Nigeria’s solid minerals sector witnessed a major turnaround in 2024, attracting over $800 million in foreign and local investments, according to the Minister of Solid Minerals Development, Dr. Dele Alake.
The minister attributed the investment surge to bold mining reforms introduced by the Tinubu administration, which emphasize in-country value addition, strict licensing rules, and a clampdown on illegal mining.
Alake, speaking in a documentary interview marking President Bola Ahmed Tinubu’s second year in office, disclosed that the sector’s revenue jumped from ₦6 billion to ₦38 billion in 2024, despite receiving only 18% of its ₦29 billion budget.
Key Highlights:
- A $600 million lithium processing plant near the Kaduna-Niger border is set for commissioning this quarter.
- A $200 million lithium refinery near Abuja is nearing completion.
- Two additional processing plants in Nasarawa State are expected to start operations by Q3 2025.
- Over 10,000 mining licence applications received in Q1 2025.
- First quarter revenue in 2025: ₦6.9 billion (Mining Cadastral Office) and ₦7 billion (Mines Inspectorate).
- ₦1 trillion allocated for mineral exploration to produce certified geological data.
Alake emphasized that Nigeria’s previous reliance on raw mineral exports is over:
“No miner gets a licence without a local processing plant. The days of pit-to-port exports are gone,” he stated.
Fight Against Illegal Mining:
- The ministry has also intensified its crackdown on illegal mining operations:
- Over 300 illegal miners were arrested in 2024.
- 150 cases currently in court, with 9 convictions secured, including some foreign nationals.
- 250+ mining cooperatives have been established to absorb informal miners into structured operations.
Global Attention and Leadership:
Nigeria now chairs the African Mineral Strategy Group, a platform to boost value addition and fair mineral trade across the continent.
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“The UK, U.S., Saudi Arabia, and UAE are all showing strong interest in Nigerian lithium,” Alake revealed, noting a private meeting at 10 Downing Street and U.S. efforts to diversify mineral sourcing away from China.
Strategic Shift:
With rising revenue, growing global partnerships, and investor confidence, the minister declared:
“We’re restoring confidence, building credible data, enforcing mining laws, and finally returning value to Nigerians from their natural resources.”
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