FG attracts over $2.6bn FDI in solid minerals sector in two years – Alake

By Gabriel Ewepu

ABUJA – Dele Alake has disclosed that the Tinubu administration has attracted more than $2.6 billion in foreign direct investment (FDI) into Nigeria’s solid minerals sector over the past two years.

Speaking at the ongoing Powering Africa Summit in Washington, D.C., United States, Alake advocated for the creation of regional industrial hubs to drive Africa’s mining industry and accelerate cross-border industrialization.

Alake highlighted that corridors such as the Lagos–Abidjan belt, spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire, or the Walvis Bay Corridor in Southern and Central Africa, could unlock the continent’s mineral potential. “These corridors would catalyze infrastructure development, energy access, local beneficiation, technology transfer, and regional integration,” he said.

He also pointed to reforms under President Bola Ahmed Tinubu’s administration, including strengthened governance, digitized licensing, and improved regulatory frameworks, which have secured mineral tenure for investors and boosted ease of doing business.

On security, Alake noted the establishment of Mining Marshals, reporting the arrest of over 350 suspected illegal miners, including foreign nationals, with more than 150 currently undergoing prosecution, sending a strong signal to investors.

The minister reaffirmed incentives for investors, such as tax waivers on imported mining equipment and full repatriation of profits after royalties and taxes, emphasizing that Nigeria’s mining environment is now conducive to investment.

“Within the last two and a half years, we have successfully de-risked and sanitized the sector, attracting over $2.6 billion in FDI,” Alake stated.

The panel session, themed ‘Critical Minerals in Africa: Meeting Global Demand,’ also featured leaders from Guinea, the U.S. Export-Import Bank, ReElement Technologies Africa, TechMet, and McDermott Will & Schulte, who stressed the importance of sustainable collaboration and private sector capital mobilization for Africa’s mining growth.

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