The Nigeria–South Africa Chamber of Commerce (NSACC) has declared mining a strategic pillar for unlocking Africa’s next phase of economic growth and for deepening bilateral investment between Nigeria and South Africa.
This bold vision was the highlight of the Chamber’s September 2025 Breakfast Forum, proudly sponsored by Stanbic IBTC Bank, held on Thursday, September 25, 2025, at the Abora Mazonia Suite, Eko Hotel & Suites, Victoria Island, Lagos. With the theme “Unlocking Africa’s Hidden Wealth: Mining as a Catalyst for Bilateral Investment.”
– “Africa is blessed with some of the world’s most critical minerals needed for today’s energy transition and tomorrow’s technology revolution. Nigeria and South Africa must lead the way in harnessing these resources through collaboration, innovation, and policy alignment,”.
She reaffirmed the Chamber’s commitment to being a platform for dialogue, trade promotion, and partnerships, especially in sectors with transformative potential.
Delivering the keynote, Mr. Austin Menegbo, Country Manager, Segilola Resources Operating Limited, spotlighted Nigeria’s mineral wealth as a sleeping giant. He noted that while Nigeria possesses over 40 commercially viable mineral resources, the sector contributes less than 1% to GDP.
He pointed to the Segilola Gold Project in Osun State as proof that well-structured mining projects can thrive in Nigeria, creating jobs, boosting exports, and attracting foreign capital.
“Mining can diversify Nigeria’s economy beyond oil. But to attract investors, we must entrench regulatory clarity, build infrastructure, and ensure access to financing. These three factors are critical if Africa is to move from potential to prosperity,” Menegbo said.
He emphasized that the future lies not in exporting raw minerals but in local beneficiation and value addition that can drive industrialization across Africa. Menegbo, who delivered the keynote address and joined a panel discussion, praised the vision and leadership of Segun Lawson, chief executive officer of Thor Explorations Ltd., SROL’s parent company. Lawson, he said, has been instrumental in positioning Segilola as a model for responsible gold mining in Nigeria’s emerging extractive sector.
“When communities thrive, investors are protected. When investors are protected, capital flows,” Menegbo said during the panel session. “That is the essence of bilateral investment. Without structures, institutions, and partnerships that sustain operations, growth becomes impossible.”
He outlined SROL’s four-pillar community agenda — gender inclusion and skills training, infrastructure development, capacity-building for local expertise, and long-term empowerment programs — as evidence of the company’s approach to sustainable mining.
The firm’s initiatives, he added, are designed to ensure host communities benefit from mining activities beyond resource extraction, creating an environment that supports both social progress and investor confidence.
SROL’s model, observers at the forum noted, offers a template for how responsible mining can catalyze broader economic cooperation between Nigeria and South Africa, Africa’s two largest economies.
By aligning investment with community wellbeing, SROL aims to demonstrate that mining can be a driver of inclusive growth and a foundation for deeper regional partnerships.
Speaking on behalf of the sponsors, Mr. Seriki Abimbola, Head, Conglomerates and Industrials, Stanbic IBTC Bank, underscored the bank’s role as a financial enabler of mining and extractive ventures.
Backed by the Standard Bank Group’s century-long mining expertise in South Africa, Stanbic IBTC, he said, is positioned to provide tailored solutions — from project financing and trade facilitation to risk management.
“The world is hungry for critical minerals — lithium, cobalt, rare earths — and Nigeria has them. At Stanbic IBTC, we are committed to walking side by side with miners, investors, and regulators to ensure Africa’s mineral wealth translates into sustainable prosperity,” Abimbola affirmed.
The panel discussion featured Mr. Tim Tokun, CEO of Motimose Metals, alongside Stanbic IBTC executives. Tokun stressed that Nigeria’s resource base and South Africa’s technical expertise make a powerful combination.
He identified opportunities in gold, lithium, and copper, while highlighting the need to:Formalize artisanal and small-scale mining,
Invest in technology-driven exploration, and
“Africa doesn’t need to compete with itself. What Nigeria lacks in expertise, South Africa has. What South Africa lacks in untapped reserves, Nigeria has. The future lies in collaboration, not competition,” Tokun said.
During the Q&A session, stakeholders raised pressing issues such as:
Security risks in mining communities;
Regulatory uncertainty discouraging investors;
Financing gaps for small and medium-scale miners;
The need for cross-border policies to boost mineral trade.
Panelists agreed that public-private collaboration is essential, with governments providing enabling environments while financial institutions and private investors bring capital and innovation.
In her closing remarks, Dr. Jidenma thanked Stanbic IBTC for its support and reiterated that the NSACC Breakfast Forum will continue to provide a neutral platform where business leaders, policymakers, and investors can build practical solutions for shared growth.
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