(Ecofin Agency) - The African Union says solid geological data is crucial for mining growth. It helps launch exploration programs and cuts investment risks.

Nigeria wants to tap into $700 billion in mining resources to reduce its reliance on oil and gas. To do that, the government is fast-tracking geological mapping of its land. This is key to attracting investors and lowering exploration risks.

Several deals are underway. In 2023, Nigeria partnered with Africa Finance Corporation and Xcalibur Smart Mapping to boost data collection. In late 2024, it signed a memorandum with France to fund geological surveys, upgrade labs, train staff, and foster cooperation between geological agencies. 

Just last week, Nigeria and South Africa agreed to deepen collaboration in mineral exploration. South Africa’s Mines Minister, Gwede Mantashe, said this will help Nigeria better assess its mineral wealth.

Up-to-date geological data is a game-changer for Nigeria’s mining sector. The African Union’s “Africa Mining Vision” report calls it a cornerstone for attracting mining investment across Africa.

"Geoscientific data and information generated in a systematic manner at the appropriate scales throughout Africa can significantly enhance the mineral prospectivity of the continent, increase private-sector investment in exploration and mine development..."

But so far, the recent deals with France and South Africa are just memoranda of understanding—no firm timelines or funding details have been shared.

The AU also stresses that good geological data alone will not drive a mining boom. A welcoming business climate, clear tax policies, and incentives are just as critical. 

Meanwhile, Nigeria’s mining sector remains tiny, contributing only about 1% to GDP in an economy still dominated by oil and gas.

This article was initially published in French by Aurel Sèdjro Houenou 

Edited in English by Ange Jason Quenum