KEY POINTS
- Nigeria has attracted over $2.6 billion in solid minerals FDI in two and a half years under Tinubu.
- Alake is pushing for regional mining corridors, including the Lagos-Abidjan corridor, to unlock Africa’s mineral potential.
- Over 350 suspected illegal miners have been arrested within one year, with more than 150 facing prosecution.
Nigeria’s solid minerals sector has pulled in over $2.6 billion in foreign direct investment over the past two and a half years, Solid Minerals Minister Dele Alake disclosed Monday at the Powering Africa Summit, framing the figure as evidence that regulatory reforms are reshaping how global investors view Nigeria’s mining potential.
Speaking at a high-level panel themed “Critical Minerals in Africa: Meeting Global Demand,” Alake argued that sustainable partnerships with Africa represent the fastest route to meeting rising global demand for the transition minerals the world needs to decarbonise. Moreover, he pushed the United States and African governments to prioritise regional energy hubs as a strategic pathway for cross-border mining industrialisation, directly linking energy access to the viability of mineral value chains. “We have successfully de-risked and sanitised the mining environment, making it conducive to foreign direct investment,” Alake said. “Within the last two and a half years, we have attracted over $2.6 billion in FDI into the sector.”
Corridors as the next big push
Beyond the Nigeria solid minerals FDI numbers, Alake used the Washington platform to advance a broader continental argument. He called for the development of regional industrial corridors modelled on the Lobito Corridor, pointing specifically to the Lagos-Abidjan corridor spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire, as well as the Walvis Bay Corridor linking Southern and Central Africa to global markets.
According to Alake, such corridors would catalyse infrastructure development, improve energy access, and deepen regional integration simultaneously. Furthermore, he argued that shared energy infrastructure could make previously unviable projects bankable. “The development of nuclear power in one West African country, for instance, can service an entire corridor. With that in place, local beneficiation, technology transfer, manufacturing, and cross-border industrialisation will naturally follow,” he said.
Reforms and enforcement reshaping the sector
On the domestic side, Alake outlined the structural changes underpinning the Nigeria solid minerals FDI surge. Strengthened governance frameworks, improved regulatory systems, digitised licensing processes, and enhanced ease of doing business have combined to give mineral title holders the secure tenure that long-term investment decisions require. Additionally, the minister said the government is expanding internationally certified geological data to support more informed investor decisions.
Security has also improved, though Alake acknowledged challenges remain. Mining Marshals established under the current administration have arrested over 350 suspected illegal miners, including foreign nationals, within a year, with more than 150 currently undergoing prosecution. The minister described the crackdown as a deliberate signal that Nigeria would not tolerate illegal operations alongside legitimate investment.
US Export-Import Bank Senior Vice President Sarah Whitten, who also sat on the panel, said American financial institutions were ready to support critical minerals projects but that success required sustained government commitment beyond political cycles. “If we succeed in unlocking that capital, we have fulfilled our mandate,” she said.
