For a nation that wants to develop her economy, it must look inwards to identify areas where it has comparative advantage over other nation and efforts should be geared towards the development of the identified areas.
Apart from the hydrocarbon {crude oil} deposit which is Nigeria is well blessed with, the country also have comparative advantage in the solid minerals sector owning to the large deposit of mineral deposit in the different parts of the country and if the Nation is to develop and attain her vision 20:2020 target, more efforts should be geared towards the development of the solid mineral sector of the Nigeria economy.
There is no doubt that Nigeria is blessed with so many mineral deposits. As at the last count, the federal ministry of mines and steel development have found over five hundred {500} location of mineral deposit in the country and identify Nine {9} that they would want to concentrate on and promote and these include Iron ore, Coal, Tin ore, Bitumen, Gold, Columbite -Tantalite, Lead/zinc, Wolframite and industrial minerals .
It is estimated that Nigeria deposit of zinc ore In excess of over 10,000,000 tons scattered in different parts of the country.
Zinc is the 24th most abundant element in the earth’s crust and is a metallic chemical element with symbol Zn and atomic number 30.
In the raw form, there are two grades of zinc, high and low. The low grade is usually from 10%- 40% and high grade from 50%-90%.
Zinc ingot, the product gotten from the processing of zinc ore, is a major galvanizing agent. The major uses of zinc are anti – corrosion coating on steel {Galvanizing}, precision components {die casting}, construction materials, brass production, pharmaceuticals and cosmetics.
The international standard specification of zinc ingot 99.99 % is given below
Zinc ingot 99.99%
chemical composition(%)
Zn ≥ 99.99
Impurity content ≤
Pb 0.005
Cd 0.003
Fe 0.003
Cu 0.002
Sn 0.001
Al
As
Sb
Total 0.01
Efforts to promote the export non-oil product have often resulted in a situation where our commodities are sold in the raw form without any form of value addition hence leading to loss of revenue.
The prospect of global economy is promising, so the automotive industry {where 55% of world consumption is used in the steel galvanizing industry} which is closely related to the zinc market, is witnessing growth thereby creating more demands for the product.
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