By Peter Salami
The Minister of Solid Minerals Development, Dele Alake, has disclosed that Nigeria attracted over $2.6 billion in foreign direct investment (FDI) into its mining sector within the last two and a half years.
Alake made the disclosure at the ongoing Powering Africa Summit in Washington, D.C., according to a statement issued by his Special Assistant on Media, Segun Tomori.
He attributed the inflow to sweeping reforms aimed at sanitising and de-risking the mining sector to make it more attractive to investors.
“We have successfully de-risked and sanitised the mining environment, making it conducive to Foreign Direct Investment. Within the last two and a half years, we have attracted over $2.6 billion in FDI into the sector,” he said.
The minister explained that the government has introduced incentives to support investors, including tax waivers on imported mining equipment and provisions allowing full repatriation of profits after due payment of royalties and taxes.
He reiterated that while Nigeria remains open to genuine investors, stakeholders must comply strictly with local laws and regulatory requirements.
Alake highlighted key reforms under the administration of President Bola Ahmed Tinubu, noting that strengthened governance structures, improved regulatory frameworks, digitisation of licensing processes, and enhanced ease of doing business have repositioned the mining sector as a critical pillar of economic diversification.
He added that the reforms now guarantee secure tenure for mineral title holders, providing the long-term stability required for investment decisions.
According to him, the government is also expanding the availability of scientific and internationally certified geological data to guide both local and foreign investors.
Speaking during a panel session themed “Critical Minerals in Africa: Meeting Global Demand,” the minister urged the United States and African countries to prioritise the development of regional energy hubs to accelerate cross-border mining industrialisation and strengthen supply chains for critical minerals.
He advocated the creation of regional industrial corridors similar to the Lobito Corridor, citing the Lagos–Abidjan corridor, which spans Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire, as well as the Walvis Bay Corridor linking Southern and Central Africa to global markets.
Alake said such corridors would unlock vast mineral potential, drive infrastructure development, enhance energy access, and promote regional economic integration.
“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.
“If three to five such corridors are developed in Africa, we would significantly advance industrialisation across the continent, creating a win-win outcome for both Africa and the West.”
On security, the minister acknowledged existing challenges but noted significant progress through the deployment of mining marshals.
He revealed that over 350 suspected illegal miners, including foreign nationals, have been arrested within the past year, with more than 150 currently facing prosecution.
According to him, the crackdown has sent a strong signal that Nigeria is serious about sanitising the sector and protecting legitimate investments.