The operator of Nigeria’s first large‑scale commercial gold mine, Segilola Resources Operating Limited (SROL), says Nigeria’s solid minerals sector is not just promising, it is genuinely “investable” and “profitable.” The statement comes from Mr. Austin Menegbo, Country Manager for SROL, delivered in his keynote address at a recent Nigeria‑South Africa Chamber of Commerce breakfast session themed “Unlocking Africa’s Hidden Wealth: Mining as a Catalyst for Bilateral Investment.”
Menegbo shared his long journey with Segilola: “I have been part of the Segilola journey for sixteen years and have watched different owners come and go. The gold was always there; the challenge was never geology. It was capital and conviction: who would have the courage to invest and stay the course?” He admitted that raising funds for this kind of pioneering project was tough. However, that difficulty itself drew in multilateral investors, technical partners, and local stakeholders, ultimately proving that the sector is viable. “International financiers, technical partners, and local stakeholders came together, demonstrating that Nigeria’s solid minerals sector is not just promising; it is investable and profitable.”
Yet Menegbo cautioned that capital alone isn’t sufficient. He emphasized the importance of trust with regulators, host communities, and the workforce. Looking ahead, Segilola plans to expand from near‑mine exploration into greenfield prospects, signaling confidence in Nigeria’s mining potential.
He pointed out critical infrastructure limits: frequent national grid collapses force reliance on costly diesel power, poor roads in remote mining areas inflate logistics costs, and water scarcity impedes processing and operations. To reduce these burdens, Segilola is transitioning from diesel to compressed natural gas energy, yielding both cost and carbon emissions savings.
Menegbo also urged the formalization of artisanal mining, as envisaged by Nigeria’s mining law, suggesting that it’s time to operationalize this segment. He noted that other African countries are already adopting that model.
In sum, Menegbo’s address frames a bold case: with the right support, Nigeria’s solid minerals sector could become a beacon of investment and profitability.
