Nigeria’s solid minerals sector attracts $800million in 2025 — Alake

…as revenue hits ₦38bn

By Kunle Sanni

Nigeria’s solid minerals sector attracted over $800 million in processing projects in 2025 alone, signaling a major turnaround under the economic policies of President Bola Ahmed Tinubu’s administration, according to the Minister of Solid Minerals Development, Dele Alake.

Speaking in an interview featured in an upcoming State House documentary to mark President Tinubu’s second year in office, Alake said the sector has experienced unprecedented growth due to reforms focused on local value addition and stricter regulation of mining licenses.

The minister’s remarks were contained in a statement released on Sunday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to Alake, the sector’s revenue surged from just ₦6 billion in 2023 to over ₦38 billion in 2024 — a sixfold increase — despite the ministry receiving only 18% of its ₦29 billion budgetary allocation for that year.

“This shows how effective our policy framework has been,” he said, citing reforms that require all mining license applicants to establish local processing plants.

Among the key investments listed by the minister are a $600 million lithium processing facility near the Kaduna-Niger border, set for commissioning this quarter, and a $200 million lithium refinery on the outskirts of Abuja that is nearing completion. Two additional plants in Nasarawa State are expected to come on stream before the third quarter of 2025.

“In the first quarter of 2025 alone, the Mining Cadastral Office (MCO) and the Mines Inspectorate generated ₦6.9 billion and ₦7 billion respectively,” Alake added.

Looking ahead, the minister projected that 2025 would be a record-breaking year for the sector. He noted that ₦1 trillion has been allocated for mineral exploration in the current budget, with the goal of generating internationally certified geological data to attract further investment.