$800M Investment, 6-Fold Revenue Increase Under Tinubu’s Reforms
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By Faisal A Harande
Abuja, Nigeria – In a significant milestone marking President Bola Tinubu’s second anniversary in office, the Minister of Solid Minerals Development, Dr. Dele Alake, has revealed that Nigeria’s solid minerals sector has attracted over $800 million in processing projects, signaling a major boost to the nation’s economy.
According to Dr. Alake, the sector generated over ₦38 billion in revenue in 2024, a staggering six-fold increase from the previous year’s ₦6 billion, despite receiving only 18% of its ₦29 billion budgeted allocation. This remarkable growth is attributed to the administration’s mining sector reforms, which focus on local value addition and a tightened licensing regime.
$600 million lithium processing plant near the Kaduna-Niger border, set for commissioning this quarter
$200 million lithium refinery on the outskirts of Abuja, nearing completion
Two additional processing plants in Nasarawa, slated for commissioning before Q3 2025
Over 300 illegal miners arrested last year, with 150 prosecutions ongoing and nine convictions secured
Establishment of over 250 mining cooperatives nationwide to formalize artisanal activity and empower locals
Dr. Alake emphasized that the administration’s policy framework has been instrumental in attracting investors, stating, “When we resumed, the entire sector generated ₦6 billion annually. By the end of 2024, we hit ₦38 billion. And this was with just 18% of our ₦29 billion budgetary allocation released.”
The Minister also highlighted the importance of exploration, noting that Nigeria had spent only $2 million on exploration compared to $40 million in Sierra Leone, $148 million in Côte d’Ivoire, and over $300 million in South Africa. To address this, the current budget allocates ₦1 trillion for mineral exploration, aimed at generating internationally certified geological data.
The Minister’s statements coincide with growing international interest in Nigeria’s solid minerals sector. Top global players, including officials from the UK, US, Saudi Arabia, and UAE, have expressed interest in Nigeria’s lithium and other critical minerals. The former British Deputy Prime Minister even invited Dr. Alake to Downing Street to discuss their interest in Nigerian lithium.
With new revenue streams, foreign direct investment, tightened regulation, and a clear path toward industrialization, Nigeria’s solid minerals sector is poised to become a pillar of the Tinubu administration’s economic diversification plan. As Dr. Alake noted, “Nigeria has not had it this good in the solid minerals sector. We’re restoring confidence, building data, enforcing the law, and returning value to Nigerians from their resources.”
The Mining Cadastral Office received over 10,000 applications from local and foreign investors this quarter alone, demonstrating the sector’s growing vitality.
Nigeria now chairs the newly formed African Mineral Strategy Group, a continental bloc focused on ensuring local value addition and fairer mineral trade deals across Africa.
As Nigeria’s solid minerals sector continues to attract investment and generate revenue, the future looks promising for the nation’s economic growth and development. Will this trend continue? Only time will tell, but one thing is certain – Nigeria’s solid minerals sector is on the rise.
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