President Bola Tinubu’s mining sector reforms have triggered a sixfold surge in revenue, from ₦6 billion to ₦38 billion in 2024, and attracted over $800 million in foreign investments, according to Minister of Solid Minerals Development, Dele Alake.
He attributed the growth to stricter licensing protocols and a new mandate requiring local mineral processing.
Key projects under the reforms include a $600 million lithium plant near the Kaduna-Niger border, a $200 million refinery nearing completion in Abuja, and two additional processing facilities set to launch in Nasarawa by Q3 2025. These initiatives align with policies that ban the export of raw minerals without prior domestic value addition.
Despite receiving just 18% of its ₦29 billion budget, the ministry posted record-breaking performance. In Q1 2025 alone, the Mining Cadastre Office (MCO) and Mines Inspectorate generated ₦6.9 billion and ₦7 billion, respectively. A proposed ₦1 trillion exploration budget now aims to generate high-quality geological data to further attract global investors.
Alake also reported the arrest of over 300 illegal miners and the establishment of 250 mining cooperatives. He noted Nigeria’s growing leadership in Africa’s mining space, including its chairmanship of the continent’s newly formed Mineral Strategy Group.
Foreign interest continues to climb, with several leading economies pursuing Nigeria’s rich deposits of critical minerals.
