The federal government has earmarked N1tn for mineral exploration as the government eyes mega revenue, according to the Minister of Solid Minerals Development, Dr. Dele Alake.
Alake also revealed that N38bn revenue was attracted in 2025, far above the N6bn declared in previous years.
The minister also revealed that $800m Foreign Direct Investment (FDI) has been attracted into the sector.
Alake disclosed the development in an interview.
A statement issued on Sunday by Special Adviser to the President on Information and Strategy, Bayo Onanuga confirmed the development.
Onanuga quoted Alake, “The days of exporting raw minerals from pit to port are over. No miner gets a license today without a clear plan for local processing.”
He revealed that landmark investments which are $600m lithium processing plant near the Kaduna-Niger border are scheduled for commissioning this quarter and a $200 million lithium refinery on the outskirts of Abuja, which is nearing completion
“When we assumed office, the entire sector generated N6bn annually. By the end of 2024, we hit N38bn—and this was with just 18 per cent of our N29bn allocation released.
“That’s why investors stayed away. We’re changing that.”
According to him, 2025 will be a record breaking year following “N1tn allocation toward mineral exploration.”