Tinubu’s Mining Reforms Boost Revenue to ₦38bn, Attract $800m Investments — Alake

• Nigeria’s mining sector revenue rose from ₦6 billion in 2023 to over ₦38 billion in 2024.

• The sector attracted over $800 million in investments, with major lithium processing plants nearing completion in Kaduna, Abuja, and Nasarawa.

Minister of Solid Minerals Development, Dr. Dele Alake, says Nigeria’s mining sector has seen a six-fold increase in revenue and attracted over $800 million in foreign investments, following reforms introduced by the Tinubu administration.

Speaking in a feature interview for an upcoming documentary marking President Bola Tinubu’s second year in office, Alake highlighted the significant progress made in 2024.

He said revenue rose from ₦6 billion in 2023 to over ₦38 billion, despite the ministry receiving only 18% of its ₦29 billion budget.

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Key reforms included a mandatory local value-addition policy that prevents miners from exporting raw minerals without setting up local processing facilities. “The days of pit-to-port export are over,” Alake declared.

Major projects include a $600 million lithium processing plant near Kaduna, a $200 million lithium refinery in Abuja, and additional facilities in Nasarawa State, all scheduled for commissioning before the third quarter of 2025.

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In the first quarter of 2025 alone, the Mining Cadastral Office and Mines Inspectorate generated a combined ₦13.9 billion in revenue. Alake also noted that the 2025 budget includes ₦1 trillion for mineral exploration, aimed at developing credible geological data to attract international investors.

Nigeria, he said, previously lagged in exploration spending, with just $2 million compared to South Africa’s $300 million. “No serious investor will touch your sector without credible data,” he explained.

Alake also emphasized efforts to tackle illegal mining, with over 300 arrests made in 2024. “We’ve secured nine convictions so far, including foreign nationals,” he said, adding that formalizing artisanal miners is a key part of the government’s agenda.

“We’re now focused on turning our mineral wealth into jobs, technology, and domestic economic value,” the minister said.