Tinubu vows inclusive, industrialised economy driven by local mineral processing

…Says N1trn solid minerals investment will drive job creation, rural development

President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to building an inclusive economy that empowers every Nigerian, promising robust support for local industrialization, especially in the mining and solid minerals sector.

The President made this pledge on Tuesday, October 14, at the official opening of the 10th edition of the Nigeria Mining Week, held in Abuja under the theme “Nigeria Mining: From Progress to Global Relevance.”

Represented by the Secretary to the Government of the Federation, Senator George Akume, the President highlighted the pivotal role of the mining sector in his administration’s broader economic transformation agenda, particularly in generating jobs for youth and unlocking the full value of Nigeria’s natural resources through local processing.

“We are determined to create an economy that works for all Nigerians—where raw materials are processed locally, small businesses integrate into global supply chains, and millions of dignified jobs are created for our young people,” President Tinubu said.

Unprecedented Budgetary Commitment to Mining

In a major policy move, President Tinubu disclosed that his administration had increased the 2025 national budget by ₦4.5 trillion, with a record ₦1 trillion specifically earmarked for the solid minerals sector.

Describing the allocation as the largest single investment in Nigeria’s mining industry by any government, the President said the funds would be directed toward geoscientific mapping, detailed geological surveys, and the development of enabling infrastructure to open up mineral-rich regions.

“This investment is designed to build economic resilience by reducing dependence on the volatile oil market and diversifying the nation’s revenue base. It will also drive regional equity by accelerating development in resource-rich but historically underdeveloped areas,” he noted.

Impact Already Evident: Sixfold Revenue Growth in One Year

President Tinubu noted that reforms introduced under his administration were already yielding tangible results. In 2024, the solid minerals sector generated over ₦38 billion in government revenue—a sixfold increase from the previous year’s ₦6 billion.

He attributed this success to improved policy, enhanced regulatory oversight, and increased investor confidence in the sector.

“We must harness Nigeria’s vast critical mineral wealth responsibly to build a strong, diversified economy that supports industrial clusters and fosters rural development,” he added.

Environmental Protection, Community Impact, and Transparency at the Core

Beyond economic ambitions, President Tinubu stressed the importance of responsible, people-centered mining practices. He reaffirmed the government’s commitment to enforcing strict environmental regulations, safeguarding farmlands, water sources, and biodiversity.

“We require mine operators to rehabilitate sites after extraction and uphold high environmental standards. We are also promoting transparency through the Extractive Industries Transparency Initiative (EITI), because Nigerians deserve to know how their resources are being managed and utilized,” he said.

Security and Investor Confidence

Acknowledging the threats posed by insecurity in mineral-rich areas, the President assured stakeholders that the government is actively working to eliminate banditry and communal conflict in mining zones.

“A secure environment is the foundation for sustainable resource development. We are deploying comprehensive security strategies to protect investors, workers, and host communities alike,” he stated.

Stakeholders Express Optimism

In his remarks, the Minister of Solid Minerals Development, Dr. Dele Alake, expressed optimism that the 2025 Nigeria Mining Week would spark innovation, forge new partnerships, and reaffirm global confidence in Nigeria’s mining potential.

“We are at the cusp of a new era. The government is committed, the policies are right, and the opportunities are vast,” he said.

Also speaking, the President of the Miners Association of Nigeria (MAN), Mr. Dele Ayankele, applauded the federal government’s proactive stance on mining development. He encouraged participants to leverage the conference to foster cross-border collaborations, share technical knowledge, and explore investment opportunities.

“The Nigeria Mining Week has consistently provided a platform for critical conversations shaping the future of the solid minerals sector. Let us use this year’s edition to catalyze innovation and growth,” Ayankele urged.

The 2025 Nigeria Mining Week, which runs from Monday to Wednesday in Abuja, is organized by the Miners Association of Nigeria (MAN) in partnership with PricewaterhouseCoopers (PwC) and the VUKA Group. It brings together government officials, private sector leaders, investors, and international partners to discuss strategies for unlocking Nigeria’s vast mineral wealth and driving sustainable industrial growth.