Dipo Kehinde/
Nigeria’s solid minerals sector is witnessing an unprecedented turnaround, with revenue leaping from a mere ₦6 billion in 2023 to ₦38 billion by the end of 2024 — a sixfold increase that signals a new era of reform and investment under the administration of President Bola Tinubu.
Minister of Solid Minerals Development, Dr. Dele Alake, who revealed the figures in a post on X, attributed the dramatic transformation to strategic reforms aimed at tightening regulations, promoting local processing, and combating illegal mining.
“When we came into office, Nigeria’s solid minerals sector was underperforming,” Dr. Alake said. “That kind of turnaround tells you something is working.”
A key move was overhauling the licensing regime. “No one gets a mining license without showing a real plan for local processing,” Alake stated. This shift away from raw mineral exportation has already attracted over $800 million in processing investments in just one year.
Among the flagship projects: a $600 million lithium processing plant near Kaduna and Niger is nearing completion, alongside a $200 million refinery near Abuja. Two more facilities are expected to go live in Nasarawa before Q3 of 2025.
“These projects mean jobs, technology transfer, and a stronger local economy,” the Minister stated.
To bolster investor confidence, the government has also ramped up funding for exploration. With only $2 million previously spent on geological surveys — dwarfed by Côte d’Ivoire’s $148 million and South Africa’s $300 million — Nigeria has now secured ₦1 trillion solely for mineral exploration.
“This is the foundation for a globally competitive sector,” Alake stated, adding that credible geological data is essential to attract serious investors.
The administration’s crackdown on illegal mining has also yielded results, with over 300 arrests, 150 ongoing prosecutions, and multiple convictions, including foreign nationals. In parallel, over 250 cooperatives have been established to formalise artisanal mining and give small-scale operators access to financing and shared profits.
Nigeria’s leadership in the continental mineral space is also rising. The country now chairs the newly formed African Mineral Strategy Group, a bloc pushing for local value addition and fairer trade.
Investor interest is skyrocketing. The Mining Cadastral Office received over 10,000 license applications in the first quarter of 2025 alone — a surge that reflects growing confidence in the sector.
“We’ve still got work to do, but the direction is clear,” Alake stated. “We’re turning Nigeria’s mineral wealth into real economic value for our people, our industries, and our future.”
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