The Minister of Solid Minerals Development, Dr. Dele Alake, has reaffirmed the critical role of Nigeria’s capital market in unlocking the vast potential of the country’s solid minerals sector.
This commitment was conveyed by his representative, the Senior Adviser on Mining and Policy, Amira Adamu Waziri, during a webinar organised by NASD PLC in collaboration with the Solid Minerals Development Fund (SMDF).
The event, themed “Unlocking Nigeria’s Solid Minerals Potentials Through the Capital Market,” brought together stakeholders from both the mining and financial sectors.
Ms. Waziri conveyed the Minister’s appreciation to the organisers, noting that the discussion aligns closely with the Ministry’s vision of building an investment-driven and sustainable mining industry that supports Nigeria’s economic transformation.
“Nigeria is blessed with over 44 commercially viable minerals, ranging from gold and lithium to tin, lead-zinc, barite, and rare earth elements. These resources are spread across all six geopolitical zones, making mining a truly national sector,” she said.
She noted that despite this vast endowment, the sector contributes less than 1% to national GDP due to challenges including inadequate geological data, illegal mining, infrastructural deficits, and most critically, lack of access to long-term financing.
“The financing gap is what this webinar seeks to address. The capital market can serve as a conduit for patient, strategic investment across the solid minerals value chain,” Ms. Waziri emphasised.
She outlined key elements of Dr. Alake’s 7-point reform agenda, including the establishment of the Nigeria Solid Minerals Company (NSMC), the creation of a Mines Marshal corps to combat illegal mining, comprehensive data acquisition efforts, and the formalisation of artisanal mining through cooperatives and technical support.
Other pillars of the agenda include policies promoting value addition, attracting large-scale investments, and deepening stakeholder engagement.
She further said the Ministry has also embarked on regulatory reforms, digitalising licensing processes, and promoting transparency to improve ease of doing business in the mining space.
“The Honourable Minister views the capital market as a cornerstone for mobilising long-term funds, facilitating exploration, and scaling operations of junior mining firms. We look forward to innovative instruments and listings tailored for the sector,” Ms. Waziri added.
She called for stronger synergy among host communities, private operators, financial institutions, and development partners, stressing that mining must be environmentally sustainable and inclusive.
In her closing remarks, Waziri noted: “Nigeria stands on the threshold of a mining renaissance. We have the resources and the political will. Now, we need capital, innovation, and partnerships to fully realise this potential.”
The webinar marks a significant step in fostering structured financial approaches to stimulate growth and competitiveness in Nigeria’s mining sector.