Tinubu Mining Reforms Attract $800M Investment, Boost Nigeria Mineral Revenue

Nigeria's solid minerals sector experienced significant growth under President Bola Tinubu's administration due to new policies emphasizing local value addition and stricter licensing. These reforms attracted over $800 million in processing projects in 2024, with key developments including a $600 million lithium processing plant near the Kaduna-Niger border and a $200 million lithium refinery near Abuja, alongside other plants in Nasarawa slated for commissioning by 2025. Revenue from the sector surged to over ₦38 billion in 2024, up from ₦6 billion the previous year, despite receiving only 18% of its ₦29 billion budget allocation. The Minister of Solid Minerals Development, Dr. Dele Alake, highlighted that regulatory agencies have also seen increased revenue in early 2025, signaling strong sector momentum. A significant ₦1 trillion budget for mineral exploration this year aims to generate internationally certified geological data to sustain growth. These developments mark a shift away from exporting raw minerals, underscoring the administration's commitment to boosting local processing and investor confidence in Nigeria's mining industry.