The Federal Government says it has secured over $2.6 billion in foreign direct investment (FDI) into Nigeria’s solid minerals sector within the last two years, as part of ongoing efforts to diversify the economy.
Minister of Solid Minerals Development, Dele Alake, disclosed this in a statement released by his media aide, Segun Tomori. He also called for stronger regional collaboration to unlock Africa’s vast mining potential.
Alake made the remarks while speaking at a high-level session titled “Critical Minerals in Africa: Meeting Global Demand” during the Powering Africa Summit in Washington, D.C., United States.
He urged African countries and the United States to prioritise the creation of regional energy hubs, describing them as key to driving cross-border mining industrialization and strengthening supply chains for critical minerals needed in the global energy transition.
According to him, developing industrial corridors similar to the Lobito Corridor could significantly transform Africa’s mining landscape. He pointed to opportunities in the Lagos-Abidjan corridor, which spans several West African countries, as well as the Walvis Bay Corridor linking parts of Southern and Central Africa to global markets.
“These corridors can serve as economic engines by boosting infrastructure, improving energy access, and promoting regional integration,” he said.
Alake added that shared energy infrastructure such as nuclear power projects could support entire corridors, encouraging local processing of minerals, technology transfer, and manufacturing across borders.
“If Africa develops three to five such corridors, it could fast-track industrialisation and create mutual benefits for both the continent and its global partners,” he noted.
Reforms driving investor confidence
The minister credited recent policy reforms under President Bola Tinubu for improving investor confidence in the sector.
He highlighted measures such as stronger governance structures, improved regulatory frameworks, digitised licensing processes, and better ease of doing business, which have repositioned mining as a key pillar of Nigeria’s economic diversification.
The minister stated further that the reforms introduced in the past two and a half years now guarantee secure tenure for mineral title holders, providing the long-term stability needed for investment decisions.
He also revealed that the government is expanding access to reliable geological data to help investors make informed decisions.
On security, Alake acknowledged existing challenges but said significant progress had been made through the deployment of Mining Marshals.
He disclosed that over 350 suspected illegal miners including some foreign nationals have been arrested within the past year, with more than 150 currently facing prosecution.
“This sends a clear message that Nigeria is serious about sanitising the sector,” he said.
Reaffirming Nigeria’s openness to investors, the minister outlined incentives such as tax waivers on imported mining equipment and the ability to fully repatriate profits after fulfilling tax and royalty obligations.
“We have de-risked the sector and made it more attractive for investment. That is why we have been able to attract over $2.6 billion in FDI within a short period,” he added.
Other stakeholders at the summit, including officials from the U.S. Export-Import Bank, stressed the importance of sustained government commitment and strong partnerships to unlock private sector funding for mining projects across Africa.
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