The Minister of Solid Minerals, Dele Alake, has disclosed that $800 million investment was attracted into the sector in the 2024 fiscal year.
Alake said the milestone was acheieved as a result of policies introduced by his Ministry with the suppoprt of President Bola Tinubu to boost the economic potentials of the sector for job creation.
The Minister stated this in a statement on Sunday. He noted that in 2023 when he took charge of the ministry, the sector generated only ₦6 billion in revenue.
Alake explained that by the end of 2024 the revenue grew to ₦38 billion. He stated that prioritizing local processing of the raw minerals was instrumental to the growth in the sector.
“When we came into office, Nigeria’s solid minerals sector was underperforming. In 2023, it generated just ₦6 billion in revenue. By the end of 2024, that number had grown to ₦38 billion. That kind of turnaround tells you something is working.
“One of the first things we did was tighten the licensing process. We made it clear that no one gets a mining license without showing a real plan for local processing. Exporting raw minerals without adding value here at home wasn’t helping our economy, and we had to stop that. Since then, we’ve seen real results of over $800 million in processing investments last year alone.
“We’ve got a $600 million lithium processing plant near Kaduna and Niger about to be commissioned. Another $200 million refinery near Abuja is nearly ready. Two more plants are coming online in Nasarawa before the third quarter of this year. These projects mean jobs, technology, and a stronger local economy.
“Exploration has also been a priority. When we took office, Nigeria had only spent $2 million on mineral exploration. By comparison, Côte d’Ivoire had spent $148 million, and South Africa more than $300 million. No serious investor takes you seriously without credible geological data. That’s why this year, we’ve secured ₦1 trillion specifically for mineral exploration to build the foundation for a globally competitive sector,” he said.
The Minister stressed that efforts have been made to curb illegal mining, adding that over 300 illegal miners, including foreigners have been arrested. He said 150 illegal miners are undergoing prosecution.
Alake further disclosed that his ministry has created room for local miners to thrive through cooperatives. He added that the sector has seen an increase in investors’ interest.
He assured his ministry’s commitment to harnessing the full potential of the sector to grow the nation’s economy.
“We’re also confronting illegal mining head-on. Over 300 arrests were made last year, with 150 prosecutions ongoing and several convictions already secured including foreign nationals. We’re also supporting local miners by formalising their operations. So far, over 250 cooperatives have been established to help small-scale miners get access to finance and share in the revenue.
“Nigeria now chairs the African Mineral Strategy Group, a new bloc focused on local value addition and fairer mineral trade. Our leadership in this space is a direct result of the vision laid out by President Tinubu.
“Investor interest is surging. Just this quarter, the Mining Cadastral Office received over 10,000 applications. That kind of momentum didn’t exist before. It’s a sign that our reforms are working.
“We’ve still got work to do, but the direction is clear. We’re turning Nigeria’s mineral wealth into real economic value for our people, our industries, and our future,” he stated.
