Accra:Nigeria’s solid minerals sector, boasting at least 44 mineral deposits across more than 500 locations, presents significant potential for economic diversification and reducing the country’s dependence on oil revenue. Analysts have observed that the focus on oil has left this sector under-regulated, leading to revenue losses, environmental issues, and corruption, with illegal miners funding insecurity through their activities.
According to News Agency of Nigeria, efforts to reposition the sector began during President Muhammadu Buhari’s administration with the 2016 Roadmap for the Growth and Development of the Nigerian Mining Industry. This roadmap addressed constraints such as inadequate geoscience data, limited financing, and poor infrastructure. The subsequent administration under President Bola Tinubu has continued these efforts, aiming to diversify the economy and grow it into a one trillion dollars economy by 2030.
With Dele Alake as the Minister of Solid Minerals Development, the government has cracked down on illegal mining, arresting hundreds of suspects and recovering numerous mining sites. The Mining Marshals, a specialized unit of the Nigeria Security and Civil Defence Corps, have been instrumental in these operations, despite facing disputes and allegations of interference.
The administration has also focused on value addition, requiring new mining licenses to include local processing. Investments have followed, with significant projects in lithium and rare earth processing emerging. The Mining Cadastre Office reported record revenue in 2024, reflecting growing interest in the sector.
However, challenges remain, particularly regarding mine safety. Repeated mining pit collapses and a tragic incident involving toxic gas exposure have highlighted the need for stronger enforcement of safety standards. Experts urge the government to prioritize geoscience data gathering, enforce mining laws without bias, and ensure that professionals with the requisite expertise drive the sector.
Improvements in policy implementation and adherence to best practices are also necessary for realizing the sector’s full potential. The recent Critical Minerals Framework Agreement with the United States aims to attract investment and strengthen Nigeria’s mineral value chain, providing a foundation for further growth in the sector.