Precious Anga
Lagos — The Federal Government says Nigeria’s solid minerals sector has attracted about $3bn in investments over the past three years, marking what officials describe as one of the strongest inflows ever recorded in the industry and a key indicator of rising investor confidence in ongoing reforms.
The investments, which span lithium, gold and other strategic minerals, are being driven by policy changes introduced under President Bola Tinubu’s administration, aimed at repositioning the mining sector as a major contributor to economic diversification.
The disclosure was made on Wednesday during a press briefing ahead of the 5th African Natural Resources and Energy Investment Summit (AFNIS), scheduled to hold from June 23 to 25, 2026, at the State House Conference Centre, Abuja.
The Minister of Solid Minerals Development, Dr Dele Alake, was represented at the briefing by the Managing Director and Chief Executive Officer of the Nigeria Solid Minerals Company, Mr Martins Imonitie.
Imonitie said the inflow of $3bn within three years was significant, given the capital-intensive and long development cycles typical of mining projects globally.
According to him, mineral development requires extensive geological studies, financing arrangements, and offtake agreements, meaning investment decisions are rarely immediate and often take years to materialise.
“For Nigeria to attract about $3bn in investments within this period is unprecedented and demonstrates growing confidence in the direction of reforms in the sector,” he said.
He noted that mining projects can take between 15 and 20 years to reach full commercial maturity, stressing that the sector demands long-term capital commitment rather than short-term returns.
“These investments cut across lithium, gold and several other minerals. More importantly, they signal what lies ahead for the sector in terms of sustained growth and global investor interest,” he added.
Alake said the forthcoming AFNIS 2026 would focus on repositioning Africa from a raw materials exporter to a value-added industrial hub capable of driving job creation, technology transfer and inclusive growth.
He noted that Africa’s natural resource base must be leveraged not only for exports but for domestic industrialisation and long-term economic transformation.
“The significance of AFNIS 2026 goes beyond its fifth edition. It comes at a defining moment for Africa, as global demand for critical minerals continues to rise amid the energy transition,” he said.
He added that the summit’s theme, “One Africa, One Resource Vision,” reflects the need for stronger regional cooperation in developing mineral resources, energy infrastructure and integrated value chains.
According to him, isolated national approaches are no longer sufficient, given the scale of global demand and the need for competitive positioning in supply chains for critical minerals such as lithium, cobalt, graphite and rare earth elements.
Alake also disclosed that the 2026 edition would place greater emphasis on implementation, with structured investment sessions, sovereign meetings, project financing discussions and deal-oriented engagements.
“The objective is clear: participants should leave Abuja with concrete partnerships, investment commitments and actionable projects that translate into jobs and economic growth,” he said.
Director of Strategy and Platform Development at iMine, Mr Archibald Troko, said previous editions of AFNIS have already generated nearly $600m in investment-linked transactions over the last four years.
He said the summit has evolved into a transaction-driven platform where investors and project developers initiate discussions that often mature into commercial deals.
Troko noted that one of the transactions concluded on the sidelines of a previous edition was valued at about $70m, underscoring the summit’s growing relevance in investment facilitation.
Officials from the Ministry of Solid Minerals Development described AFNIS as Africa’s leading platform for mining and energy investment dialogue, bringing together governments, financiers, and industry operators.
They added that rising global demand for critical minerals presents a major opportunity for Africa, provided countries prioritise local value addition, sustainable extraction practices and stronger regulatory frameworks.
Nigeria, in particular, has intensified efforts to reduce dependence on crude oil by attracting mining investments, formalising artisanal operations, and expanding local mineral processing capacity.
If effectively harnessed, the continent’s mineral wealth is expected to play a central role in industrialisation, infrastructure development and job creation across Africa.
