Segilola Resources Operating Limited (SROL), operator of Nigeria’s first commercial gold mine, has called for clearer regulations, credible approval processes and stronger partnerships to attract investment and expand the country’s mining industry.
Austin Menegbo, SROL’s country manager, said Nigeria’s mineral wealth would not automatically translate into jobs, export earnings or community development without effective collaboration between government and industry.
Speaking at Nigeria Mining Week 2026 in Abuja, Menegbo said the experience of the Segilola Gold Mine demonstrated that commercially viable gold mining was possible in Nigeria, while highlighting the need for patient capital, technical expertise, effective regulation and strong relationships with host communities.
“The opportunity before Nigeria is significant. But potential, by itself, creates no jobs, earns no export revenue, builds no skills and transforms no communities,” he said.
“Potential becomes valuable only when institutions and industry work together to convert it into responsible production.”
Menegbo urged policymakers and industry operators to establish a more predictable environment for mining projects, arguing that clearer rules and credible processes would help attract serious investors without compromising operational and environmental standards.
“Our responsibility now is to make the path clearer for the projects that should follow—not by lowering the bar, but by making the rules coherent, the processes credible and the partnerships real,” he said.
The 11th edition of Nigeria Mining Week, held from October 12 to 14 at the Abuja Continental Hotel, brought together government officials, investors, mining companies and technical experts to discuss investment and partnerships across the mining value chain.
The event was hosted by the Ministry of Solid Minerals Development and organised by the Miners Association of Nigeria in partnership with PwC Nigeria, under the theme, “Unlocking Investment and Growth Through Partnerships.”
SROL, a subsidiary of Thor Explorations Ltd, participated as a diamond sponsor, using the event to showcase its operational experience and discuss responsible mining practices.
At a masterclass titled “From Compliance to Stewardship – Water Management: The SROL Way,” the company outlined its approach to water management, recycling and conservation, highlighting the importance of managing water resources throughout the mining process.
The company also delivered a session titled “Building a Commercial Gold Industry in Nigeria – Lessons from Segilola and the Path to Scale,” examining the experience of establishing a large-scale commercial gold mining operation and the opportunities for expanding the wider industry.
SROL’s senior management and technical team participated in panel discussions on mineral beneficiation and refining, responsible mining and maintaining community acceptance throughout the life cycle of a mine.
Participants included Menegbo; Madhurii Sarkar-Amoda, community development and stakeholder manager; Sikiru Haruna, mines manager; and David Mbrekpadiaha, environment lead.
The company also engaged stakeholders on environmental management, workplace safety and host community development through its exhibition booth.
Nigeria has identified solid minerals as an avenue for diversifying its economy beyond oil, attracting investment, creating jobs and expanding industrial activity. However, translating the sector’s mineral potential into sustained economic gains depends on investment, regulatory effectiveness, infrastructure, technical capacity and responsible environmental practices.
For SROL, expanding the industry will require building on existing operational experience while creating conditions that encourage other commercially viable projects to proceed.
“If we do that, Nigeria will not merely have a successful gold mine. It will have a stronger mining industry: one that attracts serious capital, rewards responsible operators, expands Nigerian participation and delivers enduring value to the nation,” Menegbo said.
Wasiu Alli is a business, economics cum data journalist with strong expertise covering macro trends, capital markets, government policies, corporate earnings and comparative economics analysis. Alli turns raw data into trends that not only tells compelling stories but nudges investors to make valued and informed decisions. He’s an alumnus of Lagos State University and trained at Lagos Business School. He formerly heads the Companies and Markets desk at BusinessDay where he writes and supervises the production of well researched articles on earnings updates, corporate sectoral comparisons, market intelligence as well as interviews with C-suite executives.
