By Obiabin Onukwugha
Nigeria’s Minister of Solid Minerals Development, Dele Alake, has revealed that the federal government is eyeing an ambitious $1trillion economy by 2030, with mining as a key driver.
Alake made the revelation while speaking at a roundtable for African Minerals Strategy Group, at the ongoing African Mining Week in Cape Town, South Africa.
Alake, who was represented by the Permanent Secretary of the ministry of Solid Minerals Development, Farouk Yabo, outlined Nigeria’s reform agenda in the mining sector, including local beneficiation from gold refining to lithium processing, revocation of dormant licenses, strengthening governance and transparency, and the formulation of a national critical minerals strategy.
A statement signed by Alake’s media aide, Segun Tomori, on Sunday, said the minister described Africa’s mineral wealth as the bedrock of a new wave of transformative industrialisation.
According to the Minister, Africa must end the paradox of supplying raw minerals to fuel industrial growth abroad while remaining under-industrialised at home.
“Africa’s minerals have powered industrialisation elsewhere while our own economies remain under-industrialised. This paradox must end. Our vision must be clear: to move from extractive dependence to transformative industrialisation,” he said.
Alake emphasised that Africa holds some of the richest deposits in the world, such as minerals critical to clean energy, digital technologies, advanced manufacturing, and global security, and urged African governments to stop the brain drain of African youths, stressing that opportunities lie beneath their feet.
“Our youth should no longer seek jobs abroad while opportunities lie buried beneath their feet. The time to industrialise is now. Let us set the stage for an Africa that is not just a participant in the global minerals economy, but a driver of its future,” he said.
Alake disclosed that the Nigerian government has embarked on reforms such as digitising mining processes for data accessibility and mineral traceability, strengthening institutional frameworks, and amending the 2007 Minerals and Mining Act, to provide a stronger legal foundation for investments.
He also reaffirmed Nigeria’s commitment to ensuring full traceability in its minerals value chain, stressing that legitimate resources will only come from licensed operators or formalised artisanal and small-scale miners.
He also urged African countries to prioritise comprehensive mapping of their mineral deposits, insisting that such exercises are necessary to prevent illegal exploitation and to strengthen regulatory oversight.
“Africa must ensure that only licensed operators are mining. We must also build adequate capacity for effective supervision,” he said.
Nigeria’s delegation also participated in the country spotlight session, where the Permanent Secretary showcased investment opportunities in the solid minerals sector, highlighting incentives for global investors and underscoring the nation’s mineral endowments.
The statement added that the African Mining Week drew participation from ministers of mining from the Democratic Republic of Congo, Zimbabwe, Sierra Leone, as well as representatives from Nigeria, Gambia, and Ghana. Industry leaders and major private sector players across the continent also attended the conference.