The Nigerian federal government has announced that the administration of President Bola Tinubu’s new policies on local value addition and a stricter licensing regime have successfully attracted over $800 million in processing projects in Nigeria’s solid minerals sector in 2023.
A statement by presidential spokesperson Bayo Onanuga revealed that the sector also generated more than ₦38 billion in revenue in 2024, a significant increase from just ₦6 billion the previous year. This growth was achieved despite the sector receiving only 18% of its ₦29 billion budgeted allocation for the year.
Minister of Solid Minerals Development, Dele Alake, disclosed these figures during an interview featured in an upcoming State House documentary celebrating President Tinubu’s second anniversary in office. The development underscores the government’s commitment to revitalizing Nigeria’s solid minerals industry and boosting economic diversification.
Leave feedback about this