TheCable

Nickel, a silvery-white lustrous metal, has been discovered in Dangoma village, Kaduna state, in Nigeria. So what? So thousands of jobs and millions of dollars for the country – depending on the proven reserves.

Virtually all mineral elements discovered in Nigeria come in abundant proven reserves, and according to Hugh Morgan, an Australian mining expert, the high-grade nickel discovered in Nigeria is likely in a large mass.

With this in mind, the leadership of Nasir el-Rufai, Kayode Fayemi, and Muhammadu Buhari in Kaduna and Nigeria as a whole can expect the following, depending on their management of the mineral.

MILLIONS OF DOLLARS IN REVENUE

At a time Nigeria is battling with foreign exchange shortages, the nickel find is capable of reducing the pressure on our foreign reserves. As at Tuesday, nickel was trading at about $10,000 per tonne at the London Stock Exchange – about its lowest price in many years. In 2007, one tonne of nickel traded for $52,300.

Nickel

The slump in commodities’ prices affected nickel, like we have seen in oil prices for the past 20 months. But the metal is at an advantage in the sense that the need for nickel has been growing at over 4 percent/year – unlike oil.

All the nickel producing nations reviewed by TheCable, including Madagascar, make millions in dollars from the mineral element.

At the very least, Australia – the largest producer of nickel – gets about $2.3 billion from trading it on the international market.

South Africa and Botswana get $440 million and $260 million per annum from nickel, respectively. Adding no value at all, Nigeria should make millions of dollars from mere exportation of raw nickel.

NIGERIA’S KOBO AND OTHER CURRENCIES

As a good alloy metal, nickel is used in making coins, which are largely spent across many nations of the world. Though many nations, including Nigeria, resort to cheaper metals, the United States and Canada still make their coins from nickel.

Most of US coins are from Nickel

Nigeria’s kobo coins are perhaps worth little or nothing today, but we can trade out our nickel to countries that need it as national currencies.

THOUSANDS OF JOBS

4.58 million Nigerians are estimated to have become unemployed in the past one year, with an astronomical need for fresh jobs in the economy.

Nickel find brings cheery news in this regard. In exploring nickel, Nigeria would be employing miners, geologists, environmental analysts, and many more.

According to The Nickel Institute, a global organisation for the mining of the mineral element, Nickel is responsible for 1 million to 1.25 million jobs in the European Union (EU).

A fraction of this is also possible in Nigeria.

THE RETURN OF ‘555’ STAINLESS STEEL

If you ever drank or ate from a 555 stainless steel cup or plate, then you had a memorable childhood. Sadly, Nigeria imported many of those cups and plates.

Stainless steel pot

With Nigeria’s abundant iron and the newly-discovered Nickel, Nigeria can go on establishing factories to produce stainless steel, which is made from iron, nickel and chromium.

Stainless steel can be for local use and exports. Who says we cannot become the biggest exporter of Stainless steel by 2020?

PSEUDO SILVER AND OTHER JEWELLERY

As an excellent alloy metal, possessing a silvery polish, it is used as a replacement for silver in many objects were silver is used. This also generates millions for nickel-rich countries.

Though in regulated quantities, the element can be used in the manufacturing of many other jewelleries.

MAGNETS, WIRES, PHONES AND EVERYTHING ELSE

You may not see nickel on the road, or meet the element at your favourite restaurant, but the metal, often regarded as the “enabling technology”, is everywhere.

Research validates that about 12 percent of nickel produced around the world is used in the production of super alloys, which are used in various technologies.

Nickel is used in making magnets, wires, stairwell railings, semi-conductors in electronic devices such as phones, television set, and many other home appliances.

Your iPhone 6 has Nickel in it

It is used in rechargeable batteries, gas turbines, refineries, rocket engines, aircraft, and many more mechanical instruments.

CAVEAT: YOUR HEALTH COULD BE AT RISK

Nickel is one of the elements taken in human food, but according to The Nickel Institute, an uptake of too large quantities of nickel from the airhas the following consequences:

– Higher chances of development of lung cancer, nose cancer, larynx cancer and prostate cancer

– Sickness and dizziness after exposure to nickel gas

– Lung embolism

– Respiratory failure

– Birth defects

– Asthma and chronic bronchitis

– Allergic reactions such as skin rashes, mainly from jewellery

– Heart disorders