FG Launches Grants to Enhance Nigeria's Mining Sector

On Wednesday, the Federal Government of Nigeria launched the Early Stage Miner Exploration Research Grant in Abuja, aimed at boosting the mining sector. The initiative, unveiled by Minister of Solid Minerals Development Dele Alak, is part of a broader strategy to reform the solid minerals sector and enhance its contribution to economic diversification.

The program is designed to provide catalytic funding for exploration and support research institutions involved in mineral resource development. Alak noted that the solid minerals sector is projected to generate N16 billion in revenue in 2023, increasing to N38 billion in 2024 and N70 billion by 2025, marking a growth of 337 percent over two years.

Hajiya Fatima Umaru Shinkafi, Chief Executive Officer of the Solid Minerals Development Fund, emphasized that the grant aims to address the persistent financing gap in early-stage mining exploration and stimulate private sector participation in the industry.