Tinubu Announces N1tr Investment in Solid Minerals Sector

Folalumi Alaran in Abuja

President Bola Ahmed Tinubu has unveiled a landmark ₦1 trillion investment package for Nigeria’s solid minerals sector — the largest single commitment to mining in the nation’s history.

Represented by the Secretary to the Government of the Federation, Senator George Akume, President Tinubu made the announcement while delivering the keynote address at the 10th edition of the Nigeria Mining Week 2025, held at the Continental Hotel, Abuja.

Tinubu said the landmark investment, drawn from a ₦4.5 trillion increase in the 2025 national budget, will fund geo-scientific exploration, geological surveys, and critical infrastructure needed to unlock mineral-rich regions. The initiative, he noted, aligns with his administration’s Renewed Hope Agenda to diversify the economy and reduce over-dependence on oil. “This is the most significant single investment in Nigeria’s mining industry by any administration,” he stated. “We are turning the wealth beneath our feet into prosperity in our hands.”

The President revealed that sectoral revenue has already grown sixfold from ₦6 billion in 2023 to ₦38 billion in 2024 due to new policies, tighter regulations, and the establishment of the Nigeria Solid Minerals Company, a special-purpose vehicle designed to attract capital, form joint ventures, and boost local mineral processing. He pledged zero tolerance for unsafe or environmentally harmful mining practices, stressing that “natural resources must enhance lives today and for future generations. Mining should heal and build, not hurt or divide.”

Senator Ekong Sampson, Chairman, Senate Committee on Solid Minerals, reaffirmed the National Assembly’s readiness to provide legislative backing for the President’s mining reforms. Speaking at the event, he emphasised collaboration among government, industry players, and communities as the only way to achieve inclusive growth. “What we need for every sector is collaboration, not conflict,” he said. “We have no excuse not to make the best of our country’s natural endowments.”

He assured that the Senate would continue to enact progressive laws and provide oversight to sustain investor confidence and transparency. “Our focus is to unlock the full potential of this sector through enabling policies and strategic partnerships,” Sampson added, expressing optimism that ongoing reforms under the Ministry of Solid Minerals Development would position Nigeria for global competitiveness.

The Minister of Solid Minerals Development, Dr Dele Alake, described the sector’s rapid growth, now contributing about 4.6 per cent to GDP, as proof of the effectiveness of President Tinubu’s reform-driven agenda. “From all available evidence, our policies are working. But we couldn’t have achieved this without the cooperation of stakeholders,” he said. Alake emphasised that governance must be seen as a shared responsibility between government, civil service, and citizens, adding that Nigeria’s mining policies have become a model replicated by other African countries.

He disclosed that the Federal Government is addressing two major financial gaps limiting local participation, particularly through the African Joint Committee (AJC) framework, to empower indigenous investors to compete with international players. “With sustained collaboration, Nigeria’s solid minerals sector will soon become a major global revenue source and a catalyst for inclusive economic growth,” Alake assured.

On his part, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, reaffirmed the Federal Government’s determination to revive Nigeria’s steel industry as a backbone of industrialisation and infrastructure expansion.

He revealed that a Memorandum of Understanding has been signed with a Chinese firm for the rehabilitation of the Ajaokuta Steel Plant, targeting the production of 10 million metric tonnes of steel by 2030. “With the right partnerships and renewed investor confidence, Nigeria’s steel industry will soon take its rightful place as the bedrock of national development,” he said.

The Permanent Secretary, Ministry of Solid Minerals Development, Engr. Faruk Yabo emphasised the Ministry’s commitment to building a transparent, technology-driven, and investor-friendly mining environment.

He said reforms under Dr Alake’s leadership are repositioning the sector to meaningfully contribute to national GDP while promoting responsible mining. “Our goal is to ensure Nigeria no longer exports raw minerals but value-added products that create jobs, foster innovation, and strengthen prosperity,” Yabo stated.

Also speaking, Dr Orji Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), underscored the importance of transparency and accountability in building investor confidence. He disclosed that NEITI’s latest report shows the mining sector still underperforms due to poor data management and weak inter-agency coordination. “Transparency is not an option; it is the foundation upon which trust and investment confidence are built,” Dr Orji said, pledging NEITI’s continued support for reforms that guarantee fairness and shared prosperity.

The National President of the Miners Association of Nigeria (MAN), Mr. ‘Dele Ayanleke, lauded the industry’s decade-long progress, crediting reforms for transforming Nigeria’s mining into a globally competitive sector.

He reaffirmed MAN’s commitment to sustainability and transparency, calling on all stakeholders to unite toward achieving the President’s vision of a $1 trillion economy by 2030.

Similarly, Engr. Jani Ibrahim, representing NACCIMA, urged stronger collaboration among government, investors, and communities to overcome infrastructure, financing, and environmental challenges. “Through partnership, innovation, and accountability, we can make mining a true catalyst for Nigeria’s economic growth and global relevance,” he said.

In his closing remarks, Mr Samukelo Madlabane, Event Director of Nigeria Mining Week, described the 10th anniversary edition as “a historic milestone reflecting a decade of commitment, collaboration, and progress.” He urged participants to seize the opportunity to forge partnerships that would define the next decade of mining growth. “This anniversary is not just a celebration of the past but a commitment to a stronger, more inclusive future for Nigeria’s mining industry,” he said.