As Nigeria positions itself to become a global hub for mining investment, stakeholders are urging a shift toward local empowerment and intentional policies to drive sustainable growth in the solid minerals sector.
Speaking at the ongoing Nigeria Mining Week 2025 in Abuja, Professor Akinade Olatunji, Immediate Past President of the Nigerian Mining and Geosciences Society, said Nigeria’s legal and regulatory framework for mining is now “world-class.”
However, he stressed that the next phase must focus on building indigenous capacity.
“There’s no question that reforms have reignited interest, both nationally and globally,” he stated.
“But the real transformation will come when we replicate what worked in oil and gas—intentional policies that create space for local operators to thrive.”
Olatunji questioned how many of the world-class mining companies courted by Nigeria have made lasting commitments.
“We need to ask ourselves whether these big names will stay long-term, and if their operations are truly sustainable within our economic and social context.”
Drawing a parallel with the 2001 marginal fields initiative in the petroleum sector, he noted that deliberate government policies enabled local companies like Seplat, Aradel, and NDWestern to rise to national prominence, even acquiring assets from global oil majors.
“What changed was intentionality—policy backed by purpose. It nurtured local ownership, built competence, and ensured accountability,” Olatunji said. “We need the same for mining.”
Another panelist echoed his call: “The mining sector must become more than an extraction site for foreign capital. It should be a launchpad for Nigerian-owned enterprises, powered by Nigerian professionals.”
Also at the event, Abdulmajeed Amussah, Technical Adviser to the Executive Secretary of the Solid Minerals Development Fund (SMDF), unveiled a game-changing collaboration between SMDF and NASD Plc aimed at bridging the financing gap in Nigeria’s mining sector.
In a presentation titled “SMDF–NASD Collaboration: Accelerating Nigeria’s Mining Sector”, Amussah described the partnership as a bold step toward converting the nation’s estimated $700 billion in untapped mineral wealth into real economic value.
“Backed by the Minister of Solid Minerals Development, Dr. Dele Alake, and the Minister of Steel Development, Prince Shuaibu Abubakar Audu, the initiative aims to fast-track the transition of mining projects from exploration to production using structured, transparent, and innovative financing tools.
“Despite the massive potential, the mining sector contributes less than 1% to GDP. A major reason is the lack of access to long-term, risk-aligned capital,” Amussah said. “This is the gap the SMDF–NASD partnership is designed to close.”
According to him, NASD Plc will leverage its capital market infrastructure to offer regulated financing platforms — including Digital Securities Platforms (DSP) and Security Token Offerings (STOs) — giving vetted mining companies access to flexible capital structures, backed by robust compliance and real-time data.
“The real innovation is in aligning the capital instruments with the mining project lifecycle, while protecting investors and ensuring full transparency,” he said.
Amussah emphasized that the partnership aligns with the Federal Government’s Renewed Hope Agenda, which prioritizes industrialization, local content development, and unlocking the full potential of the solid minerals sector.
“This could be the turning point Nigeria’s mining industry has long awaited,” he concluded.
“With capital markets now entering the mining space in a structured and regulated way, Nigeria is taking a major leap toward turning its natural wealth into inclusive and sustainable economic development.”
