Austin Menegbo
Nigeria’s mineral potential has been mentioned for many years. From gold and limestone to lithium, the nation’s huge mineral deposits may help manufacturing, create jobs and cut back dependence on oil. But turning these sources into commercially viable operations is an extended and demanding course of.
The problem will not be merely extracting what lies beneath the bottom however changing mineral wealth into lasting financial worth. Mining tasks require affected person capital, dependable infrastructure, technical experience, clear regulatory processes, expert staff and the belief of host communities. Delivering these circumstances requires stakeholders with totally different priorities and obligations to work in the direction of a typical purpose.
The eleventh Nigeria Mining Week, held from October 12–14, 2026 on the Abuja Continental Hotel, supplied a chance to look at this problem. Segilola Resources Operating Limited (SROL) participated as a Diamond Sponsor and Delegate, contributing its operational expertise to conversations in regards to the sector’s future. The firm’s journey provides a sensible instance for understanding what the Nigerian mineral business has achieved and what it would take to construct on that progress.
From Potential to Proof
Segilola moved Nigeria’s gold mining story from potential to manufacturing when it poured its first gold in 2021 and had its first full 12 months of business manufacturing in 2022, establishing the nation’s first industrial large-scale gold mine.
Getting there was not with out challenges. Construction coincided with the COVID-19 pandemic, bringing well being dangers, provide chain disruptions and logistical constraints. As a pioneer in fashionable industrial gold mining in Nigeria, the corporate additionally needed to develop native technical capability and set up the techniques required to function a contemporary mine. Overcoming these hurdles required funding, technical experience and coordination throughout a number of stakeholders.
Since commencing manufacturing, Segilola has sustained industrial operations, producing 91,910 ounces of gold in 2025. Its mum or dad firm, Thor Explorations Ltd, has repaid its debt facility with the Africa Finance Corporation (AFC) and has paid quarterly dividends to buyers.
Local capability constructing has been one other essential a part of this journey. With 99 per cent of its workforce Nigerian, Segilola demonstrates how creating native expertise can help industrial operations whereas increasing alternatives for Nigerians to take part within the mining business.
These milestones present that large-scale industrial gold mining is feasible in Nigeria. The subsequent problem is to construct on this basis and create the circumstances for extra tasks to comply with.
Why Mining Industry Needs Collaboration
If Segilola exhibits what is feasible, replicating and increasing that success requires an ecosystem able to supporting extra tasks.
The first requirement is stronger coordination between authorities establishments and the business. Although mining is primarily a federal duty, operators should interact with many establishments throughout the lifetime of a undertaking – from land entry and environmental approvals to taxation, immigration, energy, commerce and group relations. Overlapping necessities, unclear procedures, and unpredictable timelines can complicate undertaking growth and make funding selections more durable.
Investors can assess demanding technical necessities and rigorous requirements, however uncertainty is more durable to handle in a capital-intensive business the place tasks might take years to generate income. Better coordination between establishments, supported by clearer approval processes and predictable timelines, would assist buyers assess dangers and plan with higher confidence.
Access to acceptable financing can be important. Commercial mines require substantial spending on feasibility research, infrastructure, tools and personnel earlier than producing income. Operators should present credible undertaking info and strong growth plans, whereas nearer engagement with financiers can enhance understanding of mining dangers and assist viable tasks safe capital.
The financial advantages of mining should lengthen past extraction. A stronger sector ought to create alternatives for Nigerian suppliers, service suppliers, processors and producers. Building technical experience, bettering entry to specialised tools and strengthening native provide chains may also help extra companies take part within the business and retain higher financial worth inside the nation.
Equally essential is constructing lasting relationships with host communities. Meaningful engagement, native employment, employee security, and accountable environmental stewardship assist construct the belief and stability mining operations must thrive.
All these priorities are interconnected. Without regulatory certainty, funding turns into harder; with out technical capability, native participation is restricted; and with out accountable environmental practices and group confidence, the long-term viability of mining operations turns into unsure. Progress due to this fact will depend on addressing these challenges collectively somewhat than treating them as separate points.
Mining Week and Stakeholders Engagement
This is the place platforms akin to Nigeria Mining Week change into priceless, bringing authorities, operators, buyers, service suppliers, communities, and civil society into the identical dialog to check experiences, establish shared challenges, and discover sensible options.
The authorities might set coverage and regulatory course, however operators perceive the sensible realities of creating and operating mines. Investors and monetary establishments deliver views on capital and danger, whereas technical consultants, service suppliers, and host communities contribute data important to constructing viable and accountable operations.
However, reworking the sector requires sustained engagement past annual gatherings. A standing discussion board would permit stakeholders to trace agreed actions, handle rising constraints and draw on operational expertise to enhance coverage implementation. Government, operators, buyers, host communities and civil society should all have a significant voice, with clear obligations for turning selections into motion. Such engagement may also help resolve challenges earlier than they change into disputes or stalled tasks.
Segilola’s expertise demonstrates that Nigeria’s mineral potential could be translated into industrial manufacturing, native employment and sustained financial exercise. Replicating that progress, nonetheless, would require greater than the success of particular person operators. It will rely upon clear, predictable regulation; funding in technical capability and infrastructure; stronger native provide chains; and relationships with host communities constructed on belief and shared worth.
Platforms akin to Nigeria Mining Week present an essential alternative to deliver these priorities collectively, enabling authorities, business, buyers and different stakeholders to maneuver past figuring out challenges in the direction of creating sensible options. Progress will in the end be measured by whether or not these conversations translate into higher circumstances for current operators, higher confidence for potential buyers, and extra alternatives for Nigerians to take part within the mining worth chain.
. Austin Menegbo is the Country Manager, Segilola Resources Operating Limited (SROL)
