Nigeria has rolled out a comprehensive package of incentives aimed at transforming the country into a global mining hub, the Minister of Solid Minerals Development, Dr. Dele Alake, announced at the Resourcing Tomorrow Exhibition and Conference in London on Tuesday.
In a statement released by his Special Adviser, Hon. Kehinde Bamigbetan, Alake assured international mining companies and stakeholders that Nigeria is fully prepared for large-scale investment, citing major milestones achieved in the past two years.
The Minister disclosed that Nigeria has attracted over $2 billion in investments in lithium and rare earth projects, crediting the surge to President Bola Ahmed Tinubu’s value-addition policy that halts raw mineral exports and prioritises local processing.
Highlighting investor confidence, Alake said:
“Since last year, companies such as Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Limited, and Asba Group have collectively invested over 1.3 billion US dollars in lithium processing projects across Nigeria… These are not speculative ventures; they are bricks, mortar, and machinery.”
He revealed that construction is ongoing on a $50 million lithium processing plant near Abuja — the first in a planned network of mineral industrial clusters across Nasarawa, Kogi, Kwara, and Ebonyi states.
The Minister also announced a major breakthrough in rare earth development:
“On November 19, Nigeria broke new grounds with the groundbreaking of the $400 million rare earth plant of the Hasetins Group, expected to be ready in 15 months. A multi-billion-dollar iron ore-to-steel project is also in the pipeline.”
Alake emphasised that Nigeria is reinforcing mining-sector security through the Mining Marshals and satellite-driven monitoring to track operations nationwide. He also introduced the Nigeria Solid Minerals Company (NSMC) as the government’s preferred joint-venture partner:
“The NSMC embodies our philosophy of shared prosperity through shared investment… co-investing in high-value mineral projects, de-risking exploration, and catalyzing downstream processing.”
He noted that over 80% of Nigeria has now been geologically mapped, providing a strong data foundation for investors.
In addition, the federal government has finalised the Solid Minerals Export Guidelines, aligning Nigeria’s export processes with global traceability, environmental, and governance standards.
Responding to global concerns over supply chain instability, Alake advocated for local beneficiation as the long-term solution. He referenced the role of the Africa Minerals Support Group in promoting beneficiation policies across the continent.
The Minister also highlighted Nigeria’s progress in integrating communities into mining operations:
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427 community development agreements signed between host communities and mining companies,
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Several Nigerian states now running their own mining companies, strengthening local participation.
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