The Federal Government has announced a remarkable surge in the mining sector’s contribution to Nigeria’s Gross Domestic Product (GDP), which has escalated from a mere 0.5 percent over the last ten years to an impressive 4.61 percent today.
Dr. Oladele Alake, the Minister of Solid Minerals Development, shared this insight during a press briefing ahead of the 10th Nigeria Mining Week, slated for October 13 to 15, 2025, in Abuja.
He attributed this growth to the “innovative policies” implemented by the current administration, which have quadrupled sector revenues and are expected to drive an even more substantial increase in mining’s GDP share in the near future.
Dr. Alake also highlighted that Nigeria’s reform initiatives are influencing other African countries, many of which are now adopting similar value-addition strategies.
This momentum led to the establishment of the Africa Minerals Strategy Group, with Dr. Alake appointed as its inaugural chairman. The group’s goal is to maximize Africa’s benefits from its mineral wealth by promoting local processing rather than exporting raw materials.
The Minister further mentioned that the Community Development Agreement crafted by his ministry is gaining recognition beyond Nigeria’s borders.
Addressing the challenges faced during these reforms, Dr. Alake revealed that he has encountered threats from individuals whose vested interests have been disrupted by the new regulatory measures. Nevertheless, he affirmed that neither he nor his team would waver in their dedication to ensuring mining contributes effectively to Nigeria’s economic diversification.
He also announced plans to curb revenue losses in the sector by introducing pre-shipment inspections for solid mineral exports.
In his prepared remarks, the Minister initially stated that mining’s GDP contribution had risen from below 0.5 percent to about 1.8 percent, with a medium-term target of 3 percent. However, during a Q&A session, he clarified that the National Bureau of Statistics (NBS) recently updated this figure to 4.61 percent, citing data presented at an event he attended.
“Just yesterday, while presenting to the National Economic Council, the NBS Director-General corrected my earlier figures, confirming that mining’s GDP share had surged to 4.61 percent in the second quarter of this year,” Dr. Alake explained.
He described the upcoming Nigeria Mining Week as a vital forum for stakeholders to assess progress, tackle challenges, and synchronize policy objectives.
“This event goes beyond technical discussions; it’s a chance to reinforce our national priorities around value addition, environmental stewardship, and community engagement,” he emphasized.
Under the Renewed Hope Agenda, the Ministry has enacted several structural reforms to improve governance and transparency, including: enhancing the Solid Minerals Development Fund (SMDF) to finance projects and attract private capital; expanding geological surveys and digitizing mineral data to facilitate investor access; collaborating with security agencies to deploy Mining Marshals aimed at combating illegal mining and ensuring safety; and reforming the Mining Cadastral Office to establish a more transparent and accountable licensing process.
Dr. Alake reiterated the Ministry’s strategic pivot from exporting raw minerals toward beneficiation and value addition, aligning the sector with broader national ambitions such as industrial growth, job creation, and sustainable development.
This year’s Mining Week will also focus on critical minerals, infrastructure development, and investment frameworks, especially in light of the global shift toward clean energy and the increasing demand for lithium and rare earth elements.
The event is expected to attract over 100 exhibitors and more than 1,000 participants from Nigeria, Africa, Asia, and Europe.
Mr. Dele Ayanleke, President of the Miners Association of Nigeria, praised the Mining Week as a milestone in the country’s mining evolution.
“This gathering celebrates ten years of dialogue, innovation, and partnership within the sector,” he remarked.
He commended the Minister’s leadership and acknowledged the essential contributions of stakeholders, sponsors, and partners in fostering responsible mining, formalizing artisanal operations, and drawing investment.
Nonetheless, Mr. Ayanleke recognized persistent issues such as illegal mining, security concerns, and infrastructure deficits, viewing them as catalysts for deeper reforms and collaborative efforts.
Habeeb Jaiyeola, a partner at PricewaterhouseCoopers (PwC), underscored the Mining Week’s significance as Nigeria’s foremost platform for shaping mining policy and practice:
“It remains the premier venue for building consensus and developing strategies that position mining as a driver of inclusive prosperity.”
Samukelo Madlabane from the VUKA Group, one of the event’s organizers, revealed that this edition will highlight topics like exploration financing, the rise of indigenous junior miners, and fostering a globally competitive investment environment.
He noted the event’s growth from 200 participants a decade ago to an anticipated 3,500 attendees this year.
The 10th Nigeria Mining Week will introduce new features such as Deal Rooms, Technical Workshops, and Strategic Forums, all designed to deepen investment opportunities and knowledge sharing within the sector.
