Solid Minerals Development in Parts of Southwest Nigeria – in the Light of Recent Reforms

Abstract

Aims: It is the intention of the authors to through this paper; evaluate the current situations in Nigeria by highlighting the recent reforms in the solid minerals sector and how these reforms can help sustain viable mineral exploration and mining activities. This study aim at informing the investor in the solid mineral sector how these reforms promote good investment climate and ensure good Return on Investment. Methodology: We included results from international literature related to mining and investment (including World Bank and Fraser Institute publications), recent studies specific to the Nigerian context (including studies and activities carried out by the Nigerian Geological Survey Agency), interview data with key participants who represent global mining experts and, the author’s personal experience in exploration activities specific to Nigeria. Results and Conclusion: Mineral resources occurrence in Nigeria or any country transcends political boundaries. But the industry involved in its exploration and exploitation, thrives well in an enabling environment like; favourable economic, legal, political and technological regimes. In order to compete with other countries/ mining destinations advanced in the exploration and mining of solid minerals and to woo investors, the Nigerian/ Oyo State Government of have taken some steps so as to help create an enabling environment for the mining/mineral industry. (These include: Baseline Geochemical Mapping of the country covering about 90% of Oyo Sate; Airborne Geophysical Survey of Nigeria which covers 100% of Oyo State; Systematic Geological mapping of 1:50,000 of the major topographic sheets of Nigeria including Shaki, Igboho, Ikomu, Lechilaku, Oyo, Igangan, Ibadan, Ogbomosho and Igbeti ( NW,SW,NE and SE Sheets) all in Oyo State; Gold Exploration in Oyo State; Dimension stone project in SW Nigeria, including Oyo State; Nomination of structural zones for Gold vein mineralization, Kimberlitic fields and per-alkaline intrusive using Aerial Radiometric and Magnetic Data covering Oyo State. Evaluation of the recent mining policies of Nigeria from the global mining perspective and the expectations of the international mining audience, show that, Nigeria is in the process of being transformed into an irresistible mining destination for local and foreign investors.