Nigeria's Solid Minerals Sector Booms with $800 Million Investment under Tinubu's Reforms

Alake highlighted the sector’s substantial revenue growth, stating that it generated over ₦38 billion in 2024
Alake made the disclosures during a feature interview for an upcoming State House documentary marking the President’s second anniversary in office
“When we took office, the sector generated just ₦6 billion annually. By the end of 2024, it hit ₦38 billion

Nigeria’s solid minerals sector has witnessed significant growth under President Bola Tinubu’s administration, attracting $800 million in foreign investments in just one year, as announced by the Minister of Solid Minerals, Dele Alake.

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Eko Hot Blog reports that the remarkable increase in investment has been attributed to the government’s focus on local value addition and stricter licensing regulations.

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In a recent interview, Minister Alake highlighted the sector’s substantial revenue growth, stating that it generated over ₦38 billion in 2024, a substantial increase from the ₦6 billion generated in the previous year, despite receiving only 18% of its ₦29 billion budget allocation.

In a statement released by the Presidential spokesman, Bayo Onanuga, Alake made the disclosures during a feature interview for an upcoming State House documentary marking the President’s second anniversary in office.

He highlighted that the rapid growth has led to an influx of investor interest, with key projects such as a $600 million lithium processing plant near the Kaduna-Niger border and a $200 million lithium refinery near Abuja nearing completion and two additional processing plants in Nasarawa scheduled to open before Q3 2025.

“These investments follow the administration’s insistence that no mining license is issued without a clear plan for local processing. The days of exporting raw minerals from pit to port are over,” Alake said.

“When we took office, the sector generated just ₦6 billion annually. By the end of 2024, it hit ₦38 billion—even with only 18% of our ₦29 billion budget released. This shows the effectiveness of our policy framework,” he added.

Alake emphasized the importance of exploration, noting that Nigeria has increased its investment in mineral exploration to generate internationally certified geological data, making it more attractive to potential investors.

“Exploration is key. When we started, 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. No serious investor will enter the sector without credible data.

We are focused on turning Nigeria’s mineral wealth into domestic economic value—creating jobs, advancing technology, and boosting manufacturing,” he said.

Nigeria's Solid Minerals Sector Booms with $800 Million Investment under Tinubu's Reforms

Nigeria’s solid minerals sector is poised for further growth as the government continues to implement its reform policies.

Alake noted that the country now chairs the African Mineral Strategy Group, focusing on local value addition and fairer mineral trade deals across the continent.

“This was a direct outcome of Nigeria’s leadership at the 2024 Future Minerals Conference in Riyadh. We’re leading Africa in saying: no more raw material exports without domestic beneficiation,” he said.