Solid Minerals: FG Attracts Over $2.6bn FDI In 2 Year — Alake

The Minister of Solid Minerals Development, Dr. Dele Alake, disclosed that the Tinubu-led administration has attracted over $2.6 billion in Foreign Direct Investment, FDI into the sector in two years.
Alake made this known in a statement signed by his Special Assistant on Media, Segun Tomori, where the Minister advocated for regional hubs to power Africa’s mining industry.
According to Tomori, the Minister charged the US and African nations to prioritize the establishment of regional energy hubs as a strategic pathway to accelerate cross-border mining industrialization and strengthen the supply chain of critical minerals essential for the global energy transition.
He said the Minister who spoke at a high-level panel themed ‘Critical Minerals in Africa: Meeting Global Demand’ at the ongoing Powering Africa Summit in Washington, D.C., United States, “ emphasized that sustainable partnerships with Africa remain the fastest route to meeting rising global demand for critical minerals.
“He called for the development of regional industrial corridors akin to the Lobito Corridor, noting that similar belts such as the Lagos Abidjan corridor, spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire, as well as the Walvis Bay Corridor linking Southern and Central Africa to global markets—could unlock vast mineral potential across the continent.”
According to the Minister, such corridors would serve as economic catalysts by driving infrastructure development, enhancing energy access, and promoting regional integration. Alake said: “The development of nuclear power in one West African country, for instance, can service an entire corridor. With that in place, local beneficiation, technology transfer, manufacturing, and cross-border industrialization will naturally follow.
“If three to five such corridors are developed in Africa, we would significantly advance industrialization across the continent, creating a win-win outcome for both Africa and the West.” Highlighting the impact of reforms under the administration of President Bola Ahmed Tinubu, Alake noted that strengthened governance structures, improved regulatory frameworks, digitization of licensing processes, and enhanced ease of doing business have repositioned Nigeria’s mining sector as a key driver of economic diversification.
He explained that reforms introduced in the last two and half years now guarantee mineral title holders secure tenure, thereby providing the long-term stability required for investment decisions.
In addition, Alake disclosed that the government is expanding the generation of scientific and internationally certified geological data to support informed decision-making by both local and international investors.