Mining Sector Key Component Of Economic Diversification Strategy- Alake

Minister of Solid Minerals Development, Dr. Dele Alake, has reiterated the Federal Government’s commitment to reforming and strengthening the mining sector as a key component of the country’s economic diversification strategy.

Dr. Alake stated this while speaking at a pre-event news conference ahead of this year’s Mining week in Abuja,

The Minister who reflected on the sector’s evolution over the past decade, noted that mining’s contribution to the national GDP has increased from under 0.5% to approximately 1.8%, with ongoing efforts aimed at reaching 3% in the medium term.

Dr. Alake stated that the 10th edition of the Nigeria Mining Week, provides an opportunity for stakeholders to review sectoral progress, assess challenges, and align on policy directions going forward.

He emphasized that the event is not only a technical convening but also an occasion to reinforce national objectives around value addition, environmental responsibility, and community development.

According to him under the current administration’s Renewed Hope Agenda, the Ministry has undertaken several reforms to improve governance and enhance transparency in the sector.

“Some of these include, Strengthening of the Solid Minerals Development Fund (SMDF) to support project financing and private sector participation, Expansion of geological mapping and digitization of mineral data to improve access to information for potential investors”.

“Others are Creation of Mining Marshals in collaboration with security agencies, to address illegal mining and improve safety in mining areas, operational improvements at the Mining Cadastral Office to ensure a more transparent and accountable licensing process, amongst others.

Dr. Alake noted that Nigeria’s mining policy now focuses on beneficiation and value addition rather than the historical model of raw material exportation.

He added that the Ministry is also working to align the sector with broader national goals, including industrialization, job creation, and sustainable development.

He added that the forthcoming Mining Week would include discussions on critical minerals, infrastructure requirements, and investment frameworks, especially as Nigeria explores the global energy transition and increasing demand for minerals such as lithium and rare earth elements.

On his part, the President of the Miners Association of Nigeria, Mr. Dele Ayanleke described the event as a major milestone in Nigeria’s mining journey, marking a decade of dialogue, innovation, and sector-wide collaboration.

Mr. Ayanleke, who commended the Minister for his leadership in driving sector reforms, acknowledged the support of stakeholders, sponsors, and industry partners.

He highlighted the platform’s impact in promoting responsible mining practices, attracting investment, and encouraging the formalization of artisanal mining.

The President of the Miners Association noted that while progress has been made in exploration, data availability, and local beneficiation, challenges such as illegal mining, insecurity, and infrastructure deficits remain, emphasized that these challenges present opportunities for deeper reform and collaboration.

In his presentation, a partner from PricewaterhouseCoopers, PwC, Habeeb Jaiyeola stressed that the annual event has served as the foremost platform for shaping the conversation on Nigeria’s mining self-driving dialogue, building consensus and crafting solutions that position mining as a true engine of shared prosperity for all Nigerians.

Also the representatives from VUKA Group, Samukelo Madlabane, emphasized that discussions would be focused on exploration finance, the rise of indigenous junior miners, and the creation of a globally competitive investment climate.

The 10th edition will feature new segments like Deal Rooms, Technical Workshops, and Strategic Forums, aimed at strengthening investment and knowledge-sharing.

Georgina Humphrey, Edited By Grace Namiji