The Federal Government of Nigeria on Tuesday disclosed that extra N1 Trillion was provided for Solid Minerals Development in the 2025 Budget towards diversification of the Nigerian economy.
The Fund is specifically meant for geo-scientific exploration, detailed geological surveys, and development of critical infrastructure in the country towards unlock the potentials in sector.
This was disclosed by President Bola Ahmed Tinubu at the 10th Edition Of Nigeria Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance”.
Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, Tinubu noted that the sum is the most significant single investment in the sector by any administration.
He expressed concerns that oil boom in Nigeria led to over-reliance on a single commodity, which was detrimental for the nation.
Stressing that Nigeria must never again allow its economy to rest on one resource, the President expressed the administration’s commitment to diversification for the benefit of Nigerians.
The President 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 Nigeria 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.”
He added “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.” he stated.
The reforms in the sector, the President said, have led to a dramatic upswing: in 2024, with the solid minerals sector generated over N38 billion in revenue from N6 billion the previous year.
The six-fold increase, according to him, was achieved through improved policy and oversight in the sector.
Emphasising that the week marks the nation’s journey towards economic renewal and a testament to what collaboration can achieve over a decade,the President said it has 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.
The President commended the Miners Association of Nigeria, and other partners including PwC and VUKA Group, the Federal Ministry of Solid Minerals Development, and all those who have transformed the week into a national institution and a continental beacon of economic transformation.
Expressing his administration’s commitment to responsible, people-centred mining, he said natural resources must enhance lives today and for future generations.
“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.
Harping on.safety and security in mining areas, he said that everything will be done to ensure that mining areas in Nigeria are safe for all stakeholders, investors, workers, and residents.
According to him, the government has already taken steps to improve security in regions where mining activities are ongoing, working to eliminate banditry and conflict that threaten both people and projects.
Calling on policymakers, industry leaders, foreign partners, and citizens to play their part, he said that the Federal Government will continue to provide visionary leadership and a conducive environment.
The President also urged state governors and community leaders to facilitate mining investments and uphold peace in their domains.
He said that Nigeria will emerge as a shining example of how a resource-rich nation can industrialise, diversify, and uplift its citizens.
“We will show that the Nigerian mining sector can be a force for national transformation and a pillar of Africa’s prosperity. The future we want is within reach. From minerals to miracles, Nigeria’s transformation journey is underway. Nigeria’s wealth will help build a better future for the country.
“Let us all play our part to make it so, and let us celebrate not just how far we have come, but the even greater journey ahead.” the President concluded
Also speaking at the occasion, the Minister of Solid Minerals Development, Dr Dele Alake, noted that President Tinubu’s Renewed Hope Agenda is what is driving reforms in the sector.
Stressing that the giant strides in the sector are not personal agenda, but been done to reposition the sector for greatness.
He disclosed that the President has approved the establishment of Pre-Shipment Inspection Agency for the Solid Minerals sector to check undervaluing and leakages associated with minerals export.
To tackle funding gaps in the sector, the Minister announced that grant for high impact exploration programmes has been approved to provide financial and technical support to proponents exploring for minerals in Nigeria.
“This programme will support Minerals exploration and it will be capped at 50% of the eligible cost of the entire project.” he stated
Dr. Alake said that the Ministry also plans to distribute grants and scholarship support to further the future of geosciences in Nigeria.
“This support will enable the next generation of geologists to conduct research necessary to support our industry and develop local standards.”
The Minister at the occasion revealed that henceforth all geological data in the country must be held at a central pool, which is the office of the Nigerian Geological Survey Agency.
Dr Alake said that the President has also approved the establishment of the Nigerian Minerals Development Company.
This, he said, will be private driven in order to endure beyond any government and stave off any undue political interference.
According to him the present administration is taking bold steps to pursue project plans that have were conceived and abandoned over fourty years ago.
Apart from other sectors, he said Solid Minerals Development has also witnessed creative, and consistent reforms in the past two years.
While commending the National Assembly for the support to the sector, Dr. Alake, noted that without the stakeholders and investors, Nigeria’s Solid Minerals sector will not be where it is today.
“Your steady arm of support has put us on the right track.” he stated.
Noting that the processes in the sector has been digitized, the Minister also maintained that slowness and delay in licencing is in the past.
He warned that no amount of blackmail by those opposed to the reforms in the sector will deter the Ministry.
In his welcome remarks, the Permanent Secretary in the Ministry, Engr Faruk Yusuf Yabo, FNSE noted that the theme of the week captured the solid minerals journey so far and its ambitions going forward.
Stressing that it is a clear indication of where the sector is heading to, he said, the progress so far is evident in the transformation been championed by Dr. Alake.
He commended the partners and organizers for the event and consistent partnership with the Ministry over the years.
Noting that the Ministry is committed to positioning the solid mineral sector as the mainstay of the Nigerian economy, he said, everything will be done to make it take its rightful place at the global stage.
The Chief Financial Officer of Kursi Group, Edamisan Tayo, disclosed that there are some challenges in the sector including infrastructural gaps.
To overcome the challenges, he advocated strong partnership, capacity building, infrastructure investment and transparent regulatory enforcement among others.
He also called on the government to ensure stable environment.
On his part, the Partner and Mining Leader of PwC Nigeria, Cyril Azobu, said that the 10th Nigeria Mining Week is a landmark celebration of a decade of progress, innovation and resilience in Nigeria’s mining sector.
He said 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, said the mining sector has undergone far-reaching reforms.
He specially commended the revocation of dormant licences and the introduction of mines Marshals.
Urging for sustainability of the reforms, he however called for addressing licencing 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 has remained a catalyst for sectoral dialogue, innovation, and reforms — bridging the gap between policy and practice, operators and investors, and ideas and implementation.
“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 stated
Despite the achievements, he said that challenges persist, including insecurity, illegal mining, infrastructure gaps, access to finance, and capacity-building needs.
“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.” he said
The Chairman of the Senate Committee on Solid Minerals, Senator Ekong Samson, said the Senate is open to collaboration with the sector.
According to him, the National Assembly will spare no effort in working with the sector to achieve the best outcomes.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, commended his counterpart, Dr. Alake for the reforms in the sector.
He noted that the synergy among the stakeholders is crucial for the success of President Tinubu’s agenda for the sector.
Signed
Kania Maliki Andeyaba
Head (P&PRD)
14th October, 2025
