By Joy Odor, Abuja
Despite sitting on 44 commercially viable minerals valued at over $1 trillion, Nigeria’s solid minerals sector contributes a paltry less than 1% to the nation’s GDP, Minister of Solid Minerals Development, Dr. Dele Alake, has disclosed.
Speaking through his Senior Adviser on Mining and Policy, Ms. Amira Adamu Waziri, at a webinar organised by NASD Plc and the Solid Minerals Development Fund (SMDF), Alake blamed the abysmal performance on illegal mining, poor infrastructure, scant geological data, and a massive financing gap.
“Today’s conversation is about bridging that financing gap by using Nigeria’s capital market as a channel for patient, long-term and strategic investment,” Waziri said.
The Minister unveiled a seven-point agenda to reposition the sector:
Establish Nigeria Solid Minerals Company
Deploy “Mines Marshalls” to fight illegal mining
Expand geological data acquisition
Formalize artisanal and small-scale miners
Push local value addition
Woo large-scale investors
Deepen community and global engagement
He stressed that the capital market is key to unlocking billions in risk capital: “Through the capital market, we can securitize geological assets, support junior miners to scale, and attract institutional funding for exploration and processing hubs.”
In a major twist, Agile Dynamics and Hyperchain announced a $520 million Digital Future Fund to tokenize Nigeria’s mineral wealth using blockchain, AI, and Web3 tools.
Paul Lalovich, Director at Agile Dynamics, said Nigeria would serve as the launchpad for Africa’s first FDI-as-a-Service incubator, making mineral assets transparent and investable.
“This is not just about mining, it’s about building Africa’s future financial ecosystem,” he declared.
Mining Financier, John O’Callaghan warned that without risk capital for exploration, Nigeria would remain stuck in artisanal mining.
“There are no shortcuts. You cannot leap from licensing to production and expect financing,” he said.
The Director-General of the Mining Cadastral Office, Engr. Obadiah Simon Nkom, also insisted that licensing is the legal foundation of mining investment.
“Licensing must precede commercialization. Without it, no investor will touch your project,” he emphasized.
Delivering a vote of thanks, Omotayo Omitokun, on behalf of SMDF Executive Secretary Hajiya Fatima Umaru Shinkafi, said insights from the forum would help mobilize capital and attract global investors.
“Long live Nigeria and our President, Asiwaju Bola Ahmed Tinubu, GCFR, for driving the Renewed Hope Agenda to transform the economy,” she added.
Nigeria’s minerals are worth trillions but until financing, licensing, and reforms align, the sector risks remaining a goldmine buried in red tape.
