6.4 C
Munich
Tuesday, October 14, 2025

Tinubu scales up solid minerals devt with ₦1trn investment, as sector generates ₦38bn in 2024

Must read

By Gabriel Ewepu

ABUJA — President Bola Ahmed Tinubu has announced plans to scale up investment in Nigeria’s solid minerals sector with a commitment of ₦1 trillion, aimed at transforming the sector into a key driver of economic diversification and national prosperity.

The President made the announcement on Tuesday while declaring open the 10th edition of the Nigeria Mining Week in Abuja.

Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, President Tinubu said the solid minerals sector remains central to his administration’s strategy for sustainable growth, employment generation, and foreign exchange earnings.

He described the ₦1 trillion commitment as part of a broader ₦4.5 trillion expansion in the 2025 federal budget, focused on geo-scientific exploration, nationwide geological surveys, and infrastructure upgrades to unlock the country’s mineral potential.

“Imagine a Nigeria where the contribution of mining to our GDP rivals that of oil; where steel mills in Kaduna and Katsina hum with activity; where Nigerian-made batteries, solar panels, and precious metal products are exported worldwide,” the President said.

“This is not a distant dream; it is an achievable vision — and we are already on the path to realising it.”

He further revealed that the solid minerals sector generated over ₦38 billion in 2024, up from ₦6 billion in 2023, representing a six-fold increase due to improved oversight and reforms.

President Tinubu emphasized that the new funding would enhance transparency, regional equity, and environmental responsibility, while reducing dependence on oil.

“Natural resources must enhance lives today and for future generations. We are enforcing strict environmental regulations and promoting transparency through the Extractive Industries Transparency Initiative (EITI),” he said.

The President noted that Nigeria’s mining goals align with Africa’s broader vision of shifting from raw material exports to value-added production, stressing that the continent holds nearly 30% of the world’s known mineral reserves.

On security, he assured that government was intensifying efforts to secure mining regions from banditry and illegal operations.

“A secure environment is the bedrock of sustainable resource development,” he stated.

The Minister of Solid Minerals Development, Dr. Dele Alake, described the ₦1 trillion investment as a bold step that would position the solid minerals industry as Nigeria’s “next job spinner.”

“What we lack is not policy but courageous leadership to implement it,” Alake said. “Our reforms have already grown sector revenue by 4.6 percent, and now we must develop local value chains and treat natural assets as national treasures.”

Also speaking, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, reiterated the administration’s commitment to reviving the steel sector as a major catalyst for industrialization and diversification.

President of the Miners Association of Nigeria (MAN), Dele Ayanleke, lauded the government’s reforms and the transformation of the Nigeria Mining Week into a major platform for investment, while urging greater stakeholder inclusion and transparency.

“The challenges before us — from illegal mining to infrastructure gaps — must become stepping stones for progress,” he said. “Together, we can make mining a cornerstone of Nigeria’s $1 trillion economy by 2030.”

In his welcome remarks, Permanent Secretary of the Ministry of Solid Minerals Development, Faruk Yabo, reaffirmed the ministry’s commitment to transparency, technology-driven reforms, and adherence to global best practices in the mining sector.

The post Tinubu scales up solid minerals devt with ₦1trn investment, as sector generates ₦38bn in 2024 appeared first on Vanguard News.

Sponsored Adspot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Sponsored Adspot_img

Latest article