Segilola Resources Operating Limited (SROL), a notable player in Nigeria’s mining sector, has received recognition as one of the top 10 non-oil exporters in the country, as acknowledged by the Nigerian Export Promotion Council (NEPC). This accolade was presented during a special event that celebrated Nigeria’s foremost non-oil exporters, highlighting the essential role these companies play in enhancing the nation’s economic growth. The award reflects SROL’s significant contributions to Nigeria’s ongoing efforts in diversifying its economy, underlining the potential of the mining sector beyond the oil industry.
During the event, Dr. Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, praised the critical importance of non-oil exporters in driving economic progress. She emphasized that companies like SROL are pivotal in reducing the country’s dependency on oil exports. This recognition serves to reinforce SROL’s position within the broader context of Nigeria’s economic landscape, as it works to address challenges linked to economic diversification. The acknowledgment from NEPC indeed positions SROL as a leader in facilitating this transition towards a more varied economic foundation.
Mr. Austin Menegbo, the Country Manager for SROL, expressed pride in receiving this recognition, viewing it as a testament to the company’s commitment to sustainable development and economic diversification. He noted that the company’s initiatives are designed not just to boost exports but also to foster local job creation. Impressively, SROL has employed 44 percent of its workforce from Osun State, with 28 percent hailing from host communities, illustrating the company’s dedication to uplifting the local economy and providing opportunities for community members.
The acknowledgment from NEPC serves as an encouragement for SROL to persist in its mission of sustainable development and community enrichment. Menegbo emphasized that the company is not only focused on economic gains but also on positively impacting the communities in which it operates. There is a clear commitment to furthering SROL’s contributions to Nigeria’s export landscape while prioritizing the welfare of local populations. This commitment is pivotal for the company as it seeks to align its operational policies with broader national development goals.
SROL is notably recognized as the operator of Nigeria’s first commercial gold mine, the Segilola Gold Mine, located in Osun State. The mine commenced commercial production in 2022 and achieved impressive results, with an output of 98,006 ounces of gold in its first year alone. The subsequent year, 2023, saw the mine producing an additional 84,609 ounces of gold, showcasing a remarkable consistency in performance. This success has set a precedent in the mining sector and symbolizes the potential for growth and profitability in Nigeria’s mining industry.
Overall, SROL’s achievements position it as a key player in promoting sustainable growth within Nigeria’s economy, and the recognition from NEPC not only highlights its current contributions but also sets a positive outlook for its future endeavors. By focusing on both exportation and community development, SROL exemplifies a model for other companies in the sector, emphasizing that economic success and social responsibility can go hand in hand. As this mining company continues its operations, it is poised to play an even more influential role in shaping the future of Nigeria’s diversification efforts, with the aim of transforming the mining industry into a robust pillar of the national economy.
