The Minister of Solid Minerals Development, Dele Alake, has revealed that the sector’s revenue has surged from a paltry ₦6 billion in 2023 to a record-breaking ₦38 billion in 2024. This dramatic leap shows the impact of sweeping reforms introduced under President Bola Ahmed Tinubu’s administration.
According to a statement released by the Minister, the sector was in a state of decline when the current government took office. But by tightening the licensing process and insisting on a clear roadmap for local processing before any mining license is issued, Nigeria has reversed years of lost opportunities. The days of exporting raw minerals with zero value addition, which drained the economy, are being systematically dismantled.
The Minister added that, this bold policy shift has already triggered over $800 million in processing-related investments. A $600 million lithium processing plant near Kaduna and Niger is set to be commissioned soon, with another $200 million refinery near Abuja nearing completion. Two additional plants in Nasarawa are expected to come online before the third quarter of the year. These massive projects are not only positioning Nigeria as a major player in the global mineral supply chain but also bringing thousands of jobs, cutting-edge technology, and sustainable growth to local communities.
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In a bid to build a globally competitive mining ecosystem, the Ministry is aggressively investing in exploration. Prior to Tinubu’s administration, Nigeria spent a meager $2 million on mineral exploration, far behind Côte d’Ivoire’s $148 million and South Africa’s $300 million. But 2024 marks a new chapter, as ₦1 trillion has been secured specifically for mineral exploration, ushering in an era of credible geological data that is already attracting serious international investors.
Alake said, the crackdown on illegal mining has also gained momentum. Over 300 arrests were made last year, including foreign nationals, with 150 prosecutions currently underway and several convictions already secured. At the same time, the government is formalising artisanal miners through over 250 cooperatives, giving them access to financing and a pathway to share in the nation’s mineral wealth legally and profitably.
Nigeria’s leadership in the African mining space is also expanding. The country now chairs the African Mineral Strategy Group, a new bloc focused on value addition, ethical practices, and fairer trade across the continent. This diplomatic victory, according to Alake, is proof of President Tinubu’s clear vision for a mineral-led industrial revolution.
Investor confidence is soaring. The Mining Cadastral Office has received more than 10,000 applications in just the first quarter of 2024; a historical figure that speaks volumes about global interest in Nigeria’s reformed mining landscape.
“While there’s still work to do, the direction is clear,” Alake declared. “We’re turning Nigeria’s mineral wealth into real economic value, for our people, for our industries, and for our future.”
