The Minister of Solid Minerals Development, Mr Dele Alake, has disclosed that Nigeria’s solid minerals sector, attracted over $800 million in processing projects in 2024, following the implementation of key reforms by the administration of President Bola Tinubu.
According to the minister, these reforms led to a surge in foreign investment, increased revenue, and renewed investor confidence. This was achieved through a stringent licensing policy that mandates local processing of minerals, ending the longstanding practice of exporting raw resources. “The days of exporting minerals from pit to port are over,” Alake emphasized.
In terms of revenue, the sector saw a remarkable leap, generating more than ₦38 billion in 2024, a significant increase from the ₦6 billion in 2023, despite receiving only 18% of its ₦29 billion allocated budget. Regulatory bodies also showed strong performance in the first quarter of 2025, with the Mining Cadastral Office and Mines Inspectorate earning ₦6.9 billion and ₦7 billion respectively.
Among the key projects driving this growth are a $600 million lithium plant near the Kaduna-Niger border and a $200 million refinery near Abuja. Two additional plants in Nasarawa are expected by Q3 2025.
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To ensure long-term sustainability, the 2025 budget allocated ₦1 trillion for mineral exploration aimed at producing certified geological data, which Alake described as essential to attracting serious global investors.
The Ministry also cracked down on illegal mining activities, arresting over 300 individuals and securing nine convictions. Over 250 mining cooperatives have been formed to absorb informal miners into the formal economy, empowering them to access finance and share in revenue.
Alake concluded that under Tinubu’s leadership, the mining sector has become central to Nigeria’s economic diversification. He noted that over 10,000 license applications have already been received from local and foreign investors.
