…Unveils historic ₦1trillion investment in solid minerals sector
By Palma Ileye
President Bola Ahmed Tinubu has pledged economic diversification through responsible, people-centred mining and resource management saying that natural resources must enhance lives now and for the future generations.
Tinubu who was represented by the Secretary to the Government of the Federation, Senator George Akume, made the pledge yesterday in Abuja while delivering the Keynote address at the 10th Edition of Nigeria Mining Week 2025, themed: “Nigeria Mining: From Progress to Global Relevance.”
He said, “We are equally committed to responsible, people-centred mining. Natural resources must enhance lives today and for future generations. We are enforcing strict environmental regulations to prevent pollution of our farmlands and water sources.
“We are requiring mine operators to rehabilitate sites and respect biodiversity. We are also promoting transparency through initiatives like the Extractive Industries Transparency Initiative, EITI, as our citizens deserve to know how their natural resources are managed and utilised.
“We will not allow the mistakes of the past, whether it’s the environmental degradation of the Niger Delta or the unsafe mining practices of old, to be repeated. As President, I am deeply conscious that every policy we implement and every contract we sign must be in service of the Nigerian people.”
The President also announced ₦1 trillion investment in Nigeria’s solid minerals sector, the single largest commitment to mining in the nation’s history to drive transformation and sustainable development.
He said the landmark investment, drawn from a ₦4.5 trillion increase in the 2025 national budget, will fund geo-scientific exploration, geological surveys, and critical infrastructure needed to unlock mineral-rich regions.
“We made the historic decision to increase the 2025 national budget by N4.5 trillion, with an extra N1 trillion earmarked for the solid minerals sector. This is the most significant single investment in Nigeria’s mining industry by any administration.
“These funds are being channelled towards geo-scientific exploration, detailed geological surveys, and the development of critical infrastructure to unlock our mineral-rich regions.
“This investment will enhance our economic resilience by reducing our dependence on volatile oil markets and creating alternative revenue streams for the nation. It will also ensure regional equity by spurring development in resource-rich but underdeveloped areas, boosting rural economies, and supporting the processing and export of minerals to increase our foreign exchange earnings,” the President said.
He noted that the initiative aligns with his administration’s Renewed Hope Agenda to diversify the economy and reduce over-dependence on oil.
He stated, “This is the most significant single investment in Nigeria’s mining industry by any administration. We are turning the wealth beneath our feet into prosperity in our hands.”
The President revealed that sectoral revenue has already grown sixfold from ₦6 billion in 2023 to ₦38 billion in 2024 due to new policies, tighter regulations, and the establishment of the Nigeria Solid Minerals Company, a special-purpose vehicle designed to attract capital, form joint ventures, and boost local mineral processing.
“Already, our reforms have led to a dramatic upswing: in 2024, the solid minerals sector generated over N38 billion in revenue, up from N6 billion the previous year—a six-fold increase achieved through improved policy and oversight.
“As Africa’s largest economy and most populous nation, Nigeria bears a continental leadership role. When our mining sector thrives, it signals that value-added resource development is Africa’s way forward. This event has made Abuja a hub for continental dialogue on responsible mining, forging a shared vision for Africa to benefit more fully from its natural wealth.
“Our agenda prioritises local value creation, job growth, energy access, and economic resilience. We are determined to create an economy that works for all Nigerians—where industries process our raw materials here at home, small businesses thrive in global supply chains, and millions of dignified jobs are created for our youth.
“The mining sector is vital to this vision, stimulating local industries, creating employment opportunities, and generating revenue for infrastructure and services,” he stated.
He pledged zero tolerance for unsafe or environmentally harmful mining practices, stressing that “natural resources must enhance lives today and for future generations. Mining should heal and build, not hurt or divide.”
Speaking at the event, the Minister of Solid Minerals Development, Dr. Dele Alake, described the sector’s rapid growth, saying that it was contributing about 4.6 per cent to GDP, as proof of the effectiveness of President Tinubu’s reform-driven agenda.
Alake lauded the contribution of stakeholders in growing and developing the sector saying, “From all available evidence, our policies are working. But we couldn’t have achieved this without the cooperation of stakeholders.”
He emphasised that governance must be seen as a shared responsibility between government, civil service, and citizens, adding that Nigeria’s mining policies have become a model replicated by other African countries.
He disclosed that the Federal Government was addressing two major financial gaps limiting local participation, particularly through the African Joint Committee, AJC, Framework, to empower indigenous investors to compete with international players.
He assured, “With sustained collaboration, Nigeria’s solid minerals sector will soon become a major global revenue source and a catalyst for inclusive economic growth.”
Also, Senate Committee Chairman on Solid Minerals, Senator Ekong Sampson, reaffirmed the National Assembly’s readiness to provide legislative backing for the President’s mining reforms.
Ekong called for more collaboration amongst government, industry players, and communities saying it was the only way to achieve inclusive growth.
He said, “What we need for every sector is collaboration, not conflict. We have no excuse not to make the best of our country’s natural endowments.”
He assured that the Senate would continue to enact progressive laws and provide oversight to sustain investor confidence and transparency adding that, “Our focus is to unlock the full potential of this sector through enabling policies and strategic partnerships.”
He expressed optimism that ongoing reforms under the Ministry of Solid Minerals Development would position Nigeria for global competitiveness.
On his part, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, reaffirmed the Federal Government’s determination to revive Nigeria’s steel industry as a backbone of industrialisation and infrastructure expansion.
He revealed that a Memorandum of Understanding has been signed with a Chinese firm for the rehabilitation of the Ajaokuta Steel Plant, targeting the production of 10 million metric tonnes of steel by 2030.
“With the right partnerships and renewed investor confidence, Nigeria’s steel industry will soon take its rightful place as the bedrock of national development,” he said.
Meanwhile, Engr. Faruk Yabo, the Permanent Secretary, Ministry of Solid Minerals Development, emphasised the Ministry’s commitment to building a transparent, technology-driven, and investor-friendly mining environment.
He said reforms under Dr. Alake’s leadership were repositioning the sector to meaningfully contribute to national GDP while promoting responsible mining adding that, “Our goal is to ensure Nigeria no longer exports raw minerals but value-added products that create jobs, foster innovation, and strengthen prosperity.”
Also speaking, Dr. Orji Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, NEITI, underscored the importance of transparency and accountability in building investor confidence.
He disclosed that NEITI’s latest report shows the mining sector still underperforms due to poor data management and weak inter-agency coordination adding that, transparency was not an option; it was the foundation upon which trust and investment confidence were built.
Orji pledged NEITI’s continued support for reforms that guarantee fairness and shared prosperity.
Similarly, the National President of the Miners Association of Nigeria, MAN, Mr. ‘Dele Ayanleke, lauded the industry’s decade-long progress, crediting reforms for transforming Nigeria’s mining into a globally competitive sector.
He reaffirmed MAN’s commitment to sustainability and transparency, calling on all stakeholders to unite toward achieving the President’s vision of a $1 trillion economy by 2030.
In his closing remarks, Mr. Samukelo Madlabane, Event Director of Nigeria Mining Week, described the 10th anniversary edition as a historic milestone reflecting a decade of commitment, collaboration, and progress.
He urged participants to seize the opportunity to forge partnerships that would define the next decade of mining growth saying, “This anniversary is not just a celebration of the past but a commitment to a stronger, more inclusive future for Nigeria’s mining industry.”
