President Bola Ahmed Tinubu has described the ₦1 trillion allocation to Nigeria’s Solid Minerals Sector in the 2025 National budget as a bold and strategic move to diversify the economy and reduce the country’s dependence on oil.
President Tinubu said the allocation represents the largest single investment in Nigeria’s mining history, reflecting his administration’s determination to transform the sector into a major contributor to national growth and development.
He stated this at the 10th Nigeria Mining Week in Abuja.
Represented by the Secretary to the Government of the Federation, Mr. George Akume, at the 10th Nigeria Mining Week in Abuja, President Tinubu stressed the need for Nigeria to move beyond oil and fully harness the economic potential of its vast mineral resources.
He said; “Let us turn our minerals into miracles of development,” the President said. “The wealth beneath our feet must become prosperity in our hands.”
President Tinubu noted that recent reforms in the Mining sector are yielding impressive results noting that “in 2024, Solid Minerals revenue surged to ₦38 billion, up from ₦6 billion the previous year, a sixfold increase driven by better oversight and strategic policy moves.”
He highlighted the creation of the Nigerian Solid Minerals Corporation, a special-purpose government investment arm designed to fast-track mineral exploration, processing, and public-private partnerships.
The President praised Nigeria Mining Week as a landmark event, saying the 10th edition reflects the country’s progress over the last decade in repositioning the sector.
“This event has evolved into a premium platform that unites stakeholders, from artisanal miners to international investors, to shape policy, forge partnerships, and drive sector growth,” President Tinubu said.
He recalled a time when Nigerian cities like Jos and Enugu were global centers for tin and coal, and stressed that over-reliance on oil had caused the decline of mining. With renewed commitment and investment, he said, Nigeria can reclaim its lost leadership.
President Tinubu reiterated his administration’s commitment to environmentally responsible and people-centered mining practices.
He promised stronger enforcement of environmental regulations, rehabilitation of mined sites, and full compliance with transparency initiatives like the Extractive Industries Transparency Initiative (EITI).
The President said; “We will not repeat the environmental degradation of the Niger Delta or the unsustainable gold rushes of the past.
“Every policy we make, every contract we sign must serve the Nigerian people.”
With Africa home to about 30% of the world’s known mineral reserves, President Tinubu positioned Nigeria as a continental leader in beneficiation and value addition.
He urged investors to partner with Nigeria in ways that create local jobs and support innovation.
“Imagine a Nigeria where Nigerian-made batteries, solar panels, and precious metals are exported globally,” President Tinubu said. “This is not a distant dream, it is achievable,” the President said.
Speaking further he said ;“I have approved the appointment of the Pioneer MD Chair Executive Officer of the Nigeria Solid Minerals Company, a special purpose investment arm of the federal government.”
The Nigerian leader said the company would serve as the engine room for implementation, driving infrastructure joint ventures and accelerating mineral processing and transforming the country’s solid minerals.
President Tinubu challenged the nation to see mining as not just an economic activity but a national transformation strategy.
He said; “The next decade begins today. If we stay the course, Nigeria will emerge as a shining example of how a resource-rich nation can industrialise, diversify, and uplift its citizens.”
President Tinubu called on state governors, traditional rulers, international partners, and citizens, especially those in mining communities to play active roles in shaping this future.
“You will not be bystanders. You will be the protagonists,” President Tinubu affirmed.
The President commended the Miners Association of Nigeria, PwC, VUKA Group, and the Federal Ministry of Solid Minerals Development for helping transform Nigeria Mining Week into a continental platform for economic development.
“Let us all play our part. Let us turn minerals into miracles. Nigeria’s transformation is already underway,” President Tinubu noted.