‘Nigeria, Africa’s New Mining Destination’

Foreign investors at the 2010 International Convention, Trade Show and Investor’s Exchange on Thursday in Toronto-Canada described Nigeria as the new mining destination in Africa.

  This followed the presentation of the Airborne Geophysical  Survey data of the nation to delegates at the convention.

  The Tide’s source covering the conference reports that the survey, which covered two million line kilometre of magnetic gradiometer and radiometric showed the occurrence of  new mineralised zones in several parts of the country.

  The investors said that having exhausted other parts of Africa, the survey data would encourage them to invest in Nigeria, which they described as a virgin territory, and new destination.

  President of the U.S. based Global Exploration and Development Company  Benbella Ndive told the source that the survey data was a national treasure which would ensure the continued development of the sector.

  Ndive said that the occurrence of mineralised areas as indicated  by the survey would make  investment more attractive, and exploration easier.

  “The presentation of the airborne geophysical survey is fundamental to the development of mining and exploration in Nigeria. For over 40 years, Nigeria relied on oil and gas, and that led to mining companies investing more in Ghana, Bostwana, but with the data,  the geology is unique that will encourage investment in the sector , as explorers will have a better interpretation and understanding of the geology,”  he said.

  Also speaking, Mr Tom Jennemann of the American Metal Market, said that the  friendly legislation and policy instituted by the Nigerian government would attract and encourage private sector to invest in the sector.

  Jennemann urged the government to go beyond conferences and and conventions to market the sector adding, “ with this data, government should carry out wide spread campaign in major international media to create better understanding of the potentialities abound in the sector’’.

  According to him, some countries depend on only one or two minerals as their biggest export“ but Nigeria is blessed with many, it should be explored to the maximum’’.

  The  Director General of the  Nigerian Geological Survey Agency, Prof Siyan Malomo, said the response of the investors had been excellent.

  He said the Ministry of Mines and Steel Development decided to present the data in Canada because the convention was the largest gathering of world stakeholders in the industry.

“We have been collating data in the last two years.  We did not have this type of data,  and that is what investors need , so we have to come out to showcase what we have and let them  know  that we can compete with the countries they go to’’ he said. the source recalls that the survey was carried out in two phases,  with phase one covering 44 per cent of the country and phase two covered 56 per cent, and lasted for two years from 2007 to 2009.