The Minister of Solid Minerals Development, Dr. Dele Alake, has disclosed that President Bola Ahmed Tinubu’s sweeping reforms in Nigeria’s mining sector have resulted in a sixfold increase in government revenue, along with over $800 million in foreign direct investment within a year.
Speaking during a feature interview for an upcoming State House documentary to mark President Tinubu’s second year in office, Alake revealed that the sector’s revenue jumped from ₦6 billion in 2023 to ₦38 billion in 2024, despite the ministry receiving only 18 percent of its budgeted allocation of ₦29 billion. He attributed the impressive performance to the President’s deliberate policy shift towards value addition, transparency, and investor confidence.
“These reforms are changing the narrative of the solid minerals sector. Nigeria is now reaping the benefits of President Tinubu’s commitment to diversifying the economy,” Alake stated.
A key pillar of the reform, he said, is the strict enforcement of a policy that mandates mineral licenses are granted only to companies with verifiable plans for local processing. This directive has led to the establishment of several processing plants and significantly reduced the exportation of raw mineral resources.
Among the notable investments are a $600 million lithium processing plant near the Kaduna-Niger border, set for commissioning soon; a $200 million lithium refinery near Abuja; and two more facilities under development in Nasarawa State, all expected to be operational before the third quarter of 2025.
Alake also announced that the federal government had earmarked ₦1 trillion for geological exploration in 2025, with the goal of generating certified data to attract more international stakeholders.
The minister revealed that the Mining Cadastral Office and the Mines Inspectorate Department jointly generated over ₦13.9 billion in the first quarter of 2025 alone, reinforcing the sector’s rising contribution to the national economy.
Nigeria’s assertive approach to mining policy has also earned it continental recognition, with the country recently appointed to chair the African Mineral Strategy Group — a continental body championing the value addition of mineral resources before export.
Global interest in Nigeria’s mineral deposits is growing, with countries like the United Kingdom, United States, Saudi Arabia, and the United Arab Emirates showing keen interest in lithium and other critical minerals essential for global energy transition.
Alake concluded by reiterating that under the current administration, the era of “pit-to-port” exportation is over. “No company can mine and export raw minerals without a plan for local processing. That era is gone. We are building a future of sustainable, inclusive, and value-driven mining,” he said.
The minister’s revelations come as part of a broader narrative by the Tinubu-led administration to reposition mining as a major driver of economic growth and job creation in Nigeria.
