Minerals Sector: Stakeholders Seek Local Empowerment, Policies For Sustainable Growth

As Nigeria positions itself to become a global hub for mining investment, stakeholders are calling for a shift towards local empowerment and intentional policies to drive sustainable growth in the solid minerals sector.

Speaking at the ongoing Nigeria Mining Week 2025 in Abuja, the Immediate Past President of the Nigerian Mining and Geosciences Society, Professor Akinade Olatunji, said Nigeria’s legal and regulatory framework for mining is now “world-class.”

Olatunji questioned how many of the world-class mining companies courted by Nigeria have made lasting commitments.

“There’s no question that reforms have reignited interest, both nationally and globally,” but the real transformation will come when we replicate what worked in oil and gas—intentional policies that create space for local operators to thrive.” he stated.

He stressed that the next phase must focus on building indigenous capacity.

“We need to ask ourselves whether these big names will stay long-term and if their operations are truly sustainable within our economic and social context.”

Drawing a parallel with the 2001 marginal fields initiative in the petroleum sector, he noted that deliberate government policies enabled local companies like Seplat, Aradel, and NDWestern to rise to national prominence, even acquiring assets from global oil majors.

“What changed was intentionality—policy backed by purpose. It nurtured local ownership, built competence, and ensured accountability, “We need the same for mining.” Professor Olatunji stated.

Also at the event, the Technical Adviser to the Executive Secretary of the Solid Minerals Development Fund (SMDF) Abdulmajeed Amussah, unveiled a game-changing collaboration between SMDF and NASD Plc aimed at bridging the financing gap in Nigeria’s mining sector.

In a presentation titled “SMDF–NASD Collaboration: Accelerating Nigeria’s Mining Sector”, Amussah described the partnership as a bold step towards converting the nation’s estimated $700 billion in untapped mineral wealth into real economic value.

“Backed by the Minister of Solid Minerals Development, Dr. Dele Alake, and the Minister of Steel Development, Prince Shuaibu Abubakar Audu, the initiative aims to fast-track the transition of mining projects from exploration to production using structured, transparent, and innovative financing tools” he stressed.

“Despite the massive potential, the mining sector contributes less than 1% to GDP. A major reason is the lack of access to long-term, risk-aligned capital. This is the gap the SMDF–NASD partnership is designed to close” Amussah emphasized.

According to him, NASD Plc will leverage its capital market infrastructure to offer regulated financing platforms including Digital Securities Platforms (DSP) and Security Token Offerings (STOs) giving vetted mining companies access to flexible capital structures, backed by robust compliance and real-time data.

“The real innovation is in aligning the capital instruments with the mining project lifecycle while protecting investors and ensuring full transparency,” he said.

Amussah emphasized that the partnership aligns with the Federal Government’s Renewed Hope Agenda, which prioritizes industrialization, local content development, and unlocking the full potential of the solid minerals sector.

“This could be the turning point Nigeria’s mining industry has long awaited, “With capital markets now entering the mining space in a structured and regulated way, Nigeria is taking a major leap toward turning its natural wealth into inclusive and sustainable economic development.” Amussah added.

Georgina Humphrey, Edited By Grace Namiji