The mining of minerals in Nigeria accounts for only 0.3% of its GDP, due to the influence of its vast oil resources. The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as salt or iron ore. Rights to ownership of mineral resources is held by the Nigerian government, which grants titles to organizations to explore, mine, and sell mineral resources.
About 34 minerals deposits have been identified in Nigeria and one of such is Niobium ore.
Niobium Ore (Nb2O5) is used principally as an additive to improve the strength and corrosion resistance of steel. Due to its refractive nature, it has gained application in jet engine components manufacture, rocket assemblies, and heat resisting and combustion equipment.
Niobium, like tantalum, can act as an electrolytic valve allowing alternating current to pass in only one direction through an electrolytic cell. Niobium is used in arc-welding rods for stabilized grades of stainless steel. It is also used in advanced air frame systems.
Superconductive magnets are made with Nb-Zr wire, which retains superconductivity in strong magnetic fields. Niobium is used in lamp filaments and to make jewelry. It is capable of being colored by an electrolytic process.
Because of the numerous uses of Niobium ore, great demand exists for the commodity.
Large deposits of Niobium ore are known to occur in Nasarawa, Gombe, Plateau and Kogi States as well as the Federal Capital Territory. The deposits are both alluvial and primary in the numerous pegmatite bodies that infest these areas.
The return on investment on the export of niobium ore is estimated between 10 %- 15% per transaction
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At Foraminifera Market Research {www.foramfera.com}, we provide bespoke and up to date market research reports for beginners and exporters already in the commodity export market.
Our reports are designed to assist start-ups to understand the legal and financial requirements of starting the business, the market trends vis-a-vis demand and supply, competition, risk identification and mitigation strategies.
You can order our detailed feasibility report on the export of niobium ore in Nigeria by clicking on the link below.
Report Title: NIOBIUM ORE EXPORT IN NIGERIA; THE FEASIBILITY REPORT.
Report Code: FORA/08/2011/053
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