Nigeria secures $3bn solid minerals investment inflow

The Federal Government on Wednesday disclosed that Nigeria’s solid minerals sector has attracted about $3bn in investments within the last three years, describing the inflow as one of the most significant achievements recorded in the industry’s history.

The government said the investments, spanning lithium, gold and other strategic minerals, reflected growing investor confidence in reforms introduced by the administration of President Bola Tinubu and signalled stronger prospects for the sector in the coming years.

The disclosure was made at a press briefing ahead of the 5th African Natural Resources and Energy Investment Summit scheduled to hold from June 23 to June 25, 2026, at the State House Conference Centre, Abuja.

The Minister of Solid Minerals Development, Dr Dele Alake, represented by the Managing Director/Chief Executive Officer of the Nigeria Solid Minerals Company, Martins Imonitie, said the mining industry was beginning to attract long-term capital despite the lengthy investment cycle associated with mineral development projects.

According to him, attracting $3bn worth of investments within three years is unprecedented given the complexities and long gestation periods that characterise mining projects globally.

“Under the administration of President Bola Tinubu and through the reforms championed by the Honourable Minister of Solid Minerals Development, we have been able to attract investments of about $3bn into the sector within the last three years.

“These investments cut across lithium, gold and several other minerals. This is unprecedented in the history of this country. To attract tangible investments of this magnitude within three years is a remarkable achievement and demonstrates growing confidence in the direction of the sector.

“Mining is not an industry where investors make decisions overnight. If a mine is discovered today, it can take between 15 and 20 years before it reaches full commercial maturity. Investors take a very long-term view of the industry.

“They do not make investment decisions within three or six months. Sometimes it takes years because investors must undertake extensive geological studies, secure financing arrangements, identify off-takers and satisfy numerous technical requirements before committing capital.

“For Nigeria to attract about $3bn in investments within this period is therefore something that deserves recognition. More importantly, it sends a signal about what lies ahead for the sector in the coming years,” he said.

Alake noted that the forthcoming summit would focus on transforming Africa from a supplier of raw materials into a hub for value addition, industrialisation and sustainable economic development.

According to him, Africa’s vast natural resources must become instruments for job creation, technology transfer, infrastructure development and wealth creation rather than merely serving as export commodities.

“The significance of AFNIS 2026 goes far beyond the celebration of its fifth edition. It comes at a defining moment in Africa’s history.

“The demand for critical minerals is rising rapidly across the world. Nations are repositioning themselves to secure supply chains. Global capital is actively seeking stable and bankable investment destinations. At the same time, technological advancement and the global energy transition are creating unprecedented opportunities for resource-rich countries.

“AFNIS 2026 is built around a simple but powerful proposition: Africa must move from being merely a source of raw materials to becoming a centre of value creation, industrialisation and shared prosperity.

“Our resources must become catalysts for economic transformation, job creation, technological advancement, infrastructure development and long-term wealth creation for African people,” he stated.

The minister said the summit adopted the theme, “One Africa, One Resource Vision,” to promote greater cooperation among African countries in developing critical minerals, energy infrastructure and regional value chains.

He argued that the continent’s resource challenges and opportunities can no longer be addressed through isolated national approaches.

“Whether we are discussing critical minerals, energy infrastructure, regional value chains, industrial corridors, responsible sourcing, project financing or technology transfer, the future lies in greater collaboration among African nations.

“The era when countries worked independently in developing their resource sectors is gradually giving way to stronger regional partnerships because the opportunities ahead are too significant to ignore,” he added.

Unlike previous editions, Alake said this year’s summit would focus heavily on implementation and investment execution.

He disclosed that dedicated sovereign meeting rooms, investor engagement sessions, ministerial dialogues, chief executive roundtables, project financing discussions and project de-risking engagements had been incorporated into the summit structure.

“The objective is simple. Participants should leave Abuja with new partnerships, new investment opportunities and practical pathways for execution. We do not want conversations that end when delegates leave the conference hall. We want discussions that translate into investments, projects, jobs and economic growth,” he said.

Also speaking, the Director of Strategy and Platform Development at iMine, Archibald Troko, revealed that investment transactions linked to previous editions of AFNIS had approached $600m over the last four years.

According to him, the summit has evolved into a platform where investors, governments and project developers initiate discussions that eventually mature into commercially viable transactions.

“This summit has been held consistently over the last four years and deals that either started there or were concluded there have amounted to just under $600m. One transaction that I was personally involved in last year was worth about $70m, and it was concluded on the sidelines of the summit on the final day.

“This demonstrates that AFNIS has become a place where people meet, begin important conversations and get deals done. If you look at the cumulative value of transactions associated with the summit over the years, it is approaching $600m,” he said.

In a welcome address delivered on behalf of the Permanent Secretary of the Ministry of Solid Minerals Development, Faruk Yabo, by the Director of Investment Promotion and Mineral Trade, Esther Udoh, the ministry described AFNIS as Africa’s leading platform for discussions on mining, energy and resource development.

She said the world was increasingly looking towards Africa for critical minerals needed for the global energy transition, making it imperative for the continent to focus on local value addition and sustainable development.

“AFNIS has grown into something truly special. It is no longer just another conference. It has become the definitive gathering place for Africa’s resource sector.

“It is where governments, investors and technical experts sit at the same table to strike deals, share innovations and determine how to unlock the massive potential of our continent together.

“The world’s attention is increasingly focused on Africa. Global demand for critical minerals is rising, and our responsibility is to ensure that these resources translate into real and inclusive prosperity for African people,” she said.

The summit is expected to attract ministers and senior government officials responsible for mining, petroleum, energy and industrial development from countries including the Democratic Republic of Congo, Kenya, Uganda, South Sudan, Somalia, Liberia and Mauritania.

Speaking on health concerns linked to the Ebola outbreak in the Democratic Republic of Congo, the minister said there was no cause for alarm, noting that the government had taken proactive steps to safeguard participants expected at the summit.

According to him, appropriate health protocols and preventive measures have been put in place to ensure the safety and wellbeing of delegates arriving from different parts of Africa and beyond.

Development finance institutions, sovereign wealth funds, commercial banks, mining companies, energy firms, technology providers and project developers are also expected to participate.

The event comes at a critical time as African countries seek to position themselves within global supply chains for lithium, cobalt, graphite, rare earth elements and other strategic minerals required for electric vehicles, battery storage systems and renewable energy technologies.

Nigeria has intensified efforts in recent years to diversify its economy away from oil dependence through reforms aimed at attracting mining investments, formalising artisanal mining activities, boosting local processing and increasing the contribution of solid minerals to national revenue.

If properly harnessed, Africa’s vast mineral resources could play a transformative role in industrialisation, job creation and economic development across the continent.