AFRICA — Nigeria seeks mineral investment

Nigeria is seeking foreign investment to revitalize its mineral sector.

The West African nation is considered to be a single-product economy, with oil accounting for 90% of its gross domestic product. Mineral production is minimal, despite efforts to restructure and reform the economy.

The country is considered prospective for uranium and thorium, coal, iron, niobium and titanium, lead, zinc and tin, zirconium and a wide variety of industrial minerals. Little exploration has been carried out for gold, silver and most base metals.

Prior to 1995, conditions for investment in the minerals sector were viewed as prohibitive, owing to extensive regulation and an unstable political climate. However, conditions for foreign investment have improved through the implementation of laws to protect companies against nationalization and expropriation.