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Towards geo-scientific exploration, detailed geological surveys, and critical Infrastructural development in the country, the Federal Government has provide extra N1 Trillion for Solid Minerals Development in the 2025 Budget.
This is part of its drive to diversify the Nigerian economy and harness the great potentials in the solid minerals sector.
President Bola Tinubu revealed this in Abuja on Tuesday at the 10th Edition Of Nigeria Mining Week in Abuja.
It was themed "Nigeria Mining: From Progress to Global Relevance”.
The President noted that the oil boom in Nigeria has led to over-reliance on a single commodity, which adversely affected the country.
Tinubu, who was represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, said that the N1 trillion is the most significant single investment in the sector by the past administrations.
The President assured that the current administration's diversification drive will benefit the people.
He said "We made the historic decision to increase the 2025 national budget by N4.5 trillion, with an extra N1 trillion earmarked for the solid minerals sector. This is the most significant single investment in Nigeria's mining industry by any administration.
"These funds are being channelled towards geo-scientific exploration, detailed geological surveys, and the development of critical infrastructure to unlock our mineral-rich regions.
"This investment will enhance our economic resilience by reducing our dependence on volatile oil markets and creating alternative revenue streams for the nation.
"It will also ensure regional equity by spurring development in resource-rich but underdeveloped areas, boosting rural economies, and supporting the processing and export of minerals to increase our foreign exchange earnings." the President said
Continuing, he said "Our administration is committed to diversification, ensuring that the wealth beneath our feet benefits our people.
"Vision alone is not enough to realise the promise of mining; it requires decisive action and investment.
"Over the past year and a half, our administration has taken bold steps to reform the solid minerals sector, making it a new engine of growth.
"I have approved the appointment of the pioneer MD/CEO of the Nigeria Solid Minerals Company, the special-purpose investment arm of the Federal Government.
"The Company will be the engine room of implementation, mobilising capital, structuring joint ventures, and accelerating local processing so that the wealth beneath our feet becomes prosperity in our hands."
Speaking on the revenue contribution from the sector under his administration, Tinubu said that the reforms have led to dramatic upswing: in 2024, with the sector generating over N38 billion in revenue from N6 billion generated the previous year.
He said that the week marks the nation's journey towards economic renewal and a testament to what collaboration can achieve in the past decade
The week, he said, has evolved into premier industry platform, uniting stakeholders from small-scale miners to international investors to shape policy, foster partnerships, and drive the growth of the sector.
"We are enforcing strict environmental regulations to prevent pollution of our farmlands and water sources. We are requiring mine operators to rehabilitate sites and respect biodiversity.
"We are also promoting transparency through initiatives like the Extractive Industries Transparency Initiative (EITI), as our citizens deserve to know how their natural resources are managed and utilised.
"We will not allow the mistakes of the past, whether it's the environmental degradation of the Niger Delta or the unsafe mining practices of old, to be repeated" he stated .
The President assured that the mining areas in the country will be made safe for all stakeholders, investors, workers, and residents.
He went further to disclose that the government has already taken steps to improve security in regions where mining activities are ongoing, by working to eliminate banditry and conflict that threaten both people and projects.
He urged policymakers, industry leaders, foreign partners, and citizens to play their part, assuring that the Federal Government will continue to provide visionary leadership and a conducive environment for the sector.
Tinubu called on state governors and community leaders to facilitate mining investments and uphold peace in their domains.
Nigeria, he said, will emerge as a shining example of how a resource-rich nation can industrialise, diversify, and uplift its citizens.
"We will show that the Nigerian mining sector can be a force for national transformation and a pillar of Africa's prosperity.
"The future we want is within reach. From minerals to miracles, Nigeria's transformation journey is underway. Nigeria's wealth will help build a better future for the country.
"Let us all play our part to make it so, and let us celebrate not just how far we have come, but the even greater journey ahead." he said
The President also commended the Miners Association of Nigeria, and other partners including PwC and VUKA Group, the Federal Ministry of Solid Minerals Development, and all those who have transformed the week into a national institution and a continental beacon of economic transformation.