ABUJA, Nigeria — The Federal Government has announced that Nigeria’s solid minerals sector attracted approximately $3 billion in investment inflows over the past three years, signaling renewed investor confidence and a major boost to the country’s economic diversification drive.
The disclosure was made on Wednesday by the Managing Director and Chief Executive Officer of the Nigerian Solid Minerals Company, Martins Imonitie, who represented the Minister of Solid Minerals Development, Dr. Dele Alake, at a press briefing.
Describing the development as one of the most significant milestones in the sector’s history, Imonitie said the inflows cut across lithium, gold, and other strategic minerals, reflecting the impact of ongoing reforms under President Bola Tinubu’s administration.
“This level of investment within such a short period is unprecedented, especially in an industry where projects typically take between 15 and 20 years to mature,” he said.
He attributed the surge in investor interest to a series of policy and structural reforms aimed at repositioning the mining sector as a viable alternative to oil revenue.
Key among these reforms is the government’s push for local value addition, prioritising in-country processing over the export of raw minerals. The administration has also strengthened the licensing regime, formalised artisanal mining operations, and established the Nigerian Solid Minerals Company as a public-private investment vehicle.
In addition, the government has significantly increased funding for mineral exploration, including a ₦1 trillion allocation, while deploying Mining Marshals to tackle illegal mining activities across the country.
These measures have already begun to yield tangible results, with notable projects including a $600 million lithium processing plant near the Kaduna–Niger border and a $200 million lithium facility near Abuja, alongside other processing and gold refining initiatives.
Earlier data also indicated a sharp rise in sector revenue, growing from about ₦6 billion in 2023 to over ₦38 billion in 2024, underscoring the sector’s expanding contribution to Nigeria’s non-oil earnings.
Nigeria is home to over 40 different solid minerals, many of which remain largely untapped despite their estimated value running into hundreds of billions of dollars. The government is positioning the sector as a critical pillar for long-term economic growth and industrialisation.
The announcement comes ahead of the 5th African Natural Resources and Energy Investment Summit (AFNIS 2026), scheduled to hold from June 23 to 25 at the State House Conference Centre in Abuja.
Speaking through his representative, Alake emphasised the need for Africa to shift from exporting raw materials to building capacity for processing, job creation, and technology transfer.
“Africa must move beyond being a supplier of raw materials to becoming a hub for value addition and industrial development,” he said.
Analysts say the latest investment figures could further strengthen confidence in Nigeria’s mining sector, with expectations of increased capital inflows, job creation, and sustained growth in non-oil revenue in the coming years.
