The Federal Government has revealed a significant rise in the mining sector’s contribution to Nigeria’s Gross Domestic Product (GDP), climbing from a modest 0.5 percent over the past decade to an impressive 4.61 percent today.
Dr. Oladele Alake, the Minister of Solid Minerals Development, shared this update during a media briefing ahead of the 10th Nigeria Mining Week, scheduled for October 13 to 15, 2025, in Abuja.
This remarkable growth is credited to the “innovative policies” introduced by the current administration, which have quadrupled sector revenues and are anticipated to further boost mining’s GDP share in the near term.
Dr. Alake also noted that Nigeria’s reform efforts are setting a precedent across Africa, inspiring several countries to adopt similar value-addition approaches to their mineral resources.
In response to this momentum, the Africa Minerals Strategy Group was formed, with Dr. Alake appointed as its first chairman. The group’s mission is to enhance Africa’s mineral wealth benefits by encouraging local processing instead of exporting raw ores.
The Minister also highlighted that the Community Development Agreement developed by his ministry is gaining recognition beyond Nigeria’s borders, reflecting the growing influence of the country’s mining reforms.
Addressing the challenges encountered during the reform process, Dr. Alake disclosed that he has faced threats from parties whose interests have been disrupted by the new regulations. Despite this, he affirmed his unwavering commitment and that of his team to ensuring the mining sector plays a pivotal role in Nigeria’s economic diversification.
He further announced plans to reduce revenue leakages by implementing pre-shipment inspections for solid mineral exports.
Initially, in his prepared remarks, the Minister mentioned that the mining sector’s GDP contribution had increased from under 0.5 percent to approximately 1.8 percent, with a medium-term target of 3 percent. However, during the Q&A session, he clarified that the National Bureau of Statistics (NBS) recently revised this figure to 4.61 percent, based on data he reviewed at a recent event.
“Just yesterday, while presenting to the National Economic Council, the NBS Director-General updated my earlier figures, confirming that mining’s GDP contribution surged to 4.61 percent in the second quarter of this year,” Dr. Alake explained.
He described the upcoming Nigeria Mining Week as a crucial platform for stakeholders to evaluate progress, address challenges, and align policy goals.
“This event transcends technical discussions; it is an opportunity to reinforce our national objectives around value addition, environmental responsibility, and community involvement,” he emphasized.
Under the Renewed Hope Agenda, the Ministry has introduced several structural reforms to enhance governance and transparency, including: strengthening the Solid Minerals Development Fund (SMDF) to finance projects and attract private investment; expanding geological surveys and digitizing mineral data to improve investor access; partnering with security agencies to deploy Mining Marshals to combat illegal mining and enhance safety; and reforming the Mining Cadastral Office to create a more transparent and accountable licensing system.
Dr. Alake reiterated the Ministry’s strategic shift from exporting raw minerals toward beneficiation and value addition, aligning the sector with Nigeria’s broader goals for industrialization, job creation, and sustainable development.
This year’s Mining Week will feature focused discussions on critical minerals, infrastructure development, and investment frameworks, especially in light of the global transition to clean energy and the rising demand for lithium and rare earth elements.
The event is expected to host over 100 exhibitors and attract more than 1,000 participants from Nigeria, Africa, Asia, and Europe.
Mr. Dele Ayanleke, President of the Miners Association of Nigeria, hailed the Mining Week as a landmark in the nation’s mining development.
“This gathering marks a decade of continuous dialogue, innovation, and collaboration within the sector,” he stated.
He praised the Minister’s leadership and acknowledged the vital roles played by stakeholders, sponsors, and partners in promoting responsible mining, formalizing artisanal operations, and attracting investment.
Nevertheless, Mr. Ayanleke acknowledged ongoing challenges such as illegal mining, security issues, and infrastructure gaps, viewing them as drivers for deeper reforms and cooperative solutions.
Habeeb Jaiyeola, a partner at PricewaterhouseCoopers (PwC), emphasized the Mining Week’s importance as Nigeria’s premier forum for shaping mining policy and practice:
“It remains the leading platform for building consensus and crafting strategies that position mining as a catalyst for inclusive economic growth.”
Samukelo Madlabane from the VUKA Group, one of the event’s organizers, revealed that this edition will highlight themes such as exploration financing, the emergence of indigenous junior miners, and fostering a globally competitive investment climate.
He noted the event’s growth from 200 participants a decade ago to an expected 3,500 attendees this year.
The 10th Nigeria Mining Week will introduce new features including Deal Rooms, Technical Workshops, and Strategic Forums, all designed to deepen investment prospects and facilitate knowledge exchange across the mining industry.