The Minister of Solid Minerals Development, Dr. Dele Alake, has reaffirmed the Federal Government’s commitment to unlocking the vast potential of Nigeria’s solid minerals sector through strategic engagement with the capital market and institutional investors.
Represented by his Senior Adviser on Mining & Policy, Amira Adamu Waziri, Dr. Alake made this comment while delivering the keynote address at the NASD–Solid Minerals Development Fund (SMDF) webinar with theme “Unlocking Nigeria’s Solid Minerals Potentials Through the Capital Market.”
The Minister emphasised that Nigeria, despite possessing over 44 commercially viable mineral resources scattered across its six geopolitical zones, still records less than one per cent (1%) contribution from mining to national GDP. He identified the lack of long-term financing as one of the major constraints holding the sector back — a gap the capital market is uniquely positioned to fill.
“This sector is not just about extracting minerals—it is about building an economy that is inclusive, resilient, and globally competitive,” Dr. Alake said through Waziri.
He listed a 7-point agenda designed to reposition the mining industry as a catalyst for national economic transformation. Key elements include:
- Establishment of the Nigeria Solid Minerals Company – A hybrid public-private entity to drive investment, with plans to list 25% on the Nigerian Stock Exchange;
- Creation of Mines Marshalls – A new security initiative in collaboration with law enforcement to combat illegal mining;
- Comprehensive Geological Data Acquisition – To de-risk investments and promote informed exploration;
- Formalisation of Artisanal and Small-Scale Mining (ASM) – Through cooperative structures and access to markets;
- Promotion of Local Processing and Value Addition – To reduce raw exports and foster industrialization;
- Attracting Large-Scale Investment – Via policy consistency and improved ease of doing business;
- Stakeholder Engagement – Including host communities, traditional rulers, financiers, and development partners.
The Minister also outlined recent reforms, such as improved regulatory frameworks, enhanced sector monitoring through digital platforms, and efforts to promote transparency and compliance in mineral transactions.
Dr. Alake highlighted the critical role of the capital market in providing the “patient, long-term capital” needed for mining ventures, especially in exploration, infrastructure, and processing.
“Through the capital market, we can support junior mining companies to list, raise funds, and scale operations,” he added, even as he noted ongoing collaboration with stakeholders like NASD and SMDF to design financing instruments tailored to the mining sector.
As the session concluded, the Minister extended a call for inclusive partnerships and innovative financial solutions that align with environmental and social sustainability standards.
“Nigeria stands at the threshold of a mining renaissance,” Dr. Alake declared, “We have the mineral resources. We have the political will. What we now require is the capital, technology, and partnerships to unlock this potential.”
For her part, the executive secretary of SMDF, Fatima Umaru Shinkafi, who was represented by Omotayo Omitokun, explained that the event shed light on critical aspects of the mining asset development cycle.
She commended experts who made presentations, stating: “We believe that the insights gained today will not only shape investment readiness, but also accelerate sustainable growth and value creation in our mining industry through the capital market.”
Also speaking, a director at Agile Dynamics, Paul Lalovich, proposed “real-world asset tokenisation” as a mechanism to unlock early-stage exploration funding.
The webinar brought together key players from mining, finance, and policy sectors — signaling a growing consensus that Nigeria’s untapped mineral wealth could power the next phase of economic diversification.
