Austin Menegbo
Nigeria’s mineral potential has been mentioned for many years. From gold and limestone to lithium, the nation’s huge mineral deposits might assist manufacturing, create jobs and cut back dependence on oil. But turning these sources into commercially viable operations is a protracted and demanding course of.
The problem isn’t 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 staff and the belief of host communities. Delivering these situations requires stakeholders with totally different priorities and duties to work in 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 gives a sensible instance for understanding what the Nigerian mineral business has achieved and what it can 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 business 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 programs 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 guardian 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 growing native expertise can assist business operations whereas increasing alternatives for Nigerians to take part within the mining business.
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 situations 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 business. Although mining is primarily a federal duty, operators should have interaction with many establishments throughout the lifetime of a venture – from land entry and environmental approvals to taxation, immigration, energy, commerce and group relations. Overlapping necessities, unclear procedures, and unpredictable timelines can complicate venture growth and make funding choices tougher.
Investors can assess demanding technical necessities and rigorous requirements, however uncertainty is tougher to handle in a capital-intensive business the place initiatives 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 applicable financing can be important. Commercial mines require substantial spending on feasibility research, infrastructure, gear and personnel earlier than producing income. Operators should present credible venture data and strong growth plans, whereas nearer engagement with financiers can enhance understanding of mining dangers and assist viable initiatives safe capital.
The financial advantages of mining should prolong past extraction. A stronger sector ought to create alternatives for Nigerian suppliers, service suppliers, processors and producers. Building technical experience, bettering entry to specialised gear and strengthening native provide chains might 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 have to 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 subsequently is dependent upon addressing these challenges collectively reasonably than treating them as separate points.
Mining Week and Stakeholders Engagement
This is the place platforms similar to Nigeria Mining Week change into helpful, bringing authorities, operators, buyers, service suppliers, communities, and civil society into the identical dialog to match experiences, determine shared challenges, and discover sensible options.
The authorities might set coverage and regulatory route, however operators perceive the sensible realities of growing and operating mines. Investors and monetary establishments deliver views on capital and threat, 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 enable 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 duties for turning choices into motion. Such engagement might help resolve challenges earlier than they change into disputes or stalled initiatives.
Segilola’s expertise demonstrates that Nigeria’s mineral potential will 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 similar 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 direction of growing sensible options. Progress will finally be measured by whether or not these conversations translate into higher situations for present 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)
