By Obiabin Onukwugha
The federal government is to invest ₦1 trillion ($689.7bn) into Nigeria’s solid minerals sector, so as to diversify the economy and reduce over-dependence on oil.
The ₦1trillion commitment, which is the largest government-led mining initiative in the country’s history, according to the federal government, is drawn from the ₦4.5 trillion increase in the 2025 federal budget.
President Bola Tinubu revealed this while delivering the keynote address at the 10th Edition of Nigeria Mining Week 2025, on Tuesday in Abuja.
The president, who was represented at the event by the Secretary to the Government of the Federation, Senator George Akume, said the landmark investment, which aligns with his administration’s Renewed Hope Agenda, will fund geo-scientific exploration, geological surveys, and critical infrastructure needed to unlock mineral-rich regions.
“This is the most significant single investment in Nigeria’s mining industry by any administration. We are turning the wealth beneath our feet into prosperity in our hands,” he said.
He also revealed that the revenue generation of the sector grew sixfold from ₦6 billion in 2023 to ₦38 billion in 2024, saying it is as a result of new policies, tighter regulations, and the establishment of the Nigeria Solid Minerals Company, a special-purpose vehicle designed to attract capital, form joint ventures, and boost local mineral processing.
The President re-emphasised his administration’s zero tolerance for unsafe or environmentally harmful mining practices, stressing that “natural resources must enhance lives today and for future generations. Mining should heal and build, not hurt or divide.”
Chairman, Senate Committee on Solid Minerals, Senator Ekong Sampson, in his speech expressed readiness of the legislative arm to provide legislative backing for the President’s mining reforms.
“Our focus is to unlock the full potential of this sector through enabling policies and strategic partnerships,” he said
Sampson identified collaboration among government, industry players, and communities as the only way to achieve inclusive growth, and expressed optimism that the ongoing reforms under the Ministry of Solid Minerals Development would position Nigeria for global competitiveness.
“What we need for every sector is collaboration, not conflict. We have no excuse not to make the best of our country’s natural endowments,” he stated.
In his address, Minister of Solid Minerals Development, Dr. Dele Alake, noted that the sector’s rapid growth that is now contributing about 4.6 percent to Nogeria’s Gross Domestic Product (GDP), is a proof of the effectiveness of Tinubu’s reform-driven agenda.
“From all available evidence, our policies are working. But we couldn’t have achieved this without the cooperation of stakeholders,” he said.
He also stated that the federal government is addressing two major financial gaps limiting local participation, particularly through the African Joint Committee (AJC) framework, to empower indigenous investors to compete with international players.
On his part, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, reaffirmed the Federal Government’s determination to revive Nigeria’s steel industry as a backbone of industrialization and infrastructure expansion.
He revealed that a Memorandum of Understanding has been signed with a Chinese firm for the rehabilitation of the Ajaokuta Steel Plant, targeting the production of 10 million metric tonnes of steel by 2030.
“With the right partnerships and renewed investor confidence, Nigeria’s steel industry will soon take its rightful place as the bedrock of national development,” he stated.