Lithium boom and revenue rise mark Tinubu’s Second Year in Office

• President Tinubu's mining reforms person driven a melodramatic summation successful assemblage revenue, jumping from ₦6 cardinal to ₦38 cardinal successful conscionable 1 year
• Over $800 cardinal successful overseas investments person poured into Nigeria’s coagulated minerals sector, with large lithium processing plants already successful progress
• Minister Dele Alake credited the occurrence to tightened licensing, mandatory section processing, and assertive enactment against amerciable mining

Nigeria’s coagulated minerals assemblage is undergoing a transformation, with caller reforms nether President Bola Tinubu’s medication triggering a sixfold gross summation and attracting implicit $800 cardinal successful overseas concern wrong a year.

Minister of Solid Minerals Development, Dr. Dele Alake, disclosed the figures during a feature interrogation for a State House documentary marking the President’s 2nd twelvemonth successful office.

Solid minerals minister, Dr. Dele Alake, credits Tinubu for roar successful mining sector. Photo: FB/Bayoonanuga
Source: Twitter

According to Alake, the assemblage generated ₦38 cardinal successful gross successful 2024—up from ₦6 cardinal successful the erstwhile year—despite receiving lone 18% of its ₦29 cardinal fund allocation.

Mining ministry records occurrence aft caller reforms

Central to the surge is simply a strategical overhaul that compels mining firms to process earthy materials locally.

Alake explained that nary mining licence is present issued without a elaborate program for home beneficiation.

“The days of moving earthy minerals from pit to larboard are over,” helium said, citing this arsenic a large origin successful Nigeria’s increasing entreaty to investors.

Among the large projects cited are a $600 cardinal lithium processing works astatine the Kaduna-Niger border, acceptable for commissioning this quarter, and a $200 cardinal lithium refinery adjacent Abuja nearing completion.

Two much plants successful Nasarawa are scheduled to spell unrecorded earlier the extremity of Q3 2025.

N1 trillion budgeted for exploration

The Minister besides revealed a ₦1 trillion fund allocation targeted astatine broad mineral exploration successful 2025.

Alake believes the US would beryllium considering Nigeria fixed its argumentation to diversify from China. Photo: X/Bayo Onanuga
Source: Twitter

He criticized Nigeria’s humanities underinvestment successful exploration, noting the state had antecedently spent conscionable $2 million—far down peers similar Côte d'Ivoire and South Africa. “No superior capitalist volition interaction your assemblage without credible data,” Alake stressed.

Further gains are emerging from regulatory improvements. In the archetypal 4th of 2025 alone, the Mining Cadastral Office and the Mines Inspectorate jointly recorded astir ₦14 cardinal successful revenue.

FG clampdowns connected amerciable miners

To curb amerciable mining, the authorities has adopted a dual-pronged approach, combining enforcement with assemblage engagement. Over 300 amerciable miners were arrested past year, 150 prosecutions are ongoing, and 9 convictions person been secured truthful far, including overseas nationals.

Alake added that much than 250 cooperatives person been formed to formalize artisanal miners and supply them with entree to recognition and structured income.

Nigeria’s power successful determination mining argumentation is besides growing. The state present chairs the recently established African Mineral Strategy Group, an confederation formed aft the 2024 Future Minerals Conference successful Riyadh to beforehand fairer mineral commercialized and section processing crossed the continent.

With planetary involvement mounting—especially from the UK, US, Saudi Arabia, and the UAE—Nigeria appears to beryllium repositioning itself arsenic a cardinal subordinate successful the planetary mineral economy.

Tinubu is doing a fantastic occupation - Afenifere

Earlier, Legit.ng reported that seasoned Yoruba person and Afenifere elder statesman, Pa Reuben Fasoranti, had expressed confidence successful President Bola Tinubu’s stewardship of the country, saying the President has gone beyond his expectations since assuming office.

Fasoranti made this known connected Thursday during a sojourn by Nigeria’s First Lady, Senator Oluremi Tinubu, to his residence successful Akure, the superior of Ondo State.

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Source: Legit.ng