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By Gabriel Ewepu
Nigeria’s solid minerals exports have sustained uptrend rising to N354 billion in 2025, up by 2018 percent from N117.29 billion recorded in 2023. The figure for nine months 2024 was N199.6 billion with full year estimated to be over N266 billion.
Similarly, revenue generated for the Federation Account climbed to over N70 billion, representing a 337.5 per cent increase from N16 billion recorded in 2023
Disclosing the performance at the maiden Annual Lecture of the Faculty of Physical and Earth Sciences, University of Lagos, the Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Shinkafi, said the improved performance reflects the impact of reforms under the Federal Government’s plan to expand the sector’s contribution to Gross Domestic Product (GDP) from less than one per cent currently to three per cent by 2030, in line with the Seven-Point Agenda of the Minister of Solid Minerals Development, Dr. Dele Alake.
Despite Nigeria possessing more than 44 commercially viable minerals across over 500 locations, including gold, lithium, iron ore, coal, bitumen, barite and gemstones, she noted that the sector remains significantly underdeveloped.
Shinkafi stated: “In 2025, solid mineral exports of about N354 billion accounted for roughly 0.4 per cent of Nigeria’s total exports and about three per cent of non-oil exports, compared with nearly five per cent of total exports at independence.”
According to her, the reform agenda launched in September 2023 focuses on establishing the Nigerian Solid Minerals Corporation, attracting private investment, strengthening geoscience data, formalising artisanal mining, tackling illegal mining through Mining Marshals, revoking dormant mining licences and promoting local value addition.
“The same minerals and the same ground are now delivering far greater value because they are being governed differently,” she said.
Highlighting the impact of the reforms, Shinkafi said federation revenue from the sector increased from N16 billion in 2023 to N38 billion in 2024, before exceeding N70 billion in 2025.
She added that the sector recorded 33.5 per cent real growth in 2025, far outpacing Nigeria’s overall economic growth of 3.9 per cent.
Shinkafi further disclosed that reforms since 2023 have attracted about $2.6 billion in fresh investment commitments, including a $1.3 billion, 1.5-million-tonne alumina refinery, described as the largest mining investment in Nigeria’s history.
The Federal Government is targeting a 25-fold expansion of the sector to about N30 trillion ($21 billion) by 2030.