Nigeria’s solid minerals sector, driven by the Tinubu administration’s new policy of local value-addition and a tightened licensing regime, attracted over $800 million in processing projects last year.
The sector also generated over ₦38 billion in revenue in 2024, up from just ₦6 billion the previous year, despite receiving only 18% of its ₦29 billion budgeted allocation.
Minister of Solid Minerals Development, Dr. Dele Alake, revealed this during a feature interview for an upcoming State House documentary marking President Tinubu’s second anniversary, said the sector has witnessed an increase in investor interest buoyed by the administration’s mining sector reforms.
He listed the $600 million lithium processing plant near the Kaduna-Niger border, to be commissioned this quarter, the $200 million lithium refinery on the outskirts of Abuja, nearing completion, and two additional processing plants in Nasarawa, slated for commissioning before Q3 2025.
“These investments follow the administration’s insistence that no miner gets a license without a clear local processing plant. The days of exporting raw minerals from pit to port are over.
“When we resumed, the entire sector generated ₦6 billion annually. By the end of 2024, we hit ₦38 billion. And this was with just 18% of our ₦29 billion budgetary allocation released. It shows how effective our policy framework has been”, Alake stated.
According to the Minister, in the first quarter of 2025 alone, two regulatory agencies—the Mining Cadastral Office (MCO) and the Mines Inspectorate—have already recorded ₦6.9 billion and ₦7 billion in revenue, respectively.
The Minister projected this year to be a record-breaking one for the sector, adding that the current budget allocated ₦1 trillion for mineral exploration, targeted at generating internationally certified geological data.
As part of its seven-point agenda, the Minister said he has taken aggressive steps to curb illegal mining and formalise artisanal activity. He noted that over 300 illegal miners were arrested last year, 150 prosecutions are ongoing, and nine convictions have been secured, including foreign nationals.
He added that over 250 mining cooperatives have been established nationwide to absorb informal miners into the formal economy.
The Minister said Nigeria now chairs the newly formed African Mineral Strategy Group, a continental bloc focused on ensuring local value addition and fairer mineral trade deals across Africa, noting that with new revenue streams, foreign direct investment, tightened regulation, and a clear path toward industrialisation, Nigeria’s solid minerals sector is now a pillar of the Tinubu administration’s economic diversification plan.
Speaking at the ceremony, the Sultan of Sokoto, His Eminence Muhammad Sa’ad Abubakar, described the gesture as a beacon of hope amid national hardship. He praised the DSS chief for his generosity and called on other privileged Nigerians to emulate the effort.
Minister of Finance, Wale Edun, also commended the DSS boss while using the occasion to highlight the government’s economic progress.
According to him, recent reforms are stabilizing the economy, with inflation slowing and foreign reserves growing.
Representing the DSS DG at the event, retired DSS Director, Ahmed Zarma, said the project is part of efforts to build public trust and enhance national security through education and community engagement.
Kaduna State governor Uba Sani, represented by Deputy Governor, Hadiza Balarabe, who hailed the project as a symbol of unity and development, reiterated his administration’s commitment to tackling inequality through education.
The centre will offer both Islamic and conventional education to children who would otherwise lack access to formal learning. Its naming after President Tinubu, officials said, is in recognition of his leadership and commitment to national development.
The commissioning ceremony attracted religious leaders, government officials, traditional rulers, and members of the public.
