President Bola Tinubu has pledged to provide an inclusive economy for all Nigerians where industries process raw materials locally.
The president made the pledge at the opening of the 10th edition of Nigeria’s Mining Week, themed `Nigeria Mining: From Progress to Global Relevance`, on Tuesday in Abuja.
Represented by Sen. George Akume, the Secretary to the Government of the Federation, he described the mining sector as crucial in realising his administration`s desire in providing jobs for youths through the development of mineral processing industries.
“We are determined to create an economy that works for all Nigerians where industries process our raw materials here at home, small businesses thrive in global supply chains, and millions of dignified jobs are created for our youths.
“ The mining sector is vital to this vision, stimulating local industries, creating employment opportunities, and generating revenue for infrastructure and services., “ he said.
Tinubu said his administration 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.
According to him, this is the most significant single investment in Nigeria’s mining industry by any administration.
Tinubu explained that these funds were being channelled towards geo-scientific exploration, detailed geological surveys and the development of critical infrastructure to unlock our mineral-rich regions.
He said that this investment would enhance Nigeria`s economic resilience by reducing its 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.
“Already, our reforms have led to a dramatic upswing: in 2024, the solid minerals sector generated over N38 billion in revenue, up from N6 billion the previous year—a six-fold increase achieved through improved policy and oversight,“ he said.
The president said that Nigeria must harness its critical minerals wealth responsibly to build a fortified economy that creates jobs and supports industrial clusters.
He said his administration was committed to responsible, people-centered mining and was enforcing strict environmental regulations to prevent pollution of 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,“ he said.
According to him, safety and security in mining areas are also paramount for all stakeholders, including investors, workers, and residents.
“Our government has taken steps to improve security in regions where mining activities are ongoing, working to eliminate banditry and conflict that threaten both people and projects. A secure environment is the bedrock of sustainable resource development, “ he said.
In his remarks, the Minister of Solid Minerals Development, Dr Dele Alake, expressed confidence that the conference would inspire innovations, new partnerships and renewed confidence in the future of Nigeria`s solid minerals sector.
On his part, Mr Dele Ayankele, the National President of the Miners Association of Nigeria (MAN), said the annual event had stood tall in leading conversations that have hallmarked the growth and development of Nigeria’s solid minerals sector.
Ayankale urged the participants of the conference to explore opportunities for business, knowledge sharing and international collaborations.
The Nigeria Mining Week, holding from Monday to Wednesday, is organised by MAN in partnership with PricewaterhouseCoopers (PwC) and the VUKA Group
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