He said the allocation would fund geo-scientific exploration, detailed geological surveys, and the development of critical infrastructure to unlock Nigeria’s mineral-rich regions.
Tinubu disclosed this in Abuja at the 10th edition of Nigeria Mining Week, noting that the investment would create jobs, stimulate industrialisation, and boost foreign exchange earnings while reducing the country’s dependence on oil.
He stated that his Renewed Hope Agenda is anchored on diversification, value addition, and inclusive prosperity, with the solid minerals sector positioned as a key pillar.
Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, Tinubu reaffirmed his administration’s commitment to transforming the mining industry into a cornerstone of Nigeria’s diversified economy.
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 geo-scientific exploration, detailed geological surveys, and critical infrastructure to unlock our mineral-rich regions. This investment will enhance our economic resilience by reducing dependence on volatile oil markets and creating alternative revenue streams.
“It will also promote regional equity by spurring development in resource-rich but underdeveloped areas, boosting rural economies, and supporting mineral processing and exports to increase foreign exchange earnings.”
Tinubu noted that reforms under his administration had led to a surge in sectoral revenue — from N6 billion in 2023 to over N38 billion in 2024 — a sixfold increase driven by improved policy and oversight.
He added: “Africa holds about 30% of the world’s known mineral reserves, including critical minerals driving the 21st-century economy. We must harness this wealth responsibly to ensure more value remains within our economies, creating jobs and innovation hubs.”
He recalled Nigeria’s past as a major exporter of tin, coal, and iron ore, stressing that his administration was determined to restore the sector’s former glory through reforms and responsible investments.
Tinubu also highlighted the establishment of the Nigeria Solid Minerals Company as a special-purpose investment vehicle to promote local processing and industrial linkages.
“Our goal is clear: to turn our minerals into miracles of development. The wealth beneath our feet must translate into prosperity in our hands,” he said.
Chairman of the Senate Committee on Solid Minerals, Senator Ekong Sampson, reaffirmed the National Assembly’s readiness to support the President’s reforms through enabling legislation and collaboration with industry players.
He said: “The Nigeria Solid Minerals Development Company was created to promote joint ventures between foreign and local mining entities, efficiently utilize resources, and increase value through processing.
“Over $1 billion in foreign direct investment has already flowed into mineral processing, leading to new projects and expanded initiatives.”
Minister of Solid Minerals Development, Dr. Dele Alake, said the sector’s contribution to Nigeria’s GDP had climbed to 4.6%, underscoring the success of the President’s reforms.
He said: “Our policies are working. With sustained collaboration, Nigeria’s solid minerals sector will soon become a major global revenue source and a catalyst for inclusive growth.”
Alake added that Nigeria’s mining framework—rooted in transparency, environmental responsibility, and community development—had become a model for other African nations.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, reaffirmed the Federal Government’s determination to revive Nigeria’s steel industry as a foundation for industrialisation.
He said: “Local steel production will drive massive demand for raw materials such as iron ore, limestone, dolomite, and coal, with significant economic benefits.
“The commissioning of Ajaokuta and Delta Steel companies, with a combined installed capacity of 2.3 million tonnes of liquid steel per annum, will require about 8 million tonnes of local raw materials annually.”
Audu added that the government aims to achieve 10 million tonnes of liquid steel production by 2030, creating over 500,000 direct and indirect jobs.
“The time to act is now. A vibrant steel industry will fuel demand for local minerals and ignite a chain reaction of growth across the economy,” he said.
