There are seven 7 strategic solid minerals that are being prioritized and promoted for private sector participation and investment by the Federal Government of Nigeria. The selected solid minerals are gold, coal, bitumen, limestone, iron ore, lead/zinc and barytes.
1. GOLD: There are proven reserves of both alluvial and primary deposits of gold in commercial quantities spread across several parts of suprascrustal (schist) belts -in Maru, Anka, Malele, Tsohon Birnin, Gwari-kwaga, Gurmana, Bin Yauri, Okolom-Dogondaji and Iperindo areas – in the northwest and southwest of Nigeria. There are also a number of smaller occurrences beyond these major areas.
2. COAL: Nigerian Coal is one of the most bituminous in the world owing to its low sulfur and ash content, as well as, environmental friendly. There are nearly 3billion tonnes of indicated reserves in 17 identified coalfields and over 600 million tonnes of proven reserves. In short, there is an abundant coal deposit in the country to power the coal-power plants that can contribute up to 30 per cent to the nation’s power generation by year 2020.
3. BITUMEN: The occurrence of Bitumen deposits in Nigeria is indicated at about 42 billion tonnes almost as twice the amount of existing reserves of crude petroleum. When fully developed, the industry will no doubt meet local requirements for road construction and also become a foreign exchange earner for the country.
4. LIMESTONE: Limestone occurrences are reported in almost all the 36 States of the Federation with extensive deposits in Sokoto, Gombe, Benue, Kogi, Edo, Oyo, Ogun and
Cross River States These deposits are supporting active lime and cement plants in the country. The resource base of the known limestone deposits is about 2.3 trillion metric tonnes with 568 million tonnes of proven reserves.
5. IRON ORE: Nigeria currently has the 12th largest iron orereserves in the world. There are over three (3) billion tonnes of iron ore found in Kogi, Enugu, Niger, Zamfara and Kaduna States for possible manufacturing of iron and steel.
6. LEAD/ZINC: An estimated 10 million tonnes of lead/zinc veins are spread over eight States in Nigeria. Joint venture partners are encouraged to develop and exploit the various lead/zinc deposits all over the country.
7. BARYTE AND BENTONITE: The Nigerian baryte had specific gravity of about 4.3. There is an estimated reserve of over two million {2,000,000} metric tonnes of barite ore scattered in different parts of the country; especially in Benue, Nassarrawa, Plateau and Cross River States. Similarly, over 7.5 million tons of baryte have been identified in Taraba and Bauchi States. Large bentonite reserves of 700 million tonnes are available in many States of the Federation and are available for massive development and exploitation.