Geological roundtable to unlock $1trn mining potential

The Geological Society of Nigeria (GSN) has said that its upcoming roundtable will set an agenda for unlocking the over $1 trillion investment potential of the mining sector.

The President of GSN, Uba Sa’idu Malami, in a statement, said the aim of the roundtable scheduled for July 13, was to discuss the importance of the government’s commitment to exploring minerals in the country.

The statement reads in part: “The roundtable aims to attract foreign investment and unloack Nigeria’s mineral resources which are estimated to be worth about $700bn to $1trn according to the World Bank.’’

He highlighted the importance of using reliable exploration methods and generating accurate geoscience data to attract Foreign Direct Investment (FDI), adding that the lack of robust data on Nigeria’s mineral resources was a major obstacle to mining investment in the country.

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He, therefore, called on the current administration to make a lead commitment to the exploitation of the country’s mineral reserves and emphasised the importance of an articulate document that provided clear information for negotiations with potential investors.