The Federal Government on Tuesday disclosed that it had earmarked additional N1 trillion for Solid Minerals Development in the 2025 budget in furtherance of its economic diversification agenda in the country.
President Bola Tinubu, who made this disclosure at the 10th Edition of Nigeria Mining Week with the theme “Nigeria Mining: From Progress to Global Relevance” held in Abuja, said the fund was specifically meant for geo-scientific exploration, detailed geological surveys, and development of critical infrastructure in the country towards unlock the potentials in sector.
Represented at the forum by the Secretary to the Government of the Federation (SGF), Sen. George Akume, the President maintained that the sum represented the most significant single investment in the sector by any administration over the past year.
Stressing that Nigeria must never again allow its economy to rest on one resource, Tinubu restated his administration’s commitment to diversification of the nation’s economy for the benefit of Nigerians.
He said: “But the oil boom led to over-reliance on a single commodity, a lesson recent global uncertainties have reinforced. We must never again allow the fate of our economy to rest on one resource. Our administration is committed to diversification, ensuring that the wealth beneath our feet benefits our people.
”Vision alone is not enough to realise the promise of mining; it requires decisive action and investment. Over the past year and a half, our administration has taken bold steps to reform the solid minerals sector, making it a new engine of growth.
”I have approved the appointment of the pioneer MD/CEO of the Solid Minerals Company, the special-purpose investment arm of the Federal Government. The Company will be the engine room of implementation, mobilising capital, structuring joint ventures, and accelerating local processing so that the wealth beneath our feet becomes prosperity in our hands.
“We made the historic decision to increase the 2025 national budget by N4.5 trillion, with an extra N1 trillion earmarked for the solid minerals sector. This is the most significant single investment in Nigeria’s mining industry by any administration.
”These funds are being channelled towards geo-scientific exploration, detailed geological surveys, and the development of critical infrastructure to unlock our mineral-rich regions. This investment will enhance our economic resilience by reducing our dependence on volatile oil markets and creating alternative revenue streams for the nation.
”It will also ensure regional equity by spurring development in resource-rich but underdeveloped areas, boosting rural economies, and supporting the processing and export of minerals to increase our foreign exchange earnings”, the President added.
According to him, the recent reforms in the sector have impacted positively on the generated revenues from the sector, with: in 2024, with over N38 billion generated from the sector last year, up from N6 billion raked in from the sector in 2023.
Noting that the Nigeria Mining Week 2025 marks the nation’s journey towards economic renewal and a testament to what collaboration can achieve over a decade, Tinubu said the week had evolved into premier industry platform, uniting stakeholders from small-scale miners to international investors to shape policy, foster partnerships, and drive the growth of the sector.
He commended the Miners Association of Nigeria, and other partners including PwC and VUKA Group, the Federal Ministry of Solid Minerals Development, and all stakeholders that had helped in transforming the week into a national event and a continental beacon of economic transformation.
On his administration’s efforts to transform Nigeria’s natural resources to life-changing assets for the present and future generations, Tinubu said: ”We are enforcing strict environmental regulations to prevent pollution of our farmlands and water sources. We are requiring mine operators to rehabilitate sites and respect biodiversity.
”We are also promoting transparency through initiatives like the Extractive Industries Transparency Initiative (EITI), as our citizens deserve to know how their natural resources are managed and utilised.
”We will not allow the mistakes of the past, whether it’s the environmental degradation of the Niger Delta or the unsafe mining practices of old, to be repeated” the President assured.
Speaking at the event, the Minister of Solid Minerals Development, Mr. Dele Alake, disclosed that the President had approved the establishment of Pre-Shipment Inspection Agency for the Solid Minerals sector to check undervaluing and leakages associated with minerals export while grant for high impact exploration programmes had also been approved to provide financial and technical support to proponents exploring for minerals in Nigeria.
He explained: ”This programme will support Minerals exploration and it will be capped at 50% of the eligible cost of the entire project.”
In his remarks, the Partner and Mining Leader of PwC Nigeria, Cyril Azobu, said that the 10th Nigeria Mining Week represented a landmark celebration of a decade of progress, innovation and resilience in Nigeria’s mining sector, adding that Nigeria’s focus going forward should be about transitioning from being a Minerals producer to a Minerals processing and value addition hub.
The Executive Secretary and CEO of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, noted that the mining sector had gone through far-reaching reforms, advocating for sustainability of the reforms, inc;uding avoidance of licensing delays and multiple taxes in the sector.
The National President of the Miners Association of Nigeria, Mr Dele Ayanleke, said that the Nigeria Mining Week had remained a catalyst for sectoral dialogue, innovation, and reforms — bridging the gap between policy and practice, operators and investors, and ideas and implementation.
He said: ”Through this platform, we have seen the introduction of cutting-edge technologies, policy reforms, strategic partnerships, and capacity-building initiatives that continue to redefine the mining landscape in Nigeria.
”Today, our sector stands more vibrant and structured, even as we have witnessed significant strides in exploration budgets, formalization of artisanal miners, growth in investment inflows, and the adoption of modern technologies to drive sustainability”, he added.
The industry top shot pointed out that despite the achievements, some challenges, including insecurity, illegal mining, infrastructure gaps, lack of access to finance, and low capacity-building persisted.
He, however, maintained that “these are, however, not setbacks, but opportunities to innovate, to collaborate, and to chart a bold course for the next decade of Nigeria’s mining evolution.”
The Chairman of the Senate Committee on Solid Minerals, Sen. Ekong Samson, assured the readiness of the Senate to collaborate with the operators and other stakeholders in sector in order to achieve the goals of the government’s diversification agenda.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, commended his counterpart, Alake, for the reforms in the sector, adding that synergy among the stakeholders is crucial for opening the solid minerals sector for sustainable growth and improved contribution to the nation’s GDP.
