Nigeria’s President, Bola Ahmed Tinubu on Tuesday announced the increment of the 2025 national budget by N4.5 trillion, with an additional N1 trillion earmarked for the development of the mining industry.
President Tinubu spoke at the landmark 10th anniversary of Nigeria Mining Week 2025 (NMW25), themed ‘Nigeria Mining: From Progress to Global Relevance’, in Abuja.
President Tinubu who was represented by the Secretary to the Government of the Federation, Sen. George Akume, said the investment aims to enhance economic resilience by reducing dependence on oil markets and creating alternative revenue streams.
His words, “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 the development of critical infrastructure to unlock our mineral-rich regions. This investment will enhance our economic resilience by reducing our dependence on volatile oil markets and creating alternative revenue streams for the nation. It will also ensure regional equity by spurring development in resource-rich but underdeveloped areas, boosting rural economies, and supporting the processing and export of minerals to increase our foreign exchange earnings.”
The president highlighted significant milestones, emphasizing that In 2024, Nigeria’s solid minerals sector saw a significant revenue increase to over N38 billion, up from N6 billion the previous year, due to improved policy and oversight.
He asserted that the conference theme emphasizes value addition, beneficiation, and responsibility, aligning Nigeria’s mining sector goals with Africa’s broader efforts to shift from exporting raw materials to producing finished products and innovation hubs.
“Africa is home to approximately 30 percent of the world’s known mineral reserves and significant deposits of the critical minerals that will drive the 21st-century global economy. We must harness this wealth responsibly, ensuring more value remains in our economies, creating jobs and industrial clusters,” he declared.
He restated Nigeria’s commitment to responsible, people-centred mining, emphasizing that natural resources must enhance lives today and for future generations by enforcing strict environmental regulations to prevent pollution of our farmlands and water sources.
“We are requiring mine operators to rehabilitate sites and respect biodiversity. We are also promoting transparency through initiatives like the Extractive Industries Transparency Initiative (EITI), as our citizens deserve to know how their natural resources are managed and utilised. We will not allow the mistakes of the past, whether it’s the environmental degradation of the Niger Delta or the unsafe mining practices of old, to be repeated. As President, I am deeply conscious that every policy we implement and every contract we sign must be in service of the Nigerian people. The objective is clear: we want mining that uplifts communities. That means local jobs, fair compensation, investments in schools and hospitals, and respect for the rights of local inhabitants. It also means zero tolerance for any exploitation or injustice. The wealth from mining should heal and build, not hurt or divide.
“Safety and security in mining areas are also paramount. We are committed to ensuring that mining areas in Nigeria are safe for all stakeholders, including investors, workers, and residents. Our government has taken steps to improve security in regions where mining activities are ongoing, working to eliminate banditry and conflict that threaten both people and projects. A secure environment is the bedrock of sustainable resource development.
“In this celebratory moment, I invite us to look to the future. Imagine a Nigeria a decade from now, a Nigeria where the contribution of mining to our GDP rivals that of oil, where the steel mills in Kaduna and Katsina hum with activity, where Nigerian-made batteries, solar panels, and precious metal products are being exported worldwide, proudly stamped “Made in Nigeria”. Imagine a Nigeria where a gold mine in Zamfara supports a jewellery industry in Abuja, where the tin of Plateau feeds electronic factories in Lagos, and where the limestone of Ogun becomes the cement that builds our cities. This is not a distant dream; it is an achievable vision, and we are already on the path to realising it.
“Nigeria has no reason to be poor, not when God has blessed our land with abundant resources and talented people. Our challenge is to harness these God-given potentials to bring prosperity to all. Let us turn our minerals into miracles of development. Let us make “From Minerals to Miracles” our rallying cry, converting our natural wealth into lasting progress,” said Mr. President.
President Tinubu, while urged policymakers, industry leaders, foreign partners, and citizens to play their part, reaffirmed that the federal government will continues to provide visionary leadership and a conducive environment
He also urged state governors and community leaders to facilitate mining investments and uphold peace in their domains; and sector’s investors and international partners to seize the opportunities that Nigeria offers, doing so in a spirit of partnership and mutual respect.
In In his keynote address, the Minister of Solid Minerals Development, Dr. Dele Alake, underscored the sector’s impressive revenue growth from N6 billion to N38 billion, indicative of its burgeoning potential. He announced the imminent commissioning of a new processing plant in Nasarawa State, valued at hundreds of millions of dollars. This development is part of a larger initiative aimed at drawing in over a billion dollars in foreign investment into the sector.
Describing the N1 trillion investment as a bold step that would position the sector, the Minister said, “What we lack is not policy but courageous leadership to implement it,” Alake said. “Our reforms have already grown sector revenue by 4.6 percent, and now we must develop local value chains and treat natural assets as national treasures.”
Earlier, the Minister of Steel Development, Prince Shuaibu Abubakar Audu, reaffirmed the administration’s unwavering dedication to revitalizing the steel industry as a pivotal driver for industrialization and economic diversification.
In his welcome address, President of Miners Association of Nigeria (MAN), Dele Ayanleke, expressed the association’s commitment to promoting collaboration, transparency and sustainability, station that their partnership with the ministry, development partners, investors and industry stakeholders is stronger than ever.