Business

Nigeria To Spend USD123.5BN On Industrial Minerals Development

Published

3 years ago

June 9, 2023

444 Views

The Ministry of Mines and Steel Development has estimated that over USD 123.5 billion will be required for the development of the country’s industrial minerals over the next five years (2023-2028).

Project Coordinator, MinDiver, Dr. Sallim Salaam, who discloses this, said that Nigeria is richly endowed with over 30 industrial mineral types found in about 752 locations.

He said that these minerals are at different stages of development, from exploration to mining, adding that the
key participants in the industrial minerals sub-sector are artisanal and small-scale operators who exploit feldspar, trona, kaolin, talc, silica sand and dolomite for the chemical polymer and pharmaceutical industries.
” Others are quarry operators that mine and process granites, limestone, and marble as aggregates for the construction industry, cement, and lime production.

” Also included are barite and mica for mud drilling in the oil industry and phosphates for fertilizer production and soil liming.

“Generally, the local production of industrial minerals has steadily grown from 43,725,070 tonnes in 2016 to 78 454,628 tonnes in 2021.

” Even at this level of progress, Nigeria currently imports over 80 percent of its industrial minerals for the local industries.

” The Federal Government is determined to develop the available industrial minerals to stimulate industrial growth further and for import substitution, ” he said.

The estimated cost for implementing the actions described in the roadmap is 123.5 USD, to be spent over five years, the direct economic benefit obtained from the substitution of mineral imports covers this cost.

Related Topics:Industrial Minerals Development

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NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

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3 days ago

July 30, 2026

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The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

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The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

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July 30, 2026

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The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

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