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 decision aimed at repositioning the economy and reducing overdependence on oil revenues.

According to the President, the allocation represents the most significant single investment in Nigeria’s mining history, underscoring his administration’s commitment to transforming the solid minerals sector into a key driver of national growth, industrialization, and job creation.

Speaking through the Secretary to the Government of the Federation, Mr. George Akume, at the 10th Nigeria Mining Week in Abuja, President Tinubu emphasized that it was time for the country to fully unlock the value of its vast mineral resources and move beyond its oil-centric economy.

“Let us transform our minerals into engines of development,” he urged. “The wealth beneath our soil must translate into shared prosperity for every Nigerian.”

The President noted that the results of recent policy and regulatory reforms in the sector have already begun to show promise. He revealed that solid minerals revenue surged from ₦6 billion in 2023 to ₦38 billion in 2024 — a sixfold increase driven by stronger oversight, improved transparency, and more strategic investment initiatives.

Among the reforms highlighted was the creation of the Nigerian Solid Minerals Corporation, a dedicated government investment entity established to spearhead exploration, mineral processing, and public-private partnerships in the sector.

President Tinubu commended the evolution of Nigeria Mining Week into a premier platform that unites local and international stakeholders — from artisanal miners to global investors — in shaping policy and advancing the sector’s growth trajectory.

Reflecting on Nigeria’s mining heritage, he recalled the eras when cities like Jos and Enugu stood as global centers for tin and coal production, lamenting how an overreliance on oil had caused a decline in the mining sector. He reaffirmed his administration’s resolve to restore Nigeria’s leadership through renewed investments and sustainable practices.

The President also reiterated a strong commitment to environmental responsibility and community-centered mining, pledging strict enforcement of environmental standards, rehabilitation of mined sites, and alignment with international transparency frameworks such as the Extractive Industries Transparency Initiative (EITI).

“We will not repeat the environmental mistakes of the past,” Tinubu assured. “Every policy we enact and every agreement we sign must serve the Nigerian people and protect our environment.”

With Africa holding about 30% of the world’s known mineral resources, President Tinubu positioned Nigeria to lead the continent in value addition and beneficiation, calling on international investors to partner in ways that create local jobs, promote innovation, and foster technology transfer.

“Imagine a Nigeria exporting its own batteries, solar panels, and processed metals to the world,” he said. “That vision is within reach — and we are building the foundation for it today.”

He further announced the appointment of the Pioneer Managing Director and Chief Executive Officer of the Nigeria Solid Minerals Company, describing the new institution as the engine room for implementing infrastructure joint ventures and accelerating mineral value-chain development.

In his closing remarks, President Tinubu urged state governors, traditional leaders, development partners, and citizens—especially those in mining communities—to take ownership of Nigeria’s transformation journey.

“The next decade begins now,” he declared. “If we remain focused, Nigeria will stand as a continental example of how a resource-rich nation can industrialize, diversify, and uplift its people.”

The President commended the Miners Association of Nigeria, PwC, VUKA Group, and the Federal Ministry of Solid Minerals Development for their collective efforts in growing Nigeria Mining Week into a continental platform for economic development.

“Let us all play our part,” he concluded. “Together, we can turn minerals into miracles. Nigeria’s transformation has already begun.”