The Federal Government has unveiled ambitious plans to transform Nigeria’s mining sector, projecting up to $1 billion in foreign direct investment annually by 2025 and the creation of 500,000 jobs by 2030.
The targets are outlined in the newly introduced Nigerian Industrial Policy, which positions mining as a key pillar in the country’s economic diversification strategy.
According to the document, the sector’s contribution to Gross Domestic Product is expected to rise to eight per cent by 2030 and further to 10 per cent by 2035.
Currently, mining accounts for about 0.3 per cent of employment nationwide.
However, the government believes that with the right regulatory framework and incentives, the industry can significantly expand its job footprint within the next five years.
The policy also highlights a sharp rise in the sector’s GDP contribution—from N400 billion, or 0.33 per cent, in 2015 to N4.4 trillion, representing 5.54 per cent, in 2024.
Foreign investment in the sector has shown steady growth in recent years. The document notes that mining attracted $100 million in FDI in 2022, compared to $78 million in 2019, with inflows from countries such as China, Brazil and India.
Authorities now anticipate that annual inflows could reach the $1 billion mark as reforms deepen.
To drive this expansion, the government has pledged to establish clear licensing procedures, strengthen environmental and safety standards, and provide investor incentives including tax breaks, subsidies and guarantees.
It also plans to promote value-added activities such as mineral processing and manufacturing to maximise economic benefits.
Nigeria’s mineral reserves include coal, gold, iron ore, limestone, bitumen, gypsum, lead and zinc, as well as gemstones like sapphire and emerald.
The policy notes that aggregate mineral production grew by 39.19 per cent from 64.29 million tonnes in 2020 to 89.48 million tonnes in 2021, reflecting improved sector performance.
Further measures include the development of mineral processing zones, support for industries such as steel and battery manufacturing to source inputs locally, and the creation of a blended Artisanal Mining Transition Fund to formalise small-scale mining operations and provide low-interest financing.
In his foreword to the policy, John Enoh described the framework as a turning point in Nigeria’s industrialisation journey.
He said the policy provides a clear roadmap for inclusive growth, backed by fiscal and financial incentives designed to lower business costs and stimulate investment.
Enoh added that the government intends to strengthen development finance by recapitalising the Bank of Industry, scaling up sector-specific intervention funds, and mainstreaming credit guarantees for micro, small and medium-sized enterprises.
Up to five per cent of GDP, he noted, could be set aside for industrial financing, supported by public–private partnerships.
With these measures, the government aims to reposition mining as a cornerstone of Nigeria’s industrial revival and long-term economic stability.
