Nigeria is seeking South Africa’s expertise in the exploration of its solid mineral sector. Both countries have now signed a partnership in that regard.
The Nigerian government says boosting the sector will encourage its diversification drive away from oil.
South Africa, according to the Nigerian government, has a global reputation in mining, which it looks forward to tapping from the expertise.
Nigeria’s Minister of Mines and Solid Minerals, Dele Alake, says the partnership also includes the sharing of data and geological mappings.
The country, according to its Bureau of Statistics, has deposits of over 40 minerals in commercial quantities.
But the minerals sector, according to the tax and audit firm KPMG, contributes less than 1% to the country’s GDP, despite the huge potential.
Nigeria’s House of Representatives says illegal mining of the resources for export is part of the problem, adding that the country loses about nine billion dollars to the activities of illegal miners annually.
The government believes the partnership with South Africa will lead to a boost in exploration of the resources and increase its foreign exchange earnings.