The Nigerian government has envisioned a diversified Nigerian economy in which mining will contribute to the nation’s GDP as much as oil and gas by the next 10 years.
President Bola Tinubu stated this on Tuesday in a keynote address at the opening of the 10th edition of Nigeria Mining Week 2025 in Abuja.
Latest data showed that oil accounts for approximately 4.05 per cent of the country’s Gross Domestic Product (GDP) as of the second quarter of 2025, while the solid mineral industry contributed 4.61 per cent to GDP at the same period. However, oil contributes around 65 per cent of government revenue and over 85 per cent of export earnings.
Tinubu, who was represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, reaffirmed his government’s commitment to diversifying the Nigerian economy, declaring that never again would Nigeria depend on one mineral resource for its sustenance.
He said: “In this celebratory moment, I invite us to look to the future. Imagine a Nigeria a decade from now, a Nigeria where the contribution of mining to our GDP rivals that of oil, where the steel mills in Kaduna and Katsina hum with activity, where Nigerian-made batteries, solar panels, and precious metal products are being exported worldwide, proudly stamped ‘Made in Nigeria’.
“Imagine a Nigeria where a gold mine in Zamfara supports a jewellery industry in Abuja, where the tin of Plateau feeds electronic factories in Lagos, and where the limestone of Ogun becomes the cement that builds our cities. This is not a distant dream; it is an achievable vision, and we are already on the path to realising it.
“Nigeria has no reason to be poor, not when God has blessed our land with abundant resources and talented people. Our challenge is to harness these God-given potentials to bring prosperity to all. Let us turn our minerals into miracles of development. Let us make ‘From Minerals to Miracles’ our rallying cry, converting our natural wealth into lasting progress.”
According to him, his administration has made the highest investment in solid minerals compared to any previous government and has implemented bold reforms that have started to yield fruit, with a significant boost in earnings from the sector, rising from N6bn to N38bn in the last two years.
He said: “We made the historic decision to increase the 2025 national budget by N4.5 trillion, with an extra N1 trillion earmarked for the solid minerals sector. This is the most significant single investment in Nigeria’s mining industry by any administration. These funds are being channelled towards geoscientific exploration, detailed geological surveys, and the development of critical infrastructure to unlock our mineral-rich regions..
“Already, our reforms have led to a dramatic upswing: in 2024, the solid minerals sector generated over N38 billion in revenue, up from N6 billion the previous year—a six-fold increase achieved through improved policy and oversight.”
According to him, the theme of the event, ‘Nigeria Mining: From Progress to Global Relevance’, marks the nation’s journey towards economic renewal and is a testament to what collaboration can achieve over a decade.
Tinubu expressed his administration’s vision of developing the economy with the mining sector key to the plans.
“When our administration assumed office, we pledged a Renewed Hope Agenda to revitalise Nigeria’s economy and make prosperity inclusive. Central to that agenda is the urgent task of economic diversification, building new pillars of growth beyond oil. The solid minerals and mining sector is one of those key pillars. Nigeria is blessed with an abundance of commercially viable minerals, yet these resources have been underutilised for too long, and they barely contribute to our GDP. We can no longer accept this while our people seek jobs and development.
“Our agenda prioritises local value creation, job growth, energy access, and economic resilience. We are determined to create an economy that works for all Nigerians—where industries process our raw materials here at home, small businesses thrive in global supply chains, and millions of dignified jobs are created for our youth. The mining sector is vital to this vision, stimulating local industries, creating employment opportunities, and generating revenue for infrastructure and services,” he stated.
The president praised the organisers of the mining conference—the Miners Association of Nigeria, PwC and VUKA Group, the Federal Ministry of Solid Minerals Development, and others—for their steady commitment that has transformed the gathering into a national institution and a continental beacon of economic transformation.
He noted the efforts his administration had made to drive its vision and some of the policy reforms it had enunciated.
“Over the past year and a half, our administration has taken bold steps to reform the solid minerals sector, making it a new engine of growth. I have approved the appointment of the pioneer MD/CEO of the Nigeria Solid Minerals Company, the special-purpose investment arm of the Federal Government. The Company will be the engine room of implementation, mobilising capital, structuring joint ventures, and accelerating local processing so that the wealth beneath our feet becomes prosperity in our hands,” he noted.
He also insisted that no longer would Nigeria be contented with exporting raw materials, adding that local value addition has become a cardinal policy of his government so as to derive maximum benefit from the country’s mineral wealth.
“We must harness this wealth responsibly, ensuring more value remains in our economies, creating jobs and industrial clusters.
“We are equally committed to responsible, people-centred mining. Natural resources must enhance lives today and for future generations. We are enforcing strict environmental regulations to prevent pollution of our farmlands and water sources. We are requiring mine operators to rehabilitate sites and respect biodiversity. We are also promoting transparency through initiatives like the Extractive Industries Transparency Initiative (EITI), as our citizens deserve to know how their natural resources are managed and utilised.
“We will not allow the mistakes of the past, whether it’s the environmental degradation of the Niger Delta or the unsafe mining practices of old, to be repeated.
“As President, I am deeply conscious that every policy we implement and every contract we sign must be in service of the Nigerian people. The objective is clear: we want mining that uplifts communities. That means local jobs, fair compensation, investments in schools and hospitals, and respect for the rights of local inhabitants. It also means zero tolerance for any exploitation or injustice. The wealth from mining should heal and build, not hurt or divide,” he added.
He called on all stakeholders—policymakers, industry leaders, international partners, and citizens—to actively contribute to the growth of Nigeria’s mining sector, with the Federal Government promising visionary leadership and support.
Emphasising inclusivity, especially for mining communities, the message celebrates a decade of progress through Nigeria Mining Week and urges collective commitment to building a prosperous, industrialised, and diversified nation. The speaker envisions a future where Nigeria transforms its mineral wealth into widespread national development and prosperity, urging unity and determination to realise this goal.
In his address, the Minister of Solid Minerals Development, Dr Dele Alake, hailed the sector’s accelerated growth—now contributing approximately 4.6% to Nigeria’s GDP, up from less than 1 per cent—as a clear testament to the success of President Tinubu’s reform-oriented agenda.
“From all available evidence, our policies are working. But we couldn’t have achieved this without the cooperation of stakeholders,” he affirmed.
Dr Alake stressed that governance must be regarded as a collective duty shared by government, the civil service, and the citizenry, further noting that Nigeria’s mining policies are now being emulated by other African nations.
He revealed that the federal government is actively addressing two critical financing gaps hindering local participation, particularly through the Solid Minerals Development Fund and the African Joint Committee (AJC) framework. This initiative aims to empower indigenous investors to compete effectively with international counterparts.
“With sustained collaboration, Nigeria’s solid minerals sector will soon become a major global revenue source and a catalyst for inclusive economic growth,” Alake assured.
For his part, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, unveiled an ambitious blueprint to reposition Nigeria’s steel industry as a key driver of economic growth, industrialisation, and national development.
He emphasised that the steel sector, long underutilised, holds the potential to transform Nigeria into a $1 trillion economy by 2030 under the Renewed Hope agenda of President Bola Ahmed Tinubu.
“Local steel production will drive massive consumption of raw materials like iron ore, limestone, dolomite, and coal,” Audu said, noting that two legacy projects—Ajaokuta Steel Company and the former Delta Steel Company—have a combined annual capacity of 2.3 million tonnes of liquid steel.
He disclosed that restarting these plants would create demand for over 8 million tonnes of raw materials annually, generating employment and stimulating upstream investments in exploration and logistics.
The Minister highlighted several major milestones and partnerships, including a $500 million LNG project with NNPC Limited, a $450 million revitalisation plan by Premium Steel and Mines Limited, and a $400 million new steel plant by Stellar Steel in Ogun State.
“We are breaking the nearly five-decade jinx of Ajaokuta,” he declared, revealing ongoing negotiations with China after geopolitical challenges stalled a previous agreement with Russia’s Tyazpromexport.
Audu also spotlighted legislative and regulatory reforms, including the Metallurgical Industry Bill, currently at second reading in the National Assembly, and a revised Metals Policy Roadmap being developed in collaboration with the World Bank.
“Our target is to produce 10 million tonnes of liquid steel annually by 2030 and generate over 500,000 direct and indirect jobs,” he said. He also emphasised the importance of aligning with global best practices to attract foreign direct investment.
In conclusion, Audu called on the private sector to invest in the steel raw materials value chain and reaffirmed government commitment to creating an enabling environment.
“The time to act is now,” he said. “Steel is not just a material; it is the backbone of industrial development, national security, and economic self-reliance.” The Minister invited stakeholders to the Steel Forum scheduled during the Mining Week, where further details on opportunities in the sector would be discussed.
Engr. Faruk Yabo, Permanent Secretary of the Ministry of Solid Minerals Development, reiterated the Ministry’s commitment to establishing a transparent, technologically driven, and investor-friendly mining environment. He noted that ongoing reforms under Dr Alake’s leadership are repositioning the sector to make a more substantial contribution to GDP while promoting sustainable and responsible mining practices. “Our goal is to ensure Nigeria no longer exports raw minerals but value-added products that create jobs, foster innovation, and strengthen prosperity,” Yabo remarked.
Also addressing the gathering, Dr Orji Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), emphasised the critical role of transparency and accountability in cultivating investor trust. He disclosed that NEITI’s latest audit reveals persistent underperformance in the mining sector, largely due to inadequate data systems and fragmented inter-agency coordination. “Transparency is not an option; it is the foundation upon which trust and investment confidence are built,” Dr Orji asserted, pledging NEITI’s continued support for reforms that ensure fairness and shared prosperity.
The national president of the Miners Association of Nigeria (MAN), Mr ‘Dele Ayanleke, commended the sector’s decade-long evolution, attributing its transformation into a globally competitive industry to sustained policy reforms.
He reaffirmed MAN’s dedication to transparency and sustainability, urging all stakeholders to rally behind the President’s vision of a $1 trillion economy by 2030.
The mining conference, which started on Monday, will end on Wednesday. Over 2,500 local and foreign stakeholders were participating in the event.
