FG allocates additional N1trn to boost solid minerals development

By Kunle Sanni –

The Federal Government has earmarked an additional N1 trillion for the development of Nigeria’s solid minerals sector in the 2025 national budget, as part of efforts to diversify the economy and reduce dependence on oil revenues.

President Bola Tinubu disclosed this at the opening of the 10th edition of the Nigeria Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance.” The President, represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, said the allocation marks the largest single investment in the sector by any administration.

According to him, the funds will be used for geoscientific exploration, detailed geological surveys, and the development of critical infrastructure to unlock Nigeria’s vast mineral potential.

“We must never again allow the fate of our economy to rest on one resource,” Tinubu said. “Our administration is committed to diversification, ensuring that the wealth beneath our feet benefits our people.”

The President noted that the oil boom era led to an unhealthy overreliance on petroleum, stressing that recent global shocks have underscored the need for alternative revenue sources. He added that reforms implemented in the past year have yielded results, with revenue from the solid minerals sector rising from N6 billion in 2023 to N38 billion in 2024.

Tinubu also announced the establishment of the Nigeria Solid Minerals Company, a special-purpose investment vehicle to mobilise capital, structure joint ventures, and accelerate local mineral processing.

He assured stakeholders of the government’s commitment to environmental protection, transparency, and security in mining areas, vowing that the mistakes of the past — including environmental degradation and unsafe mining practices — would not be repeated.

In his remarks, the Minister of Solid Minerals Development, Dr. Dele Alake, said the Tinubu administration’s Renewed Hope Agenda is driving sweeping reforms in the sector. He also announced the creation of a Pre-Shipment Inspection Agency for solid minerals to curb export undervaluation and leakages.