The Nigerian government is implementing significant reforms in the solid minerals sector to attract both foreign and local investments, according to Minister of Solid Minerals, Dele Alake.

Speaking at a conference organized by the Africa Commodity Conference and Exhibition (ACCA) in Abuja, Alake emphasized that the sector's contribution to the nation's gross domestic product cannot be undermined.

"We are pursuing deliberate reforms aimed at attracting investments, formalizing artisanal mining, improving data availability, enhancing environmental sustainability, and promoting local value addition," said Alake, who was represented at the event by Olajide Olushola.

The Minister revealed that Nigeria is endowed with over 44 commercially viable solid minerals across more than 500 locations nationwide. These resources include gold in Zamfara and Kebbi, lithium in Nasarawa and Kogi, barite in Cross River, and tantalite in Osun.

"For too long, Nigeria's resource wealth—whether in hydrocarbons or solid minerals—has been underutilized or inequitably distributed," Alake noted, adding that despite the country's mineral wealth, the sector has contributed less than 1% to GDP for decades.

To achieve significant milestones in the sector, the government is overhauling regulatory frameworks to improve investor confidence. The Nigerian Mining Act is currently under review to incorporate global best practices and establish clear mechanisms for revenue sharing, host community development, and environmental protection.

Miners Association Highlights Challenges

The Miners Association of Nigeria (MAN) highlighted several challenges facing the industry, particularly the lack of access to funding, which has significantly hampered growth in mining operations.

Representing the MAN president, FCT Secretary Adogba Simon Ogar lamented that the government has not been investing adequately in the mining industry, leaving it primarily to artisanal miners.

"We are still using outdated/archaic and obsolete mining techniques and equipment, which can reduce productivity and increase costs," Ogar stated.

He urged the government to maintain consistency in mining policies, expressing belief that stable government regulations would encourage serious private foreign investors to enter the industry.

The ACCA conference serves as a platform for stakeholders across the mineral and energy value chains to connect and develop strategies for sustainable national development through better utilization of Nigeria's abundant mineral resources.