Nigeria expects to start significant production at its Itakpe iron ore deposit next year.
Olusegun Aganga, Nigeria's minister for trade and investment, stated that the Itakpe deposit contains 3 billion metric tons of iron ore reserves, as reported by Reuters. Its initial output will be 2 million mt per year, increasing to 20 million mt annually over the following five years.
The exploration of the Itakpe iron ore deposit will help Nigeria to attract more investors, the minister said. Currently, 80 percent of the revenues of the country are from crude oil and natural gas. Mr. Aganga stated that Nigeria hoped to achieve greater diversification by reducing its dependence on crude oil and natural gas and beginning to focus on iron ore.