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 assist manufacturing, create jobs and scale 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 initiatives require affected person capital, dependable infrastructure, technical experience, clear regulatory processes, expert employees and the belief of host communities. Delivering these circumstances requires stakeholders with completely different priorities and tasks to work in the direction of a standard objective.
The eleventh Nigeria Mining Week, held from October 12–14, 2026 on the Abuja Continental Hotel, offered a possibility to look at this problem. Segilola Resources Operating Limited (SROL) participated as a Diamond Sponsor and Delegate, contributing its operational expertise to conversations concerning the sector’s future. The firm’s journey gives a sensible instance for understanding what the Nigerian mineral trade has achieved and what it’s going to 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 yr of economic manufacturing in 2022, establishing the nation’s first business 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 trendy business 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 business operations, producing 91,910 ounces of gold in 2025. Its dad or mum firm, Thor Explorations Ltd, has repaid its debt facility with the Africa Finance Corporation (AFC) and has paid quarterly dividends to traders.
Local capability constructing has been one other necessary a part of this journey. With 99 per cent of its workforce Nigerian, Segilola demonstrates how growing native expertise can assist business operations whereas increasing alternatives for Nigerians to take part within the mining trade.
These milestones present that large-scale business gold mining is feasible in Nigeria. The subsequent problem is to construct on this basis and create the circumstances for extra initiatives to observe.
Why Mining Industry Needs Collaboration
If Segilola exhibits what is feasible, replicating and increasing that success requires an ecosystem able to supporting extra initiatives.
The first requirement is stronger coordination between authorities establishments and the trade. Although mining is primarily a federal duty, operators should have interaction with many establishments throughout the lifetime of a challenge – from land entry and environmental approvals to taxation, immigration, energy, commerce and group relations. Overlapping necessities, unclear procedures, and unpredictable timelines can complicate challenge improvement and make funding choices more durable.
Investors can assess demanding technical necessities and rigorous requirements, however uncertainty is more durable to handle in a capital-intensive trade the place initiatives could take years to generate income. Better coordination between establishments, supported by clearer approval processes and predictable timelines, would assist traders assess dangers and plan with larger confidence.
Access to applicable financing can also be important. Commercial mines require substantial spending on feasibility research, infrastructure, gear and personnel earlier than producing income. Operators should present credible challenge data and strong improvement plans, whereas nearer engagement with financiers can enhance understanding of mining dangers and assist viable initiatives 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, enhancing entry to specialised gear and strengthening native provide chains may help extra companies take part within the trade and retain larger financial worth inside the nation.
Equally necessary 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 tougher; 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 relies on addressing these challenges collectively somewhat than treating them as separate points.
Mining Week and Stakeholders Engagement
This is the place platforms reminiscent of Nigeria Mining Week develop into helpful, bringing authorities, operators, traders, service suppliers, communities, and civil society into the identical dialog to check experiences, determine shared challenges, and discover sensible options.
The authorities could set coverage and regulatory course, however operators perceive the sensible realities of growing and operating mines. Investors and monetary establishments carry views on capital and danger, whereas technical specialists, service suppliers, and host communities contribute data important to constructing viable and accountable operations.
However, remodeling 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, traders, host communities and civil society should all have a significant voice, with clear tasks for turning choices into motion. Such engagement may help resolve challenges earlier than they develop into disputes or stalled initiatives.
Segilola’s expertise demonstrates that Nigeria’s mineral potential might be translated into business 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 reminiscent of Nigeria Mining Week present an necessary alternative to carry these priorities collectively, enabling authorities, trade, traders and different stakeholders to maneuver past figuring out challenges in the direction of growing sensible options. Progress will finally be measured by whether or not these conversations translate into higher circumstances for present operators, larger confidence for potential traders, and extra alternatives for Nigerians to take part within the mining worth chain.
. Austin Menegbo is the Country Manager, Segilola Resources Operating Limited (SROL)
