Nigeria’s solid minerals sector is witnessing an unprecedented boom, attracting over $800 million in processing investments in 2024 alone, thanks to policy reforms under President Bola Tinubu’s administration.
Minister of Solid Minerals Development, Dr. Dele Alake, revealed the figures during a feature interview for a State House documentary marking Tinubu’s second year in office.
Driven by a strict local value addition policy and tighter licensing regime, the sector raked in ₦38 billion in revenue up from ₦6 billion in 2023, despite receiving just 18% of its ₦29 billion budgeted allocation.
Key projects include a $600 million lithium plant near the Kaduna-Niger border, set for commissioning this quarter, a $200 million refinery near Abuja nearing completion, and two more facilities in Nasarawa coming before Q3 2025.
“The days of pit-to-port raw mineral exports are over,” Alake said. “You don’t get a mining license without a processing plan.”
In Q1 2025 alone, the Mining Cadastral Office and Mines Inspectorate generated ₦6.9 billion and ₦7 billion respectively. A ₦1 trillion allocation for mineral exploration is also set to boost credible geological data, a key to attracting serious investors.
“Nigeria had spent just $2 million on exploration, compared to over $300 million in South Africa. We’re changing that,” Alake stated.
Crackdowns on illegal mining are also yielding results, with over 300 arrests, 150 prosecutions, and 9 convictions, including foreign nationals. Over 250 mining cooperatives have been formed to integrate artisanal miners into the formal economy.
Nigeria now chairs the new African Mineral Strategy Group, championing local beneficiation and fairer trade deals continent-wide.
Global interest is rising fast. “The former UK Deputy PM invited me to Downing Street over lithium. The U.S. sees Nigeria as a strategic alternative to China,” Alake revealed.
With over 10,000 licensing applications in Q1 alone, Alake says Nigeria’s mining sector has become a cornerstone of Tinubu’s economic diversification push.
“We’re enforcing the law, building trust, and turning our mineral wealth into jobs, tech, and value for Nigerians,” he added.
