The Federal Government on Wednesday disclosed that Nigeria’s solid minerals sector has attracted about $3bn in investments within the last three years, describing the inflow as one of the most significant achievements recorded in the industry’s history. The government said the investments, spanning lithium, gold and other strategic minerals, reflected growing investor confidence in reforms introduced by the administration of President Bola Tinubu and signalled stronger prospects for the sector in the coming years.
The disclosure was made at a press briefing ahead of the 5th African Natural Resources and Energy Investment Summit scheduled to hold from June 23 to June 25, 2026, at the State House Conference Centre, Abuja. The Minister of Solid Minerals Development, Dr Dele Alake, represented by the Managing Director/Chief Executive Officer of the Nigeria Solid Minerals Company, Martins Imonitie, said the mining industry was beginning to attract long-term capital despite the lengthy investment cycle associated with mineral development projects.
According to him, attracting $3bn worth of investments within three years is unprecedented given the complexities and long gestation periods that characterise mining projects globally. “Under the administration of President Bola Tinubu and through the reforms championed by the Honourable Minister of Solid Minerals Development, we have been able to attract investments of about $3bn into the sector within the last three years.
“These investments cut across lithium, gold and several other minerals. This is unprecedented in the history of this country. To attract tangible investments of this magnitude within three years is a remarkable achievement and demonstrates growing confidence in the direction of the sector.
“Mining is not an industry where investors make decisions overnight. If a mine is discovered today, it can take between 15 and 20 years before it reaches full commercial maturity. Investors take a very long-term view of the industry. “They do not make investment decisions within three or six months.
Sometimes it takes years because investors must undertake extensive geological studies, secure financing arrangements, identify off-takers and satisfy numerous technical requirements before committing capital. “For Nigeria to attract about $3bn in investments within this period is therefore something that deserves recognition.
More importantly, it sends a signal about what lies ahead for the sector in the coming years,” he said. Alake noted that the forthcoming summit would focus on transforming Africa from a supplier of raw materials into a hub for value addition, industrialisation and sustainable economic development.
According to him, Africa’s vast natural resources must become instruments for job creation, technology transfer, infrastructure development and wealth creation rather than merely serving as export commodities. “The significance of AFNIS 2026 goes far beyond the celebration of its fifth edition.
It comes at a defining moment in Africa’s history. “The demand for critical minerals is rising rapidly across the world. Nations are repositioning themselves to secure supply chains. Global capital is actively seeking stable and bankable investment destinations. At the same time, technological advancement and the global energy transition are creating unprecedented opportunities for resource-rich countries.
“AFNIS 2026 is built around a simple but powerful proposition: Africa must move from being merely a source of raw materials to becoming a centre of value creation, industrialisation and shared prosperity. “Our resources must become catalysts for economic transformation, job creation, technological advancement, infrastructure development and long-term wealth creation for African people,” he stated.