Nigeria’s mining sector has attracted over $2.6 billion in Foreign Direct Investment (FDI) within the past two years, according to the Minister of Solid Minerals Development, Dele Alake.
The disclosure was made in a statement issued by the Minister’s Special Assistant on Media, Segun Tomori, following Alake’s participation at the Powering Africa Summit in Washington, D.C..
Speaking during a high-level panel titled “Critical Minerals in Africa: Meeting Global Demand,” the Minister urged stronger collaboration between African nations and global partners, particularly the United States, to unlock the continent’s vast mineral potential. He emphasized the need for regional energy hubs and industrial corridors to accelerate cross-border mining development.
Alake highlighted the importance of developing strategic infrastructure networks similar to the Lobito Corridor. He identified potential expansion opportunities through the Lagos–Abidjan Corridor—connecting Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire—as well as the Walvis Bay Corridor.
According to him, such corridors would serve as catalysts for economic growth by improving infrastructure, boosting energy access, and deepening regional integration. He noted that investments in large-scale energy solutions, including nuclear power, could support multiple countries within these corridors, driving industrialization, local value addition, and technology transfer.
The Minister also pointed to reforms under the administration of Bola Ahmed Tinubu, which he said have strengthened governance, enhanced regulatory frameworks, and improved ease of doing business in the mining sector. He explained that recent policy changes now ensure secure tenure for mineral title holders, creating long-term stability for investors.
Additionally, the government is expanding access to certified geological data to support investment decisions, while intensifying efforts to combat illegal mining. Alake revealed that over 350 suspected illegal miners have been arrested within the past year, with more than 150 currently facing prosecution.
Reaffirming Nigeria’s commitment to attracting credible investors, the Minister outlined incentives such as tax waivers on imported mining equipment and the full repatriation of profits, subject to compliance with local laws.
Also speaking at the event, Sarah Whitten, Senior Vice President and Global Head of Origination at the U.S. Export-Import Bank (EXIM), stressed the importance of sustained government commitment and policy continuity in attracting long-term investment into the mining sector.
She noted that while U.S. financial institutions are ready to support critical mineral projects, their role is largely to catalyze private sector funding and unlock capital flows necessary for large-scale development.
The panel session also featured key industry stakeholders, including representatives from Guinea, global investment firms, and leading mining and technology companies.
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