Oritsegbubemi Omatseyin
Lagos — The Federal Government of Nigeria has added an extra N1 trillion for Solid Minerals Development in the 2025 Budget towards diversification of the Nigerian economy.
The Fund is specifically meant for geo-scientific exploration, detailed geological surveys, and development of critical infrastructure in the country towards unlocking potentials in the sector.
This was disclosed by President Bola Ahmed Tinubu at the 10th Edition Of Nigeria Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance”.
Represented by the Secretary to the Government of the Federation, Senator George Akume, Tinubu noted that the sum is the most significant single investment in the sector by any administration.
He expressed concerns that the oil boom in Nigeria led to over-reliance on a single commodity, which was detrimental for the nation.
Stressing that Nigeria must never again allow its economy to rest on one resource, the President expressed the administration’s commitment to diversification for the benefit of Nigerians.
The President revealed that the appointment of the pioneer MD/CEO of the Nigeria Solid Minerals Company, the special-purpose investment arm of the Federal Government has been approved.
According to the President, the Company will be the engine room of implementation, mobilising capital, structuring joint ventures, and accelerating local processing so that “the wealth beneath our feet becomes prosperity in our hands.”
The President stated further: “We made the historic decision to increase the 2025 national budget by N4.5 trillion, with an extra N1 trillion earmarked for the solid minerals sector. This is the most significant single investment in Nigeria’s mining industry by any administration.
“These funds are being channelled towards geo-scientific exploration, detailed geological surveys, and the development of critical infrastructure to unlock our mineral-rich regions. This investment will enhance our economic resilience by reducing our dependence on volatile oil markets and creating alternative revenue streams for the nation.
“It will also ensure regional equity by spurring development in resource-rich but underdeveloped areas, boosting rural economies, and supporting the processing and export of minerals to increase our foreign exchange earnings.”
The reforms in the sector, the President said, led to a dramatic upswing in 2024, with the solid minerals sector generating over N38 billion in revenue from against N6 billion in the previous year. The six-fold increase, according to him, was achieved through improved policy and oversight in the sector.
He asserted that the conference theme emphasizes value addition, beneficiation, and responsibility, aligning Nigeria’s mining sector goals with Africa’s broader efforts to shift from exporting raw materials to producing finished products and innovation hubs.
Expressing his administration’s commitment to responsible, people-centred mining, he said natural resources must enhance lives today and for future generations.
He assured: “We are enforcing strict environmental regulations to prevent pollution of our farmlands and water sources. We are requiring mine operators to rehabilitate sites and respect biodiversity. We are also promoting transparency through initiatives like the Extractive Industries Transparency Initiative, EITI, as our citizens deserve to know how their natural resources are managed and utilised.
“We will not allow the mistakes of the past, whether it’s the environmental degradation of the Niger Delta or the unsafe mining practices of old, to be repeated.”
Harping on safety and security in mining areas, he said that everything will be done to ensure that mining areas in Nigeria are safe for all stakeholders, investors, workers, and residents.
According to him, the government has already taken steps to improve security in regions where mining activities are ongoing, working to eliminate banditry and conflict that threaten both people and projects.
Calling on policymakers, industry leaders, foreign partners, and citizens to play their part, he said that the Federal Government will continue to provide visionary leadership and a conducive environment. He also urged state governors and community leaders to facilitate mining investments and uphold peace in their domains.
The President said that Nigeria will emerge as a shining example of how a resource-rich nation can industrialise, diversify, and uplift its citizens.
“We will show that the Nigerian mining sector can be a force for national transformation and a pillar of Africa’s prosperity. The future we want is within reach. From minerals to miracles, Nigeria’s transformation journey is underway. Nigeria’s wealth will help build a better future for the country. Let us all play our part to make it so, and let us celebrate not just how far we have come, but the even greater journey ahead,” the President concluded.
Also speaking at the occasion, the Minister of Solid Minerals Development, Dr Dele Alake, noted that President Tinubu’s Renewed Hope Agenda is what is driving reforms in the sector, adding that the giant strides in the sector are not personal agendas, but necessities to reposition the sector for greatness.
He disclosed that the President has approved the establishment of the Pre-Shipment Inspection Agency for the Solid Minerals sector to check undervaluing and leakages associated with minerals export.
To tackle funding gaps in the sector, the Minister announced that grant for high impact exploration programmes has been approved to provide financial and technical support to proponents exploring for minerals in Nigeria.
“This programme will support Minerals exploration and it will be capped at 50% of the eligible cost of the entire project.” he stated
Dr. Alake said that the Ministry also plans to distribute grants and scholarship support to further the future of geosciences in Nigeria.
“This support will enable the next generation of geologists to conduct research necessary to support our industry and develop local standards,” he stated.
The Minister at the occasion revealed that henceforth all geological data in the country must be held at a central pool, which is the office of the Nigerian Geological Survey Agency.
Dr Alake said that the President has also approved the establishment of the Nigerian Minerals Development Company which will be private driven in order to endure beyond any government and stave off any undue political interference.
According to him the present administration is taking bold steps to pursue project plans that were conceived and abandoned over forty years ago.
Apart from other sectors, he said Solid Minerals Development has also witnessed creative, and consistent reforms in the past two years.
While commending the National Assembly for their support towards the sector, Dr. Alake, noted that without the stakeholders and investors, Nigeria’s Solid Minerals sector will not be where it is today.
“Your steady arm of support has put us on the right track.” he stated.
Noting that the processes in the sector have been digitized, the Minister also maintained that slowness and delay in licencing is in the past.
He warned that no amount of blackmail by those opposed to the reforms in the sector will deter the Ministry.
In his welcome remarks, the Permanent Secretary in the Ministry, Engr Faruk Yusuf Yabo, noted that the theme of the week captured the solid minerals journey so far and its ambitions going forward.
Stressing that it is a clear indication of where the sector is heading to, he said, the progress so far is evident in the transformation being championed by Dr. Alake.
He commended the partners and organizers of the event for their consistent partnership with the Ministry over the years.
Noting that the Ministry is committed to positioning the solid mineral sector as the mainstay of the Nigerian economy, he said, everything will be done to make it take its rightful place at the global stage.
The Chief Financial Officer of Kursi Group, Edamisan Tayo, disclosed that there are some challenges in the sector including infrastructural gaps.
To overcome the challenges, he advocated strong partnership, capacity building, infrastructure investment and transparent regulatory enforcement among others. He also called on the government to ensure a stable environment.
On his part, the Partner and Mining Leader of PwC Nigeria, Cyril Azobu, said that the 10th Nigeria Mining Week is a landmark celebration of a decade of progress, innovation and resilience in Nigeria’s mining sector.
He said Nigeria’s focus going forward should be about transitioning from being a Minerals producer to a Minerals processing and value addition hub.
The Executive Secretary and CEO of the Nigeria Extractive Industries Transparency Initiative, NEITI, Dr. Orji Ogbonnaya Orji, said the mining sector has undergone far-reaching reforms.
He specially commended the revocation of dormant licences and the introduction of Mining Marshals.
Urging for sustainability of the reforms, he called for addressing licencing delays and multiple taxes in the sector.
The National President of the Miners Association of Nigeria, MAN, Mr Dele Ayanleke, expressed the association’s commitment to promoting collaboration, transparency and sustainability, so that their partnership with the ministry, development partners, investors and industry stakeholders is stronger than ever.
“Today, our sector stands more vibrant and structured, even as we have witnessed significant strides in exploration budgets, formalization of artisanal miners, growth in investment inflows, and the adoption of modern technologies to drive sustainability,” he stated.
Despite the achievements, he said that challenges persist, including insecurity, illegal mining, infrastructure gaps, access to finance, and capacity-building needs.
“These are, however, not setbacks, but opportunities to innovate, to collaborate, and to chart a bold course for the next decade of Nigeria’s mining evolution,” he added.
The Chairman of the Senate Committee on Solid Minerals, Senator Ekong Samson, said the Senate is open to collaboration with the sector.
According to him, the National Assembly will spare no effort in working with the sector to achieve the best outcomes.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, reaffirmed the administration’s unwavering dedication to revitalizing the steel industry as a pivotal driver for industrialization and economic diversification. He commended his counterpart, Dr. Alake for the reforms in the sector while noting that synergy among stakeholders is crucial for the success of President Tinubu’s agenda for the sector.
