Nigeria’s major natural resources and the country’s oldest untapped supply of commercial fuel. Due to the discovery of oil and gas, diesel, natural gas, and hydropower are now used to generate electricity. According to information obtained by Economic Confidential, undeveloped lignite deposit locations with over 50 million tonnes include Oriu in the Southeast, Urnuezeala, Umuahia, Nnewi, and Oba in a 20 to 40 km wide strip across the Niger to Ogwashi, Asaba, Mgbiigliba, and Adiase-Uti in Delta State. Additionally, it is abundant in Benue State.
Columbite is a black mineral group that is an ore of niobium. It is a niobate of iron and manganese and has a sub-metallic lustre. For radio transmission valves and heat-sensitive detective devices, it is utilised as a steel alloy to provide weldable high speed steel. Columbite ore’s return on investment (ROI) is estimated to be between 10% and 15%. The states of Plateau, Kano, Kaduna, Bauchi, Kogi, and Nassarawa are where it is most common.
Direct crystallisation of seawater and the buildup of shell pieces are the two processes that give rise to limestone. Nigerian limestone ranges in specific gravity from 2.70 to 2.86 on average, making it a potential market for the country’s government to investigate. States like Borno, Sokoto, Cross River, and Benue contain significant amounts of limestone.
The government’s ability to discover tin ore will contribute to economic growth and provide jobs for Nigerians. Tin ore is produced and utilised to make electrical lead wires, tin oxide resistors, paint, paper, and ink. It is primarily found in Jos, Plateau State, where there are 10,546 tonnes.
The purest iron ore reserves have been found in Nigeria, especially those at Itakpe in Kogi State. To investigate, develop, and create iron and steel in Nigeria, the Ajaokuta Steel Company (ASCL) in Ajaokuta and the Delta Steel Company (DCL) in Aladja might be remodelled. Additionally, iron ore has been found in the states of Anambra, Bauchi, Benue, Delta, Edo, Kwara, Nasarawa, and Plateau.
After the Nigerian Uranium Mining Company (NUMCO) was shut down in 1996, the government neglected to explore the resources, which had a detrimental impact on the economy. Deposits of uranium can be found in states like Cross River, Adamawa, Taraba, Plateau, Bauch, and Kano.
Another natural resource that has the potential to provide millions of Nigerians with jobs is marble. It is widely used for architecture and sculpture in Nigeria. The FCT, Delta, Kogi, Kwara, Oyo, Plateau, and Rivers states are where it can be found.
Bitumen was first found in Nigeria in 1900, and it was initially explored in 1905. In the states of Lagos, Ogun, Ondo, and Edo, there are bitumen deposits. Conoco conducted a scientific and economic examination of the deposit and found that there are more than 13 billion barrels of oil in the bitumen and tar sands spread out over the country.
Last but not least, kaolin is a type of industrial material that is readily available in Nigeria in large quantities. Kaolin deposits are thought to be present in roughly 2 billion metric tonnes across the country, mainly in the states of Edo, Ogun, Nasarawa, and Plateau.