Nigeria Targets N30tn Mining Sector Expansion by 2030

The Federal Government of Nigeria has set a target to expand the solid minerals sector to N30 trillion (approximately $21 billion) by 2030, which represents a 25-fold increase. Fatima Shinkafi, the Executive Secretary of the Solid Minerals Development Fund, disclosed this during a keynote address titled "Building Nigeria's Solid Minerals Future" at the University of Lagos.

The government's ongoing reforms aim to attract fresh investments and significantly increase revenue, with a projected growth of 337% over two years, raising earnings from N16 billion in 2023 to N70 billion by 2025. The sector currently contributes less than 1% to Nigeria's GDP, despite the country having vast commercial deposits of 44 solid minerals across 500 locations.

The reforms include a seven-point agenda introduced by Minister Dele Alak, focusing on attracting private investment, strengthening geological data, and formalizing artisanal mining. The government aims to enhance local value addition and restore investor confidence in the mining sector.