…Sector Revenue Jumps from ₦6bn to ₦38bn as Reforms Boost Confidence
President Bola Ahmed Tinubu has announced a ₦1 trillion investment in Nigeria’s solid minerals sector the single largest funding commitment in the nation’s mining history as part of his administration’s drive to diversify the economy and unlock the nation’s vast mineral potential.
Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, the President made the announcement while delivering the keynote address at the 10th Edition of the Nigeria Mining Week 2025, held at the Continental Hotel, Abuja.
Tinubu said the historic investment, drawn from a ₦4.5 trillion increase in the 2025 national budget, would fund geo-scientific exploration, geological surveys, and critical infrastructure across mineral-rich regions.
“This is the most significant single investment in Nigeria’s mining industry by any administration,” he declared. “We are turning the wealth beneath our feet into prosperity in our hands.”
He added that the initiative aligns with his Renewed Hope Agenda, designed to reduce over-reliance on oil and create millions of jobs through local value addition.
The President revealed that the sector’s revenue had risen sixfold, from ₦6 billion in 2023 to ₦38 billion in 2024, owing to bold reforms, tighter regulations, and the creation of the Nigeria Solid Minerals Company, a special-purpose investment vehicle driving capital mobilisation and joint ventures.
He also assured Nigerians of zero tolerance for unsafe or environmentally harmful mining, insisting that “natural resources must enhance lives today and for future generations. Mining should heal and build, not hurt or divide.”
Chairman, Senate Committee on Solid Minerals, Senator Ekong Sampson, pledged the National Assembly’s full support for the President’s reforms, emphasizing collaboration among government, industry players, and communities. “What we need for every sector is collaboration, not conflict,” he said, assuring that the legislature would strengthen policies to ensure investor confidence and transparency.
Minister of Solid Minerals Development, Dr. Dele Alake, disclosed that the sector’s share of GDP had climbed to 4.6 percent, describing it as “clear evidence that our policies are working.”
He stressed that governance must be a shared responsibility among government, civil service, and citizens. Alake also revealed that Nigeria’s mining model is now being replicated across Africa, with several countries adopting frameworks developed under President Tinubu’s leadership.
Similarly, Minister of Steel Development, Prince Shuaibu Abubakar Audu, reaffirmed the government’s determination to revive the Ajaokuta Steel Plant, disclosing that a new Memorandum of Understanding (MoU) with a Chinese firm targets the production of 10 million metric tonnes of steel by 2030. “With the right partnerships, Nigeria’s steel industry will soon take its rightful place as the bedrock of national development,” he said.
Engr. Faruk Yabo, Permanent Secretary, Ministry of Solid Minerals Development, said the ministry is building a technology-driven, transparent, and investor-friendly environment to ensure that Nigeria no longer exports raw minerals but value-added products that create jobs and strengthen prosperity.
On his part, Dr. Orji Ogbonnaya Orji, Executive Secretary of NEITI, emphasized transparency as key to sustaining investor confidence. “Transparency is not an option; it is the foundation upon which trust and investment confidence are built,” he said.
National President of the Miners Association of Nigeria (MAN), Mr. ‘Dele Ayanleke, lauded the sector’s transformation over the past decade, describing it as a global success story driven by collaboration and reform. He reaffirmed MAN’s commitment to sustainability and transparency, calling for unity to achieve President Tinubu’s $1 trillion economy vision by 2030.
Closing the event, Mr. Samukelo Madlabane, Event Director of Nigeria Mining Week, hailed the 10th anniversary edition as “a historic milestone reflecting a decade of commitment, collaboration, and progress,” urging participants to forge partnerships that will shape the next decade of mining growth in Nigeria.
