The commercial value of Nigeria’s solid minerals has been estimated to run into hundreds of trillions of dollars. It has also been estimated that Nigeria loses about $40 billion annually in unexploited gold alone. The domestic mining industry is underdeveloped, currently accounting for only 0.5 percent of Nigeria’s GDP, and leading to the importation of commodities that can be produced locally.

With the global decline in oil prices, Nigeria is seeking to diversify its economy by building a stronger revenue base that would require a stronger performance of the solid minerals sector.