Nigeria’s solid minerals sector, through mining, has pulled in $2.6 billion in foreign direct investment over the past two and a half years, according to the minister of solid minerals development, Dele Alake, who said ongoing reforms are reshaping the industry into a more investor-friendly space.
The minister disclosed this while speaking at the Powering Africa Summit in Washington, D.C., as contained in a statement issued by his media aide, Segun Tomori.
“We have successfully de-risked and sanitized the mining environment, making it conducive to Foreign Direct Investment, FDI. Within the last two and a half years, we have attracted over $2.6 billion in FDI into the sector,” he said.
Alake explained that policy measures such as tax waivers on mining equipment and guaranteed profit repatriation have been introduced to encourage investors, while reiterating that only those willing to comply with Nigerian laws would be welcomed.
He pointed to reforms under the administration of President Bola Tinubu, noting that improved governance, stronger regulations, and digitised licensing processes have repositioned mining as a key pillar for economic diversification.
According to the minister, the new framework ensures secure tenure for mineral title holders, providing the stability needed for long-term investment decisions.
He added that the government is also expanding access to certified geological data to help investors make informed choices.
Alake urged African countries and the United States, US, to prioritise regional energy hubs to accelerate industrialisation and strengthen supply chains for critical minerals required for the global energy transition.
Speaking during a panel session titled ‘Critical Minerals in Africa: Meeting Global Demand,’ he emphasised the importance of strategic partnerships with the continent.
He proposed the development of industrial corridors similar to the Lobito Corridor, highlighting potential routes such as the Lagos–Abidjan and Walvis Bay corridors to unlock mineral wealth across multiple countries.
“The development of nuclear power in one West African country, for instance, can service an entire corridor. With that in place, local beneficiation, technology transfer, manufacturing, and cross-border industrialization will naturally follow,” he said.
“If three to five such corridors are developed in Africa, we would significantly advance industrialization across the continent, creating a win-win outcome for both Africa and the West.”
On security, the minister acknowledged existing challenges but said the creation of mining marshals has strengthened enforcement.
He revealed that more than 350 suspected illegal miners, including foreign nationals, have been arrested within a year, with over 150 currently facing prosecution, describing it as a clear signal of the government’s resolve.
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