Nigeria's ability to turn mineral deposits into producing mines depends on more predictable approvals and stronger local partnerships, Segilola Resources Operating Limited country manager Austin Menegbo said, BusinessDay reported.
Menegbo said developers need financing that can remain committed over time, technical expertise and working relationships with host communities. He argued that attracting investment should still require operators to meet environmental and operational standards.
Clearer processes could help bring in serious investors and expand Nigerian participation, Menegbo said, according to BusinessDay. He argued that mineral resources would deliver jobs, export earnings and community benefits only if they became viable commercial projects.
The official Nigeria Mining Week program lists Menegbo as a keynote speaker at the Oct. 12-14 gathering in Abuja. Sessions covered mining finance as well as policy, regulation and governance. The Miners Association of Nigeria organized the gathering with PwC Nigeria and other partners, while the Ministry of Solid Minerals Development hosted it.
Menegbo cited Segilola as an example of commercial gold mining in Nigeria. Thor Explorations Ltd., which owns the mine in Osun State, puts its 2025 gold output at 91,910 ounces. A Nigerian government factsheet describes Segilola as the country's first large-scale commercial gold mine and says it began exporting gold in late 2021.
Recent operating results show a constraint facing the mine. Thor said in an Oct. 14 update that Segilola poured 15,515 ounces of gold in the quarter ended Sept. 30. After severe rainfall in late August affected operations, the company lowered its 2026 production guidance to 70,000-72,000 ounces from 75,000-85,000 ounces.
