31/08/2023
WHERE TO INVEST IN NIGERIA IN 2024
Letâs start with stats:
i. âNigerias Mineral Resources is worth between $700bn-$Trillionâ-The Geological Society of Nigeria (GSN), via This Day, 4 July 2023.
ii. âNigeria has a gold reserve of 21.37 metric tons while (even the âgold mightyâ) Ghana holds 8.74 metric tons of goldâ-Business Insider Africa, 26 August 2023.
iii. âNigeria loses $9bn to gold smuggling annuallyâ-Femi Falana SAN, via Tribune, 18 August 2023.
iv. Nigeria is home to 37.1bn barrels of proven oil reserves. This will give the country another 43 years worth of oil revenues. Contained 5.1trn cu metres of natural gas, accounting for 2.7% of total global reservesâ-Oxford Business Group, 2016
v. âApart from petroleum, Nigeria's other natural resources include natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable landâ-OPEC, 2023.
vi. âThe ICT the sector contributed N21. 15tn to GDP in 2022, and N17. 78tn-NBS, via NCC, Q1 R, 2022.
vi. âSokoto has Mineral resources such as gold, limestone, gypsum, iron, copper, columbite, tantalite, zinc kaolin, laterite, red mills, phosphate both yellow and green, shade clay, sand etc., are available in commercial quantitiesâ-either untapped or unexplored-Daily trust, 2026, Sokoto State Government, (2023).
Mining to Tips:
1. The only sector that could challenge and possibly survive beyond the ICT, Digutal and Technological Ecosystem is that of the Solid Minerals and Natural Resources.
2. If you are already into a business as an entrepreneur or investor, go and study the Nigeria Minerans and Mining Act or engage a professional to put you through the processes, requirements and legal implications.
3. If youâre either an investor or a newcomer into the scene, make a considerable budget and take your time to study and explore potentials across the State, I will strongly recommend the Northwestern states, becuse they have huge untapped potentials.
4. If you have a âset asideâ, âsavings for investmentâ or a âwaiting to exploreâ capital that is up to N5m, you might need to consider âwisely investingâ into the sector, albeit professional advice from key players aroujd the industry.
5. Do your homework well before taking any action. Donât be in a ârushâ but do not delay your decisions because we are already heading to the last quarter of 2023. That sector is gonna boom and bang. Aim big.
6. Aim at becoming an integral player in the sector or even becoming a billionaire come 2024. Do not wait for anyone, do not wait for anything, so long as you have the desire, means, capital, capacity and ability to be a change maker.
See you soon at gold mine. I wish you all the best.
Bye for now.