Nigeria Pledges Unprecedented ₦1 Trillion Investment to Transform Mining Sector at 10th Mining Week

Historic Investment Unveiled at Nigeria Mining Week 2025

Abuja, Nigeria – The 10th edition of Nigeria Mining Week 2025 concluded with a pivotal announcement from the Nigerian government: an unprecedented ₦1 trillion investment earmarked for the nation's solid minerals sector. This landmark commitment, the largest single investment in Nigeria's mining history, was revealed by President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, during the keynote address at the Abuja Continental Hotel. The event, held from October 13-15, 2025, gathered over 1,200 industry leaders, policymakers, and international investors, signaling Nigeria's strategic shift towards economic diversification beyond its traditional oil dependency.

Strategic Allocation for Sectoral Growth

The substantial ₦1 trillion investment is part of a broader ₦4.5 trillion increase in the 2025 national budget. Its primary objective is to catalyze a comprehensive transformation of the mining industry. Key areas of focus for this funding include:

• Geo-scientific exploration and detailed geological surveys to quantify mineral reserves and unlock mineral-rich regions.
• Development of critical infrastructure to support mining operations, particularly in remote areas.
• Establishment of the Nigeria Solid Minerals Company, a special-purpose vehicle designed to attract private capital and boost local processing.

President Tinubu emphasized that this investment 'goes beyond mining' and represents 'a strategic investment in jobs, industrialisation, and innovation—laying the foundation for a post-oil, globally competitive Nigeria.'

Driving Economic Diversification and Revenue Growth

The government's bold move aligns with its Renewed Hope Agenda, aiming to significantly increase the mining sector's contribution to the national economy. Currently, the sector contributes approximately 0.3% to 0.5% of Nigeria's GDP, with an ambitious target of reaching 5% by 2030. This transformation is projected to generate an estimated 2 million direct and indirect employment opportunities. The Minister of Solid Minerals Development, Dr. Dele Alake, highlighted the sector's rapid growth, noting a sixfold increase in revenue from ₦6 billion in 2023 to ₦38 billion in 2024, attributing this success to new policies and tighter regulations.

Commitment to Sustainable Practices and Future Outlook

During the event, President Tinubu reiterated a 'zero tolerance' policy 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.' The Minister of Steel Development, Prince Shuaibu Abubakar Audu, also announced a Memorandum of Understanding with a Chinese firm for the rehabilitation of the Ajaokuta Steel Plant, targeting the production of 10 million metric tonnes of steel by 2030. Additionally, the President directed the consolidation of all geological data under the Nigerian Geological Survey Agency to improve coordination and attract investors. The 10th Nigeria Mining Week, organized by the Miners Association of Nigeria (MAN), PwC Nigeria, and VUKA Group, with the endorsement of the Ministry of Solid Minerals Development, underscored the collective commitment to positioning Nigeria as a leading mining destination in West Africa and globally.