Tinubu injects ₦1trn into mining as sector’s revenue rises sixfold
…targets $1trn economy by 2030
Nigeria’s solid minerals sector has entered a new era of expansion as President Bola Ahmed Tinubu announced a ₦1 trillion investment package—the largest in the nation’s history—to position mining as a cornerstone of the country’s economic diversification strategy.
Delivering the keynote at the 10th Nigeria Mining Week 2025 in Abuja, President Tinubu said the fund, drawn from a ₦4.5 trillion increase in the 2025 national budget, will finance geoscientific exploration, detailed geological surveys, and critical infrastructure across mineral-rich regions to boost local value addition.
“This is the single largest investment ever made in Nigeria’s mining industry,” Tinubu declared. “We are determined to turn the wealth beneath our feet into prosperity in our hands.”
According to him, the sector’s revenue has jumped from ₦6 billion in 2023 to ₦38 billion in 2024, representing a sixfold increase attributed to improved policy coordination, oversight, and transparency.
“We must never again allow the fate of our economy to rest on one resource,” the President added. “Mining must now stand beside oil as a national growth pillar.”
Alake: Courage, Not Policy, Will Drive Growth
Dele Alake, minister of Solid Minerals Development, described solid minerals as Nigeria’s next major job-creating sector, stressing that leadership courage—not a lack of policy—has been the missing link in driving sectoral progress.
“What we lack is not policy but courageous minds like President Tinubu’s to implement them,” Alake said.
He noted that the Ministry under his watch has recorded 4.6% growth in sector revenue, earning recognition as one of the most transparent institutions in government.
“Business is no longer as usual. Policy implementation must now be taken seriously if we want real growth. Local value chains must be developed, and our natural assets treated as national treasures,” he stated, pledging that the Ministry would continue pushing until mining becomes the “economic pilot” of the nation.
Steel to Anchor Industrial Revival
Prince Shuaibu Abubakar Audu, minister of Steel Development, reaffirmed that the revival of Nigeria’s steel sector is central to President Tinubu’s broader plan for industrialisation.
“The steel industry is the backbone of national development. Once revived, it will power manufacturing, infrastructure, and job creation,” Audu said, noting that new public-private partnerships are being structured to reactivate dormant steel plants and link mining to industrial output.
Stakeholders Endorse Government Reforms
Dele Ayanleke, president, Miners Association of Nigeria (MAN), applauded the administration’s reforms and transparency drive, noting that Nigeria Mining Week has evolved into a major policy-shaping platform over the past decade.
“As we look to the future, the challenges we face—from illegal mining to infrastructure gaps—must become stepping stones for progress,” Ayanleke said. He urged inclusive reform and investor participation, adding, “Together, we can transform mining into a cornerstone of Nigeria’s $1 trillion economy by 2030.”
Faruk Yabo, permanent secretary, ministry of Solid Minerals Development reaffirmed the Ministry’s commitment to a technology-driven, transparent, and investor-friendly sector, in alignment with global standards and sustainability goals.
VUKA Group: A Decade of Partnership and Progress
Welcoming over 3,500 delegates, Samukelo Madlabane, event director of Nigeria Mining Week and representative of VUKA Group, described the 10th anniversary edition as “a celebration of a decade of dedication, dialogue, and development.”
“This is more than just another annual gathering; it marks ten years of building enduring partnerships between government, investors, and operators,” he said. “Our theme, ‘Nigeria Mining: From Progress to Global Relevance,’ captures the nation’s journey from policy foundations to positioning itself as a competitive global mining destination.”
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Madlabane highlighted the addition of new forums such as the KMDC Deal Room, CEO Roundtable, Nigeria Steel Forum, Nigeria Gold Forum, and sessions on gemstones and women in extractive industries as strategic platforms for deepening value chains and fostering sustainability.
“We encourage all participants to connect, collaborate, and forge partnerships that will drive the next decade of growth,” he said. “The discussions and deals sealed here will propel Nigeria’s mining sector forward.”
A Turning Point for Economic Diversification
Now in its 10th year, Nigeria Mining Week—jointly organised by MAN, PwC Nigeria, and VUKA Group, and officially hosted by the Ministry of Solid Minerals Development—has grown into West Africa’s premier investment and policy platform.
With President Tinubu’s ₦1 trillion investment and renewed private sector confidence, analysts forecast that the sector could attract over ₦10 trillion in private capital inflows within five years, driving GDP contribution from below 1% to as high as 10% by 2030.
As Dr. Alake summed up, “The solid minerals revolution has begun—and this time, business will not be as usual.”
