Segilola Resources Operating Limited, which operates Nigeria's first commercial gold mine, has urged the government to establish clearer mining regulations and credible approval processes to attract investment and grow the sector. Austin Menegbo, the company's country manager, made the call at Nigeria Mining Week 2026 in Abuja from October 12 to 14, arguing that the country's mineral wealth alone would not create jobs, generate export earnings or drive community development without effective collaboration between policymakers and industry operators.
Speaking at the event hosted by the Ministry of Solid Minerals Development and organised by the Miners Association of Nigeria in partnership with PwC Nigeria, Menegbo said the Segilola Gold Mine had proved that commercially viable gold mining was possible in Nigeria. However, he stressed that success required patient capital, technical expertise, effective regulation and strong relationships with host communities. "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 called for a more predictable environment for mining projects, stating that clearer rules and credible processes would help draw 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. Segilola Resources, a subsidiary of Thor Explorations Ltd, participated as a diamond sponsor at the conference, where it showcased its operational experience and responsible mining practices through multiple sessions and panel discussions.
The company outlined its approach to water management, recycling and conservation at a masterclass titled "From Compliance to Stewardship - Water Management: The SROL Way," and delivered another session examining lessons from establishing a large-scale commercial gold mining operation. Senior management and technical staff participated in discussions on mineral beneficiation and refining, responsible mining and community acceptance throughout a mine's life cycle, with the company also engaging stakeholders on environmental management, workplace safety and host community development through an exhibition booth.
Nigeria has identified solid minerals as a means of diversifying its economy beyond oil, attracting investment, creating jobs and expanding industrial activity. However, translating the sector's potential into sustained economic gains depends on investment, regulatory effectiveness, infrastructure, technical capacity and responsible environmental practices. Menegbo concluded that if Nigeria builds on existing operational experience while creating conditions for other commercially viable projects, "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."