The Federal Government on Thursday reaffirmed its ambition to expand Nigeria’s solid minerals industry 25-fold to about N30tn, equivalent to approximately $21bn, by 2030 as reforms in the sector continue to attract fresh investments and significantly increase government revenue.
The Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund, SMDF, Fatima Shinkafi made the disclosure 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.
“The Federal Government’s target is a 25-fold expansion of the sector to roughly N30tn, about US$21bn, by 2030,” Shinkafi said.
The spokesperson for the Solid Minerals Development Fund, Idowu Jokpeyibo said the federal government’s ongoing reforms in the mining sector had increased federation revenue by more than 337 per cent within two years while attracting about $2.6bn in fresh investment commitments.
She said the federal government’s ongoing reforms in the mining sector had increased federation revenue by more than 337 per cent within two years while attracting about $2.6bn in fresh investment commitments.
Speaking to academics, researchers, industry stakeholders and students, Shinkafi said Nigeria’s mining industry remained one of the country’s most underdeveloped economic sectors despite possessing vast commercial deposits of more than 44 solid minerals spread across over 500 locations nationwide.
The statement read: “The Solid Minerals Development Fund outlined progress on the Federal Government’s roadmap to triple Nigeria’s solid minerals sector to 3 per cent of GDP by 2030, a target set by the Honorable Minister of Solid Minerals Development, Dele Alake, under his Seven-Point Agenda, in a keynote address delivered at the University of Lagos’ maiden Faculty of Physical and Earth Sciences Annual Lecture Series.”
She said the country’s abundant deposits of gold, lithium, iron ore, coal, bitumen, barite and gemstones had yet to translate into significant economic returns, making comprehensive reforms unavoidable.
She stated: “Nigeria is richly endowed with more than 44 different minerals occurring in commercial quantities across over 500 locations. These include gold, iron ore, lithium, coal, bitumen, barite and precious gemstones.
“Solid minerals contribute less than one percent of Nigeria’s GDP. The trade statistics tell the same story: in 2025, solid mineral exports of about N354bn amounted to roughly 0.4 percent of our total exports, and about 3 percent of our non-oil exports, against the nearly five percent of exports the sector commanded at independence.”
Shinkafi explained that the poor performance of the industry informed the introduction of the Seven-Point Agenda by the Minister of Solid Minerals Development, Dele Alake, shortly after assuming office in September 2023 under President Bola Tinubu’s Renewed Hope Agenda.
She said the reform programme focused on establishing the Nigerian Solid Minerals Corporation, attracting private investments, strengthening geological data through the Nigeria Minerals Decision Support System, formalizing artisanal miners, combating illegal mining, revoking dormant licenses and promoting value addition within Nigeria.
She added: “The Seven-Point Agenda is fundamentally about rebuilding the mining sector from the ground up. It is aimed at restoring investor confidence, improving transparency, strengthening regulation, enhancing geological knowledge, encouraging local beneficiation and ensuring that Nigerians derive greater economic value from their mineral resources.
“The ministerial agenda covers establishing the Nigerian Solid Minerals Corporation; attracting private capital; building geoscience data through the Nigeria Minerals Decision Support System; formalizing artisanal miners; securing mine sites through the Mining Marshals, who have apprehended over 300 illegal miners and recovered close to 100 illicit sites; restoring order by revoking more than 2,500 dormant mining titles; and driving local value addition.”
Highlighting the impact of the reforms, the SMDF boss said government earnings from the mining industry had risen sharply within a short period.
She stated: “The clearest proof sits in federation revenues. 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, from the same minerals and the same ground, governed differently. The national accounts tell the same story, in real terms, with the price effect stripped out. The sector grew 33.5 per cent in real terms in 2025, roughly nine times the overall economy’s 3.9 per cent real growth.”
Shinkafi disclosed that reforms had also begun restoring investor confidence, resulting in fresh capital inflows into the industry.
She said: “Since 2023, the reforms have attracted approximately $2.6bn in fresh investment commitments. Among these is a landmark $1.3bn investment for a 1.5-million-tonne alumina refinery, which remains the single largest mining investment ever recorded in Nigeria’s history. Achieving this will fundamentally transform the contribution of solid minerals to national output, exports, employment and industrialization.”
The SMDF boss also unveiled the Early-Stage Mineral Exploration and Research Grant Endowment, popularly known as EMERGE, describing it as Nigeria’s first dedicated competitive funding programme designed specifically to support geoscience research in universities.
According to her, the initiative would bridge the long-standing gap between academic research and commercial mining by providing grants for mineral exploration, critical minerals research and innovation.
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She said: “EMERGE is the first time in Nigeria’s history that a national institution has created dedicated, competitive funding for geoscience research in our universities, urging the Faculty of Physical and Earth Sciences to designate a coordinator and submit proposals to every application window.”
Explaining the funding structure, Shinkafi noted that the Exploration and Critical Minerals streams would finance up to 70 per cent of eligible project costs, while the Research and Development category would fully finance approved projects.
She stated: “The Research and Development stream covers 100 per cent of eligible costs, including field investigations, laboratory analysis and publication expenses. Beyond financial support, every successful applicant automatically joins the EMERGE Accelerator, where they will receive technical mentoring, investment readiness training and access to follow-on financing.”
She urged universities to take advantage of the programme by submitting quality research proposals capable of unlocking Nigeria’s vast mineral resources.
Addressing female students at the event, Shinkafi encouraged more women to pursue careers in mining, geology and related sciences.
She said: “History reminds us of pioneers like Marie Curie, who transformed science through determination and excellence. The minerals beneath Nigeria’s soil do not discriminate. They do not care whether they are discovered by a man or a woman. What matters is knowledge, innovation and courage. I encourage every young woman here today to see mining and geoscience as industries where they can lead and make history.”
In her remarks, the Vice-Chancellor of the University of Lagos, Professor Folasade Ogunsola, described the collaboration between universities and the SMDF as essential to Nigeria’s economic transformation.
Ogunsola said: “The University of Lagos is proud to host the maiden edition of this lecture series and to place our Faculty of Physical and Earth Sciences at the service of a national development priority. Partnerships between research universities and sovereign investment institutions are how scientific discoveries become national prosperity. We appreciate the Executive Secretary for delivering a thought-provoking address that has challenged our researchers to become active contributors to Nigeria’s mining future.”
Also speaking, the pioneer Dean of the Faculty of Physical and Earth Sciences, Professor Olayinka Taiwo Asekun, said the initiative would create practical opportunities for students and researchers.
She said: “This lecture series was conceived to strengthen engagement between academia and industry. Today’s presentation has demonstrated exactly why that vision was necessary. The Executive Secretary has presented our students and researchers with a clear pathway from postgraduate research to commercial mining projects. We accept that challenge and will ensure that the University of Lagos actively participates in every application cycle under the EMERGE programme.”
The federal government has identified solid minerals as one of the key sectors expected to diversify Nigeria’s economy away from crude oil dependence.
Although Nigeria possesses commercially viable deposits of over 40 mineral resources, the industry has historically contributed less than one per cent to Gross Domestic Product because of illegal mining, inadequate geological data, weak infrastructure, low investment and limited local processing.
Since assuming office in 2023, the Tinubu administration has intensified reforms through stricter enforcement against illegal mining, revocation of dormant licenses, investment promotion and the establishment of financing mechanisms aimed at unlocking the sector’s full economic potential.
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