The Ministry of Solid Minerals Development is working with other agencies to make sure that funding, infrastructure, security, and technical support all match Nigeria’s goals for mining.
Minister Dele Alake spoke about this during a special online event titled “Unlocking Nigeria’s Solid Minerals Potentials Through the Capital Market.” The event was organized by the National Association of Securities Dealers (NASD) and the Solid Minerals Development Fund (SMDF).
The minister, who was represented by his senior adviser Amira Adamu Waziri, said the capital market plays a key role in building a strong and lasting mining industry.
He explained that the capital market can help raise long-term money for mineral exploration and development. It can also support smaller mining companies, turn mineral data into financial assets, and attract large investments for infrastructure and mineral processing.
Alake praised the organisers for hosting the event and said it’s the start of a bigger national discussion on how to use structured finance to unlock Nigeria’s mineral wealth.
He also said the ministry is dedicated to involving all stakeholders in a meaningful and strategic way.“We are open to new ideas, partnerships, and teamwork that will benefit the entire mining sector,” he added.
The Executive Secretary of the SMDF, Hajia Fatimah Shinkafi, represented by her adviser Abdulmajeed Oyeyemi Amussah, introduced a three-part funding plan to help grow Nigeria’s mining industry.
She said the plan focuses on early-stage mining projects that banks don’t usually support, aiming to reduce investment risks and speed up the development of Nigeria’s mineral resources.
She explained that the SMDF will use three special funds: the Growth Fund, the Opportunities Fund, and the Research Fund.The Growth Fund will help with early exploration and developing projects. The Opportunities Fund will help improve and grow existing mining operations.
The Research Fund will be used to support infrastructure and new policies that make investing easier and more attractive.
She also mentioned that many mining projects in Nigeria are stuck in the early stages, which makes it hard for them to get financing.
“Even though over ₦10 billion is available for mining, most bank loans still go to farming and transport. Mining gets very little,” she said.
She stressed that unlocking Nigeria’s mineral wealth will require creative ways to fund projects that match both government goals and private sector interests.
A representative from the Securities and Exchange Commission, Bola Ajomale, said solid minerals could greatly boost Nigeria’s economy if developed properly.“This sector is not just important for the capital market, but also for Nigeria’s economic growth,” Ajomale said.
The CEO of NASD Plc, Mr. Eguarekhide Longe, said that a strong capital market strategy is needed to unlock the value of Nigeria’s mineral resources.He said this strategy includes using the capital market to attract investment through the National Digital Securities Platform (N-DSP), which is a blockchain system for trading and managing tokenised assets.
Longe said Nigeria’s solid minerals are still not fully used, even though they could add a lot to the economy and create many jobs.
He added that the NASD and SMDF are working together to use security tokenisation—turning assets like equity, debt, and commodities into digital securities—to raise funds for early-stage mining, exploration, and production.
