Nigeria’s mining sector recorded a significant growth rate of 4.85 percent in 2024, up from 2.84 percent in 2023, according to the National Bureau of Statistics (NBS), reflecting renewed investor confidence and the impact of ongoing reforms by the administration of President Bola Ahmed Tinubu.

The Minister of Solid Minerals Development announced the figures on Tuesday while delivering a keynote address at the 10th Edition of the Nigerian Mining Week, held at the Abuja Continental Hotel with the theme “Nigerian Mining: From Progress to Global Relevance.”

He said the impressive growth was a direct outcome of the Renewed Hope Agenda, which prioritizes the solid minerals sector as a driver of economic diversification, industrialization, and job creation.

“Mr. President quickly deployed a minister with his vision, policy experience, and willingness to make tough decisions. In the past 25 months, the Ministry has rebuilt the sector’s foundation and positively reformed its operations,” the Minister stated. He added that the recorded growth “was not achieved by accident but through deliberate reforms and accountability,” stressing that the Ministry preferred to measure success not by praise or recognition but by “quantifiable, tangible evidence of impact.”

The Minister said the success was driven by several reforms that had changed the face of mining in Nigeria. He explained that the enforcement of stricter compliance with the Nigerian Mining and Minerals Act (2007) had strengthened discipline in the industry, with the Mining Marshals ensuring that operators adhered strictly to legal and environmental standards. He also disclosed that the modernization of the Electronic Mining Cadastre Office (eMC+) and the introduction of the Nigerian Minerals Resources Decision Support System had opened up better access to mining data and transparency in licensing processes.

According to him, the establishment of the Nigeria Solid Minerals Development Company has created a new framework for joint ventures between local and foreign investors to promote efficient resource utilization and domestic processing. He further revealed that the sector had attracted over $1 billion in foreign direct investment into mineral processing within two years, leading to the commissioning of new plants and the start of several major projects.

He noted that the Ministry also mobilized ₦1 trillion to resume geological exploration across the country, describing it as a landmark move that will strengthen Nigeria’s mineral data and investor confidence. In addition, he said the Ministry recorded remarkable growth in revenue generation despite low budgetary allocations in 2024, a testament to better governance and accountability.

“These are not just statistics; they are a testament to the President’s vision and our collective commitment to rebuild the mining industry,” he said, adding that the figures were proof that reforms in the sector were yielding real dividends.

The Minister said that while Nigeria had made remarkable progress, the government’s goal was to achieve global relevance by positioning the country as a major player in international value chains. “Progress is the foundation, but global relevance is the goal,” he said. “We are deliberately moving from exporting raw minerals to refining and processing them locally.”

He explained that the forthcoming Solid Minerals Development Roadmap (2025–2035) would guide investments into specific beneficiation corridors and industrial clusters, focusing on key minerals such as lithium, gold, baryte, iron ore, and bitumen. He added that the Ministry was embedding environmental, social, and governance (ESG) principles into its policies, saying the new Environmental Rehabilitation Fund would ensure responsible mine closure, promote climate-smart mining, and guarantee that host communities benefit equitably from mining operations.

He stated that the Ministry was also working closely with the Ministries of Power, Works, and Transportation to improve energy supply, access roads, and logistics in mineral-rich regions, while its new Investment Promotion Office provides tailored support to genuine investors — from licensing to project development — to improve ease of doing business.

The Minister noted that Nigeria’s mineral wealth places it in a strategic position to benefit from the global shift toward renewable energy and green technologies. “Minerals like lithium, nickel, cobalt, manganese, and graphite are essential for electric vehicles and solar technologies,” he explained. “We are determined to make Nigeria a reliable supplier of these critical minerals while ensuring local industries and communities reap the rewards.” He urged international partners to collaborate with Nigeria through technology transfer, capacity building, and sustainable investment, adding that “by working together, we can make Africa a vital contributor to global energy security.”

Reaffirming the role of collaboration in sectoral development, the Minister said no government can transform a sector alone. “The mining sector thrives on partnerships between the public and private sectors, and between federal and state governments,” he said. He praised the VUKA Group and the Miners Association of Nigeria (MAN) for their decade-long collaboration with the Ministry in sustaining the Nigerian Mining Week. “For ten years, this forum has been a hub for dialogue, innovation, and investment. As we begin this 10th edition, let’s commit again to transparency and inclusiveness to drive mining as a catalyst for sustainable national growth,” he added.

The Minister said the sector’s growth marked only the beginning of a broader transformation. “Ten years ago, we began a journey of rediscovery and reform. Today, we stand on the threshold of a new era, one defined by opportunity, global relevance, and shared prosperity,” he said.

“The Ministry of Solid Minerals Development remains unwavering in its commitment to leadership, stability, and partnerships that will make Nigeria’s mining industry a beacon of progress not just in Africa, but across the world,” he concluded.

He expressed optimism that the Nigerian Mining Week would inspire new ideas, partnerships, and confidence in the future of Nigeria’s solid minerals sector.

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