In a bid to diversify the economy and reduce over-dependence on oil, President Bola Ahmed Tinubu has announced ₦1 trillion investment in Nigeria’s solid minerals sector.
The president made the declaration while delivering the keynote address at the 10th Edition of Nigeria Mining Week 2025, in Abuja, through the Secretary to the Government of the Federation, Senator George Akume.
He noted that the ₦1 trillion commitment, which is the largest government-led mining initiative in the nation’s history, was drawn from the ₦4.5 trillion increase in the 2025 federal budget.
The President said the landmark investment, which was in alignment with his administration’s Renewed Hope Agenda, will fund geo-scientific exploration, geological surveys, and critical infrastructure needed to unlock mineral-rich regions.
“This is the most significant single investment in Nigeria’s mining industry by any administration,” adding that, “We are turning the wealth beneath our feet into prosperity in our hands.”
Commending the sectoral progress made, Tinubu noted that the revenue generation of
He, however, attributed the brilliant performance of the sector to new policies, tighter regulations, and the establishment of the Nigeria Solid Minerals Company, a special-purpose vehicle designed to attract capital, form joint ventures, and boost local mineral processing.
The President then re-emphasised his administration’s zero tolerance for unsafe or environmentally harmful mining practices, stressing that “natural resources must enhance lives today and for future generations. Mining should heal and build, not hurt or divide.”
Reaffirming the National Assembly’s support for the sector, Chairman Senate Committee on Solid Minerals, Senator Ekong Sampson, expressed readiness of the legislative arm to provide legislative backing for the President’s mining reforms.
He assured that the Senate would continue to enact progressive laws and provide oversight to sustain investor confidence and transparency. “Our focus is to unlock the full potential of this sector through enabling policies and strategic partnerships.”
Sampson then expressed optimism that ongoing reforms under the Ministry of Solid Minerals Development would position Nigeria for global competitiveness.
He, however, identified collaboration among government, industry players, and communities as the only way to achieve inclusive growth.
He said, “What we need for every sector is collaboration, not conflict,” adding that, “We have no excuse not to make the best of our country’s natural endowments.”
In his address, Minister of Solid Minerals Development, Dr. Dele Alake, described the sector’s rapid growth, now contributing about 4.6 percent to Gross Domestic Product (GDP), as proof of the effectiveness of President Tinubu’s reform-driven agenda.
“From all available evidence, our policies are working. But we couldn’t have achieved this without the cooperation of stakeholders,” he said.
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