Nigeria’s solid minerals sector has seen significant growth under the current administration, attracting over $800 million in mineral processing projects last year, the Minister of Solid Minerals Development, Dr. Dele Alake, has disclosed.
Speaking ahead of a State House documentary marking President Bola Ahmed Tinubu’s second year in office, Dr. Alake revealed that the sector generated N38 billion in revenue in 2024, a remarkable increase from N6 billion in 2023 despite receiving only 18% of its N29 billion budget allocation.
Key investments include a $600 million lithium processing plant near the Kaduna-Niger border, scheduled for commissioning this quarter; a $200 million lithium refinery near Abuja, nearing completion; and two additional processing plants in Nasarawa planned to open before the third quarter of 2025.
“No miner gets a license without a clear local processing plant. The days of exporting raw minerals from pit to port are over,” Dr. Alake stated.
In the first quarter of 2025, the Mining Cadastral Office (MCO) and Mines Inspectorate recorded revenues of N6.9 billion and N7 billion, respectively, signaling strong momentum for the year.
Looking ahead, the minister projected 2025 to be a record year, supported by a N1 trillion budget allocated for mineral exploration to produce internationally certified geological data—key to attracting serious investors.
“When we came in, Nigeria had spent just $2 million on exploration, compared to $40 million in Sierra Leone, $148 million in Côte d’Ivoire, and over $300 million in South Africa,” Dr. Alake noted.
The government’s focus remains on converting mineral wealth into domestic economic value by creating jobs, advancing technology, and developing manufacturing capabilities.
Efforts to combat illegal mining are underway, with over 300 illegal miners arrested in 2024, prosecutions ongoing for 150 individuals, and nine convictions secured, including foreign nationals. The administration also formalized artisanal miners into more than 250 cooperatives nationwide, enabling access to financing and revenue sharing.
Nigeria now chairs the African Mineral Strategy Group, a continental bloc promoting local value addition and fair mineral trade across Africa.
