Unearthing the World's Wealth: A Global Race for Minerals and Nigeria’s Rising Role

By Ephraim Agbo

The world is locked in a silent but intense race—one not fought with weapons, but with drills, excavators, and trade policies. Beneath the earth's surface lies the true wealth that powers nations, from the gold that backs financial markets to the lithium fueling electric vehicles (EVs).

The distribution of these resources is far from equal. While some regions sit atop vast mineral wealth, others struggle with limited reserves or strict environmental policies restricting extraction. Africa leads in sheer quantity but faces challenges in harnessing its full potential. Meanwhile, Asia dominates production, South America controls copper and lithium, North America leads in technological mining, and Australia remains a global mining superpower.

Amidst this global competition, Nigeria—a country often defined by its oil wealth—is stepping into the spotlight as a rising mineral powerhouse. With a renewed focus on solid minerals, the country is looking to diversify its economy and play a larger role in the international market.

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Africa: The Sleeping Giant of Minerals (30% of Global Reserves)

Africa holds the largest share of the world’s mineral resources, at about 30%, yet much of its wealth remains untapped due to governance challenges, illegal mining, and infrastructure deficits. The continent is home to:

• Gold: Over 40% of global reserves, led by South Africa, Ghana, Mali, and Sudan.
• Cobalt: 60% of the world’s reserves, mainly in the Democratic Republic of Congo (DRC), essential for EV batteries.
• Platinum Group Metals (PGMs): Over 90% of global supply, primarily in South Africa.
• Diamonds: The DRC, Botswana, and Angola are major players in the diamond market.

Despite these riches, much of Africa's mineral wealth is exported as raw materials, leaving local industries underdeveloped. However, several nations are now pushing for resource nationalism—demanding more local processing and higher export tariffs on unrefined minerals.

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Nigeria: The Emerging Mineral Player

Nigeria has long been known for its oil wealth, but with fluctuating oil prices and a global push for cleaner energy, the country is turning to its vast solid mineral deposits. With over 44 commercially viable minerals, Nigeria has the potential to become an African mining hub. Some of its key minerals include:

• Gold: Found in Zamfara, Osun, and Niger states. Illegal mining and smuggling have been major challenges, prompting government crackdowns.
• Lithium: A recent discovery of high-grade lithium in Nasarawa and Kogi states has sparked global interest, positioning Nigeria for a role in the EV market.
• Tin and Columbite: Historically significant in Jos, Plateau State, Nigeria was once a leading tin exporter.
• Limestone: Used for cement production, with Dangote Cement leading the industry.
• Coal: Once the backbone of Nigeria’s energy sector in Enugu, coal remains a potential source for power generation.

With the government now offering tax incentives and pushing for foreign investment in mining, Nigeria could soon emerge as a major player in Africa’s mineral market.

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Asia: The Industrial Giant (20% of Global Reserves)

Asia holds 20% of the world’s mineral reserves and dominates global production due to its strong industrial base. Key mineral players include:

• China: The world’s largest producer of rare earth elements (REEs), controlling over 60% of global supply, crucial for electronics, defense, and green energy.
• India: A major coal producer, fueling its rapidly growing economy.
• Indonesia & Mongolia: Rich in nickel and coal, essential for the global supply chain.

China’s dominance in rare earth mining has made it a strategic player in global geopolitics, often using mineral exports as a bargaining tool in trade disputes.

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Europe: Resource-Scarce but Technologically Advanced (7% of Global Reserves)

Europe holds about 7% of global mineral reserves and has largely shifted from extraction to refining and recycling. Key minerals include:

• Coal: Once the driver of the industrial revolution, now in decline due to strict environmental laws.
• Copper and Nickel: Found in Russia, Finland, and Poland.
• Lithium: Portugal is a growing player in Europe’s lithium market, essential for EVs.

Due to high labor costs and environmental regulations, Europe relies heavily on imports from Africa and South America, making it vulnerable to supply chain disruptions.

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North America: The Technological Leader (15% of Global Reserves)

North America is rich in minerals but focuses on advanced mining technologies and sustainability. Key mineral resources include:

• Gold: The U.S. (Nevada) and Canada (Ontario, Quebec) are top producers.
• Copper and Lithium: The U.S. (Arizona, Nevada) and Canada hold significant reserves.
• Shale Gas and Oil Sands: Canada’s Alberta oil sands and U.S. shale gas revolutionized energy markets.

The U.S. and Canada are leading the push for environmentally responsible mining, using automation and AI-driven mining technologies to minimize environmental impact.

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South America: The Copper and Lithium Hub (25% of Global Reserves)

South America controls a huge share of global copper and lithium supplies, making it critical for the green energy transition. Major players include:

• Chile and Peru: Leading copper producers, together supplying over 40% of global demand.
• Argentina, Bolivia, Chile ("Lithium Triangle"): Hold 50% of the world’s lithium reserves.
• Brazil: A top iron ore and bauxite (aluminum) producer.

Resource nationalism is growing in the region, with governments demanding higher royalties and more local processing.

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Australia: The Mining Superpower (10% of Global Reserves)

Australia is a global leader in mining due to its stable policies, vast reserves, and advanced mining technology. Key resources include:

• Iron Ore: Australia is the largest exporter, supplying over 50% of global demand (Western Australia).
• Gold: Second-largest global producer after China.
• Lithium: One of the world’s top lithium producers, alongside Chile.
• Uranium: Home to some of the largest uranium reserves for nuclear energy.

Australia’s mining industry is highly automated, with major companies using AI and remote operations to improve efficiency.

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The Global Race for Resources: What Lies Ahead?

1. The Green Energy Shift: Lithium, cobalt, and nickel demand is rising due to the EV boom, making Africa (Nigeria), South America, and Australia critical suppliers.
2. Resource Nationalism: More countries are restricting raw material exports, demanding local refining and economic benefits.
3. Geopolitical Competition: The U.S., China, and the EU are aggressively securing mineral supply chains to reduce dependence on rivals.
4. Sustainability Concerns: Ethical and environmentally friendly mining is becoming a priority, particularly in regions like Africa.

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Conclusion: Nigeria’s Moment in the Spotlight

The global race for minerals is more intense than ever, with every region playing a unique role. Africa holds the most potential but needs strategic policies to harness its wealth. Nigeria, with its vast but underutilized mineral resources, is making moves to become a key player.

With the right investments, infrastructure, and policies, Nigeria could transform from an oil-dependent economy to a diversified mining powerhouse—cementing its place in the global mineral race.

The world is watching. Will Nigeria seize the opportunity?

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