Nigeria’s immense potential as a major mining hub in Africa will be on display at the upcoming Africa Mining Week conference. Taking place from October 1-2 in Cape Town, the event will connect global investors with Nigerian projects and investment opportunities.

Bitumen

According to the accounting firm KPMG, Nigeria holds 42.47 billion tons of probable bitumen reserves, the sixth largest in the world. Major reserves are located in Lagos, Ogun, Ondo, Rivers, Bayelsa and Edo States.

In May 2024, Owena Bitumen Exploration Nigeria Limited announced a $1 billion investment in partnership with European investors to develop bitumen exploration and production in Ondo State. With the resources largely untapped, the sector presents a huge opportunity for Nigeria to attract new investments and drive employment.

Limestone

With an estimated 10.6 billion tons of limestone, Nigeria holds one of the largest limestone reserves in Africa. According to Nigeria’s Ministry of Mines and Steel Development, these reserves are distributed across 14 states in the country.

Leveraging these resources has resulted in intensified job creation and economic diversification in Nigeria. Limestone in the country is used in cement production, with the Dangote Cement Company ranking as Africa’s largest cement production company.

Coal

Coal exploration in Nigeria has revealed vast reserves of the resource. Inferred resources are currently estimated at 2.75 billion tons, with major deposits found in Gombe, Kogi, Nasarawa and Enugu States.

Nigeria’s key coal projects include the Zuma Coal Mining Project. Operated by Zuma Energy Nigeria Limited, the project produces approximately two million metric tons of coal annually over a projected 25-year mine life.

Iron ore

The Itakpe mine in Kogi State is home to one of the largest iron ore reserves in Nigeria and globally, with an estimated 3 billion tons of iron ore containing 32% iron ore. Yet to be fully explored, iron has the potential to serve as a key driver of industrialization in the country. Iron ore from the Itakpe complex is processed to 67% purity and supplies the Aladja and Ajaokuta steel plants.

Gold

With 21.37 metric tons of gold, Nigeria ranks as Africa’s sixth-largest holder of gold reserves. Major deposits are located in Zamfara, Kaduna, Bauchi, Niger and Osun States, with additional reserves found in Kebbi, Kwara and the Federal Capital Territory.

Notable projects include Thor Exploration’s Segilola Mine, which produced 85,057 ounces in 2024. The mine is currently targeting a production of 95,000 ounces in 2025. Nigeria is also enhancing its gold value chain through initiatives such as the construction of the country’s first gold refinery by Kian Smith.

African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference from October 1 -3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com