The Federal Government says reforms in Nigeria’s solid minerals sector have attracted over $800 million in processing investments and boosted sectoral revenue sixfold, from ₦6 billion to ₦38 billion in 2024.

Presidential spokesperson Bayo Onanuga revealed this in a statement detailing highlights of an upcoming State House documentary marking President Bola Tinubu’s second anniversary.

Minister of Solid Minerals Development, Dele Alake, said investor confidence had surged due to the administration’s insistence on local value addition and a tighter licensing regime.

Among the new investments are a $600 million lithium processing plant near the Kaduna-Niger border, due for commissioning this quarter, and a $200 million lithium refinery near Abuja. Two more plants in Nasarawa are expected by Q3 2025.

“No miner now receives a licence without a clear plan for domestic processing. We’ve ended the era of exporting raw minerals straight from pit to port,” Alake said.

He added that the sector’s ₦38 billion revenue was generated despite receiving only 18% of its ₦29 billion allocation.

In Q1 2025 alone, the Mining Cadastral Office and the Mines Inspectorate have generated ₦6.9 billion and ₦7 billion respectively. Alake projected that 2025 would be a record year, with ₦1 trillion budgeted for exploration to produce certified geological data.

“Nigeria had spent just $2 million on exploration, while South Africa spent over $300 million. That had to change,” he said.

Alake also noted successes in tackling illegal mining: 300 arrests, 150 prosecutions, and nine convictions—including foreign nationals. Over 250 mining cooperatives have been established to formalise artisanal mining.

Nigeria now chairs the African Mineral Strategy Group, formed after the 2024 Future Minerals Conference in Riyadh to promote local beneficiation and fairer trade across Africa.

Foreign interest is rising, with the UK, US, Saudi Arabia, and UAE all expressing interest in Nigerian minerals, particularly lithium.

“The British Deputy Prime Minister invited me to Downing Street to discuss lithium. The U.S. is also seeking to diversify from China, and Nigeria is now on their radar,” Alake said.

He emphasised that the sector is becoming a central pillar of Nigeria’s economic diversification drive.