Director General of the Nigeria Geological Survey Agency Siyan Malomo on Thursday called for the establishment of an exchange market for trading of minerals in the West African sub-region.

Speaking at a stakeholders' forum organized by the Ministry of Solid Minerals Development in the capital Abuja, Malomo said the market should be devoted to trading of mineral resources to ensure that the region benefited from the region's huge mineral deposit.

"Unless such a market is established, the region will only be producing the minerals but will not benefit from the wealth accruing to the sector from the global market," he said.

Malomo added that an exchange market was required in the region in view of the renewed interest in mineral exploration in the area by world class mining companies.

According to him, the establishment of the exchange will require great leg walk and political interaction from the leaders of the region.

"The leg walk and political interaction is needed to ensure that the market upon establishment take firm root and remain ahead of mining companies that will be operating in the region," he said.

The director general said it was regrettable that Nigeria, with its population of over 130 million, is not a mineral user but a mere producer.

"Mineral resources are major ingredients in cell phones, computers, cars and so many other products in the global market and we are consuming these products in large quantity," he said.

Nigeria has the potentials of becoming a major player in the global market, especially as it relates to mineral production, refining and use, he said.

Source: Xinhua