Nigeria is positioning its solid minerals sector as a key driver of economic growth and diversification, with recent reforms and new mineral discoveries expected to attract significant local and foreign investment.

The Minister of Solid Minerals Development, Dele Alake, made this known during the 5th African Natural Resources and Energy Investment Summit (AFNIS), where he outlined the Federal Government’s strategy to transform the mining industry into a major contributor to national development.

According to Alake, recent geological findings have confirmed the presence of high-grade deposits of gold, nickel, copper, lithium, platinum group metals and rare earth elements in Kaduna State.

He said the discoveries offer Nigeria an opportunity to become a leading destination for strategic mineral investments amid growing global demand for critical minerals.

Commenting on the development, award-winning investigative journalist and public affairs analyst, Arabinrin Aderonke Atoyebi, described the discovery as “more than a geological breakthrough,” saying it represents “a rare opportunity for Nigeria to position itself as a leading destination for global mining and strategic mineral investments.

” Alake reiterated the government’s commitment to local processing and value addition, stressing that Nigeria must move beyond exporting raw minerals and instead focus on refining and manufacturing.

Atoyebi said the policy marks “a major shift from the long-standing model where African countries export raw materials at low value and import finished products at significantly higher costs.” She added that prioritising local processing would help create jobs, deepen industrial capacity, encourage technology transfer and retain greater economic value within Nigeria.

Nigeria’s mining sector has historically contributed less than one per cent to Gross Domestic Product (GDP) despite the country possessing more than 44 commercially viable solid minerals across over 500 locations. However, the sector has recently witnessed renewed momentum, with several large-scale investments announced in lithium processing, iron ore development and mineral refining projects.

One of the key reforms undertaken by the ministry was the revocation of approximately 3,000 dormant mineral licences. The ministry said the affected licences failed to meet regulatory requirements, including payment of royalties and statutory obligations.

Atoyebi described the move as “bold, strategic and necessary,” noting that speculative licence holders had for years occupied valuable mining assets without meaningful development. “The clean-up exercise sent a strong message that Nigeria’s mining sector is entering a new era of accountability, discipline and transparency,” she said.

She further commended the administration’s efforts to reposition the sector, arguing that the reforms are helping to shift mining discussions from resource extraction to economic transformation.

President Bola Tinubu’s administration has identified economic diversification as a major priority, with the solid minerals sector expected to play a central role in reducing Nigeria’s dependence on oil revenues.

Nigeria’s ratification of the African Mineral Strategy Group Charter is also expected to strengthen regional cooperation and support sustainable mining development across the continent.

Atoyebi expressed optimism about the sector’s future, stating that if current reforms are sustained, mining could significantly boost government revenue, create jobs, improve foreign exchange earnings and emerge as one of the strongest pillars of Nigeria’s economic growth.

She urged policymakers to maintain consistency in implementing reforms and sustaining investor confidence to fully unlock the sector’s potential.