Nigeria has recorded over $2.6 billion in foreign direct investment (FDI) in its mining sector within the past two years, according to the Minister of Solid Minerals Development, Dele Alake.
Alake attributed the inflow to a combination of improved governance, digitisation of licensing processes, and intensified efforts to combat illegal mining activities across the country.
Speaking at the Powering Africa Summit in Washington, D.C., the minister called for stronger collaboration between the United States and African nations to develop regional energy hubs that can accelerate mining industrialisation and strengthen global supply chains for critical minerals.
He noted that Africa’s vast mineral resources can only be fully harnessed through sustainable partnerships and integrated infrastructure, proposing the development of regional industrial corridors to drive economic growth.
Citing examples, Alake highlighted potential corridors such as the Lagos-Abidjan corridor and the Walvis Bay Corridor, explaining that such frameworks could enable cross-border industrialisation, technology transfer, and manufacturing expansion across the continent.
He added that strategic investments in energy infrastructure, including nuclear power, could support entire economic corridors, unlocking new opportunities for local beneficiation and long-term industrial development.
The minister also pointed to ongoing reforms under President Bola Ahmed Tinubu, noting that policy changes have strengthened regulatory frameworks, improved ease of doing business, and positioned mining as a key pillar of Nigeria’s economic diversification agenda.
As part of enforcement efforts, Alake revealed that the government’s Mining Marshals have arrested over 350 suspected illegal miners—many of them foreign nationals—with more than 150 currently facing prosecution.
To further attract investors, he outlined incentives such as tax waivers on mining equipment, full repatriation of profits after taxes, and increased access to high-quality geological data, assuring stakeholders of Nigeria’s commitment to creating a stable and investor-friendly mining environment.
