The Federal Government has reaffirmed its commitment to transforming Nigeria's solid minerals sector into a major contributor to the national economy, with a target of expanding the industry 25-fold to approximately N30 trillion (about $21 billion) by 2030.
The disclosure was made by the Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund (SMDF), Fatima Shinkafi, during her keynote presentation titled "Building Nigeria's Solid Minerals Future: The Power of Academia, Government and Industry in Partnership" at the maiden Faculty of Physical and Earth Sciences Annual Lecture Series held at the University of Lagos.
According to a statement issued in Abuja by the SMDF spokesperson, Idowu Jokpeyibo, and made available to DIP CONNECT ONLINE NEWS, Shinkafi said the ambitious target reflects the Federal Government's determination to reposition the mining industry as a key driver of economic growth and diversification.
She explained that ongoing reforms introduced by the Federal Government have already begun yielding significant results, with revenue generated from the mining sector increasing by more than 337 percent within two years, while attracting approximately $2.6 billion in fresh investment commitments.
Addressing academics, researchers, students and industry stakeholders, Shinkafi noted that despite Nigeria possessing more than 44 commercially viable solid minerals spread across over 500 locations nationwide, the sector remains one of the country's least developed economic industries.
She explained that the government's broader objective is to increase the mining sector's contribution to the nation's Gross Domestic Product (GDP) from less than one percent to three percent by 2030, in line with the Seven-Point Agenda introduced by the Minister of Solid Minerals Development, Dele Alake.
According to her, Nigeria is richly endowed with minerals such as gold, lithium, iron ore, coal, bitumen, barite and precious gemstones, yet these abundant resources have not translated into meaningful economic gains.
She pointed out that in 2025, solid mineral exports were valued at approximately N354 billion, representing only about 0.4 percent of Nigeria's total exports and roughly three percent of non-oil exports, compared to nearly five percent of total exports contributed by the sector at the time of Nigeria's independence.
Shinkafi said the poor performance of the industry prompted the Federal Government to launch comprehensive reforms shortly after President Bola Tinubu assumed office in 2023 under the Renewed Hope Agenda.
She explained that the Seven-Point Agenda focuses on establishing the Nigerian Solid Minerals Corporation, attracting private sector investment, strengthening geological information through the Nigeria Minerals Decision Support System, formalising artisanal miners, tackling illegal mining, revoking inactive mining licences and promoting local processing of mineral resources.
According to her, the reform programme is designed to rebuild the mining industry from the ground up by restoring investor confidence, improving transparency, strengthening regulation, expanding geological knowledge and ensuring Nigerians derive greater economic value from the country's mineral wealth.
Shinkafi highlighted the success of the reforms, revealing that government earnings from the mining industry have risen sharply.
She disclosed that the sector generated about N16 billion for the Federation in 2023, increased to N38 billion in 2024 and exceeded N70 billion in 2025, representing growth of over 337 percent within two years.
She further noted that the industry's real economic growth reached 33.5 percent in 2025, significantly outperforming the country's overall economic growth rate of 3.9 percent during the same period.
The SMDF boss also stated that reforms have helped restore investor confidence, resulting in approximately $2.6 billion in new investment commitments since 2023.
Among these investments is a landmark $1.3 billion project for the construction of a 1.5-million-tonne alumina refinery, described as the largest single mining investment ever recorded in Nigeria. She said the project would significantly boost national production, exports, employment opportunities and industrial development.
As part of efforts to strengthen research and exploration, Shinkafi unveiled the Early-Stage Mineral Exploration and Research Grant Endowment (EMERGE), describing it as Nigeria's first dedicated competitive funding initiative specifically created to support geoscience research in universities.
She explained that EMERGE is designed to bridge the gap between academic research and commercial mining by funding mineral exploration, critical minerals research and innovation.
Under the programme, the Exploration and Critical Minerals funding streams will cover up to 70 percent of eligible project costs, while the Research and Development category will finance 100 percent of approved expenses, including field investigations, laboratory analysis and publication costs.
She added that successful applicants would automatically become part of the EMERGE Accelerator Programme, where they would receive technical mentoring, investment-readiness training and access to additional financing opportunities.
Shinkafi encouraged universities across the country to submit high-quality research proposals capable of unlocking Nigeria's enormous mineral potential.
She also called on more female students to pursue careers in mining, geology and related scientific disciplines, stressing that success in the industry depends on knowledge, innovation and determination rather than gender.
In her remarks, the Vice-Chancellor of the University of Lagos, Professor Folasade Ogunsola, described collaboration between universities and the Solid Minerals Development Fund as essential for driving Nigeria's economic transformation.
She said research partnerships between academic institutions and sovereign investment agencies would help convert scientific discoveries into sustainable national prosperity while commending the SMDF for presenting researchers with fresh opportunities to contribute to the development of the mining sector.
Also speaking, the pioneer Dean of the Faculty of Physical and Earth Sciences, Professor Olayinka Taiwo Asekun, said the lecture series was created to strengthen collaboration between academia and industry.
She noted that the EMERGE programme provides a practical pathway for postgraduate research to translate into commercial mining projects and pledged that the University of Lagos would actively participate in future application cycles.
The Federal Government has consistently identified the solid minerals industry as one of the strategic sectors expected to reduce Nigeria's dependence on crude oil and diversify the economy.
Although Nigeria possesses more than 40 commercially viable mineral resources, the industry has historically contributed less than one percent to the nation's GDP due to illegal mining, inadequate geological information, poor infrastructure, limited investment and insufficient local mineral processing.
Since assuming office in 2023, the Tinubu administration has intensified reforms through stronger enforcement against illegal mining, the revocation of dormant licences, aggressive investment promotion and the establishment of financing mechanisms aimed at unlocking the full economic potential of Nigeria's mining industry.
ADEOLA KUNLE
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