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President Bola Tinubu has vowed to build an inclusive economy for all Nigerians, where industries process raw materials locally.
The president made this commitment during the opening ceremony of the 10th edition of Nigeria’s Mining Week, themed “Nigeria Mining: From Progress to Global Relevance,” held on Tuesday in Abuja.
Represented by Senator George Akume, the Secretary to the Government of the Federation, Tinubu described the mining sector as essential to achieving his administration’s goal of creating jobs for young people through the establishment of mineral processing industries.
“We are determined to create an economy that works for all Nigerians where industries process our raw materials here at home, small businesses thrive in global supply chains, and millions of dignified jobs are created for our youths.
“The mining sector is vital to this vision, stimulating local industries, creating employment opportunities, and generating revenue for infrastructure and services,” he said.
Tinubu revealed that his administration had taken a historic step by increasing the 2025 national budget by N4.5 trillion, with an additional N1 trillion allocated specifically to the solid minerals sector.
According to him, this represents the largest single investment in Nigeria’s mining industry ever made by any government.
Tinubu explained that the funds were being directed towards geo-scientific exploration, comprehensive geological surveys, and the development of critical infrastructure to unlock the potential of the country’s mineral-rich areas.
He stated that the investment would strengthen Nigeria’s economic stability by reducing its reliance on fluctuating oil markets while creating alternative revenue sources for the nation.
“It will also ensure regional equity by spurring development in resource-rich but underdeveloped areas, boosting rural economies, and supporting the processing and export of minerals to increase our foreign exchange earnings.
“Already, our reforms have led to a dramatic upswing: in 2024, the solid minerals sector generated over N38 billion in revenue, up from N6 billion the previous year—a six-fold increase achieved through improved policy and oversight,” he said.
The president stressed that Nigeria must responsibly harness its mineral wealth to build a strong and sustainable economy that generates employment and supports industrial clusters.
He reaffirmed that his administration was dedicated to responsible, people-centred mining practices and was strictly enforcing environmental laws to prevent contamination of farmlands and water bodies.
“We are requiring mine operators to rehabilitate sites and respect biodiversity.
“We are also promoting transparency through initiatives like the Extractive Industries Transparency Initiative (EITI), as our citizens deserve to know how their natural resources are managed and utilised,” he said.
Tinubu emphasised that ensuring safety and security in mining zones remained a priority for all stakeholders, including investors, workers, and nearby communities.
“Our government has taken steps to improve security in regions where mining activities are ongoing, working to eliminate banditry and conflict that threaten both people and projects. A secure environment is the bedrock of sustainable resource development,” he said.
In his address, the Minister of Solid Minerals Development, Dr Dele Alake, expressed optimism that the conference would inspire innovation, foster partnerships, and build renewed confidence in the future of Nigeria’s solid minerals industry.
Similarly, Mr Dele Ayankele, the National President of the Miners Association of Nigeria (MAN), said the annual event had been instrumental in driving discussions that contributed to the growth and progress of the nation’s solid minerals sector.
Ayankele urged conference participants to take advantage of opportunities for investment, knowledge exchange, and international collaboration.
The Nigeria Mining Week, which runs from Monday to Wednesday, is organised by MAN in partnership with PricewaterhouseCoopers (PwC) and the VUKA Group.
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