The Federal Government has restated its plan to grow Nigeria’s solid minerals sector by 25 times, targeting an estimated N30tn ($21bn) industry by 2030, as ongoing reforms continue to attract investments and boost revenue generation.
The Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund (SMDF), Fatima Shinkafi, disclosed this while delivering a keynote address at the first Faculty of Physical and Earth Sciences Annual Lecture Series of the University of Lagos.
According to Shinkafi, the government’s target is to significantly expand the mining sector’s contribution to the economy by improving regulations, attracting private sector participation, and increasing value addition within Nigeria.
She revealed that reforms introduced in the mining industry have already led to a more than 337 per cent increase in federation revenue within two years, while also attracting about $2.6bn in investment commitments.
Shinkafi noted that Nigeria remains richly endowed with more than 44 commercially viable solid minerals, including gold, lithium, iron ore, coal, bitumen, barite, and gemstones, located across over 500 sites nationwide. However, she stressed that the sector has remained largely underdeveloped and has contributed less than one per cent to the country’s Gross Domestic Product (GDP).
She explained that the government’s mining reforms were designed to reposition the industry through improved geological data, stronger regulation, formalisation of artisanal mining activities, tackling illegal mining, revoking inactive licences, and encouraging local processing of minerals.
The SMDF chief said the reforms under the government’s mining development agenda were aimed at rebuilding confidence among investors and ensuring Nigerians gain greater economic benefits from the country’s mineral resources.
She highlighted that government revenue from the sector increased from about N16bn in 2023 to N38bn in 2024 and surpassed N70bn in 2025, representing significant growth within two years.
Shinkafi added that the mining industry recorded strong real growth in 2025, expanding by 33.5 per cent compared with the wider economy’s 3.9 per cent growth, showing the impact of recent policy changes.
She further stated that the renewed focus on the sector had started attracting new investments and improving confidence among local and international stakeholders.
