President Bola Ahmed Tinubu’s strategic reforms in the solid minerals sector have triggered a six-fold revenue increase and attracted over $800 million in new investments, the Minister of Solid Minerals Development, Dr. Dele Alake, has revealed.
Speaking during a feature interview for an upcoming State House documentary marking the administration’s second anniversary, Dr. Alake said the solid minerals sector generated over ₦38 billion in 2024, a dramatic rise from ₦6 billion in 2023, despite receiving just 18% of its ₦29 billion budgeted allocation.
“This is a testament to the power of the reforms introduced by President Tinubu. We insisted on value addition—no more raw mineral exports. If you don’t have a processing plan, you don’t get a license,” Alake stated.
Among the headline investments:
A $600 million lithium processing plant near the Kaduna-Niger border set for commissioning this quarter,
A $200 million lithium refinery outside Abuja nearing completion,
Two more lithium processing plants in Nasarawa State, due before Q3 2025.
Dr. Alake highlighted the administration’s drive to transform Nigeria from a raw material exporter to a hub of value-added mining activities. “The days of pit-to-port exportation are over,” he declared.
Already in Q1 2025, two regulatory agencies—the Mining Cadastral Office (MCO) and Mines Inspectorate—have posted ₦6.9 billion and ₦7 billion in revenue respectively, paving the way for what the Minister called a “record-breaking year” for the sector.
A major budgetary allocation of ₦1 trillion for mineral exploration has also been earmarked to develop internationally certified geological data.
“Without reliable data, investors won’t come. When we took office, Nigeria had spent just $2 million on exploration—compared to $40 million in Sierra Leone and over $300 million in South Africa. That’s changing now,” the Minister said.
As part of the Ministry’s Seven-Point Agenda, Dr. Alake said over 300 illegal miners were arrested in 2024, with 150 prosecutions ongoing and nine convictions secured—including foreign nationals.
“We’re using a dual approach: enforcement through Mining Marshals, and empowerment via cooperatives,” he explained. Over 250 mining cooperatives have now been established, absorbing artisanal miners into the formal economy and enabling them to access funding and revenue-sharing frameworks.
On the diplomatic front, Dr. Alake revealed that Nigeria now chairs the African Mineral Strategy Group, formed to champion local value addition and fair trade terms for African countries. The initiative was birthed at the 2024 Future Minerals Conference in Riyadh.
“Nigeria is leading the call: no more raw exports without beneficiation. We’re setting the tone for Africa,” he affirmed.
Global interest is growing. The former UK Deputy Prime Minister invited Dr. Alake to 10 Downing Street for high-level talks on Nigeria’s lithium potential. The U.S., looking to reduce its reliance on China, has also shown keen interest in Nigeria’s critical minerals.
With over 10,000 license applications received by the MCO this quarter alone, the Minister said investor confidence is at an all-time high.
“This level of vitality has never been witnessed in Nigeria’s mining sector. We’re enforcing the law, attracting FDI, building data, and creating jobs. The sector is now a cornerstone of President Tinubu’s economic diversification agenda,” Dr. Alake concluded.
