President Bola Tinubu administration’s new policy of local value addition and a tightened licensing regime in Nigeria’s solid minerals sector attracted over $800 million in processing projects last year, the Federal Government has said.
A statement by presidential spokesperson, Bayo Onanuga, said 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.
He said that the Minister of Solid Minerals Development, Dele Alake, revealed this during a feature interview for an upcoming State House documentary marking President Tinubu’s second anniversary.
Alake, according to the statement, 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.
“Exploration is key. When we came in, Nigeria had spent just $2 million on exploration, compared to $40 million in Sierra Leone, $148 million in Côte d’Ivoire, and over $300 million in South Africa. No serious investor will touch your sector without credible data,” he said.
“We are now focused on turning our mineral wealth into domestic economic value—jobs, technology, and manufacturing,” he said.
As part of its seven-point agenda, the Minister said he has taken aggressive steps to curb illegal mining and formalise artisanal activity.
