Key points
- The Federal Government aims to expand Nigeria’s solid minerals sector to N30 trillion (about $21 billion) by 2030 through ongoing reforms.
- Mining sector revenue has increased by more than 337 per cent since 2023, while reforms have attracted $2.6 billion in investment commitments.
- The government has launched the EMERGE research grant programme to strengthen collaboration between academia and industry and accelerate mineral exploration.
Main Story
The Federal Government has reaffirmed its commitment to transforming Nigeria’s solid minerals industry into a major pillar of economic growth, setting an ambitious target to expand the sector 25-fold to approximately N30 trillion (about $21 billion) by 2030.
The Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund (SMDF), Fatima Shinkafi, announced the target while delivering the keynote address titled “Building Nigeria’s Solid Minerals Future: The Power of Academia, Government and Industry in Partnership” at the maiden Faculty of Physical and Earth Sciences Annual Lecture Series of the University of Lagos.
According to a statement signed by the SMDF spokesperson, Idowu Jokpeyibo, the government’s reforms have significantly improved investor confidence, resulting in stronger revenue generation and fresh investment inflows into the mining industry.
Shinkafi said the reforms have increased federation revenue from the sector by more than 337 per cent within two years, with government earnings rising from N16 billion in 2023 to N38 billion in 2024, before exceeding N70 billion in 2025.
She added that the reforms have also attracted approximately $2.6 billion in new investment commitments since 2023, including a landmark $1.3 billion investment in a 1.5-million-tonne alumina refinery, described as the largest mining investment ever recorded in Nigeria.
Despite Nigeria’s vast mineral wealth, Shinkafi noted that the sector remains significantly underdeveloped.
She said Nigeria possesses more than 44 commercially viable solid minerals across over 500 locations, including gold, lithium, iron ore, coal, bitumen, barite and precious gemstones, yet contributes less than one per cent to the country’s Gross Domestic Product.
According to her, solid mineral exports reached about N354 billion in 2025, accounting for only 0.4 per cent of Nigeria’s total exports and about three per cent of non-oil exports.
She explained that the poor performance informed the introduction of the Seven-Point Agenda by the Minister of Solid Minerals Development, Dele Alake, following his appointment in September 2023 under President Bola Tinubu’s Renewed Hope Agenda.
The reform programme focuses on establishing the Nigerian Solid Minerals Corporation, attracting private investment, strengthening geological data through the Nigeria Minerals Decision Support System, formalising artisanal miners, combating illegal mining, revoking dormant mining licences and promoting local mineral processing.
Shinkafi also unveiled the Early-Stage Mineral Exploration and Research Grant Endowment (EMERGE), describing it as Nigeria’s first dedicated competitive funding programme for geoscience research in universities.
The initiative is designed to bridge the gap between academic research and commercial mining by funding mineral exploration, critical minerals research and innovation while providing mentorship, investment readiness support and access to follow-on financing.
She encouraged universities to submit research proposals capable of unlocking Nigeria’s mineral potential and urged female students to pursue careers in mining and geosciences.
Speaking at the event, the Vice-Chancellor of the University of Lagos, Professor Folasade Ogunsola, described collaboration between universities and the SMDF as critical to translating scientific discoveries into national economic development.
Similarly, the pioneer Dean of the Faculty of Physical and Earth Sciences, Professor Olayinka Taiwo Asekun, said the initiative would provide practical opportunities for students and researchers to transition from academic research into commercial mining projects.
The Issues
The Federal Government’s mining reform agenda seeks to address longstanding structural challenges affecting the sector, including:
Low contribution of solid minerals to Nigeria’s Gross Domestic Product despite abundant mineral resources.
Illegal mining and weak regulatory enforcement.
Limited geological data available to investors.
Inadequate private sector investment and financing.
Poor local processing and value addition, resulting in limited export earnings.
Weak collaboration between research institutions and industry players.
What’s Being Said
Fatima Shinkafi, Executive Secretary/CEO, Solid Minerals Development Fund
“The Federal Government’s target is a 25-fold expansion of the sector, to roughly N30tn (about US$21bn) by 2030.”
“In 2023, this sector earned the Federation about N16bn. In 2024, the figure rose to N38bn. In 2025, it crossed N70bn. That is growth of more than 337 per cent in two years.”
“Since 2023, the reforms have attracted approximately $2.6bn in fresh investment commitments.”
“EMERGE is the first time in Nigeria’s history that a national institution has created dedicated, competitive funding for geoscience research in our universities.”
Professor Folasade Ogunsola, Vice-Chancellor, University of Lagos
“Partnerships between research universities and sovereign investment institutions are how scientific discoveries become national prosperity.”
Professor Olayinka Taiwo Asekun, Pioneer Dean, Faculty of Physical and Earth Sciences, UNILAG
“The Executive Secretary has presented our students and researchers with a clear pathway from postgraduate research to commercial mining projects.”
What’s Next
The Federal Government is expected to continue implementing the Seven-Point Agenda, with emphasis on attracting additional private investment, strengthening regulation, expanding geological data, curbing illegal mining and promoting local mineral beneficiation.
The rollout of the EMERGE programme is also expected to deepen collaboration between universities, government and industry by funding research that supports mineral exploration and commercial mining.
As reforms continue, authorities aim to increase the sector’s contribution to three per cent of GDP by 2030 while positioning solid minerals as a key driver of economic diversification and industrial development.
Bottom Line
Nigeria is accelerating efforts to reposition its mining industry as a major contributor to economic growth, with reforms already boosting government revenue, attracting billions of dollars in investment commitments and laying the foundation for a N30 trillion solid minerals sector by 2030.
