Minister of Solid Minerals Development, Dele Alake, has declared that Nigeria’s economic recovery is steadily gaining momentum, citing sweeping reforms in the mining sector and over $2.6 billion in fresh investments recorded within the last two years.
Speaking at a stakeholders’ sensitisation meeting organised by the Nigeria Revenue Service (NRS) and the Ministry of Solid Minerals Development in Abuja, Alake said the administration of President Bola Ahmed Tinubu had begun repositioning the economy from import-driven consumption to productive industrial growth.
The meeting, themed “From Resource to Revenue: Aligning Solid Minerals Operations with the 2025 Tax Reform Act,” brought together mining operators, regulators and industry stakeholders from the North-Central zone.
According to the minister, the solid minerals sector has emerged as a major pillar of the Federal Government’s economic diversification agenda, with reforms already attracting significant investments in local mineral processing and value addition.
Alake disclosed that a $600 million lithium processing factory in Nasarawa State is awaiting commissioning, while another $200 million lithium facility is under development near Abuja.
He added that gold processing plants and other mineral beneficiation factories were also springing up across the country, creating jobs and stimulating industrial activities.
“Our focus is no longer on exporting raw minerals without domestic processing and industrial value addition,” he stated.
The minister lamented that Nigeria abandoned the mining sector after the oil boom, despite its critical role in the country’s early economic development.
“Our colonial masters built rail lines primarily to support mining activities and move mineral resources. Unfortunately, after independence and the oil boom, the mining sector collapsed while the country became dependent on oil revenue and import-driven consumption,” he said.
Alake noted that before 2023, Nigeria struggled economically due to unsustainable spending patterns and weak political will to implement difficult reforms.
“Nigeria was borrowing to pay salaries, while resources were largely spent on recurrent expenditure and fuel subsidy payments,” he added.
Highlighting efforts to sanitise the sector, the minister revealed that over 300 illegal mining operators, including foreign nationals, had been arrested, while more than 150 prosecutions were ongoing.
He further disclosed that over 100 illegal mining sites had been recovered and returned to legitimate owners to restore investor confidence and strengthen lawful operations.
According to him, reforms introduced by the ministry include improved licensing processes, expansion of geoscience data generation, formalisation of artisanal miners and measures to improve ease of doing business.
Alake stressed that the reforms were aimed not only at increasing revenue generation but also at building a sustainable mining ecosystem capable of driving industrialisation, boosting exports and creating employment opportunities.
He urged stakeholders to continue supporting government efforts through compliance with licensing obligations, royalty payments and responsible mining practices.
“Our vision is built on partnership, transparency, education and shared prosperity because when the sector succeeds, Nigeria succeeds,” the minister said.
