Dr. Dele Alake has disclosed that the Tinubu administration has attracted over $2.6 billion in Foreign Direct Investment (FDI) into Nigeria’s mining sector within two years.
Alake made the announcement in a statement signed by his Special Assistant on Media, Segun Tomori, while speaking at a high-level panel themed “Critical Minerals in Africa: Meeting Global Demand” at the ongoing Powering Africa Summit. He urged the US and African nations to prioritize the creation of regional energy and industrial 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.
Citing examples such as the Lobito Corridor, the Lagos-Abidjan Corridor, and the Walvis Bay Corridor, Alake said these corridors could unlock vast mineral potential, drive infrastructure development, enhance energy access, and promote regional integration. “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,” he stated.
Alake also highlighted reforms under President Bola Ahmed Tinubu’s administration, noting that strengthened governance, improved regulatory frameworks, digitized licensing processes, and enhanced ease of doing business have repositioned Nigeria’s mining sector as a key driver of economic diversification. Reforms now guarantee mineral title holders secure tenure, encouraging long-term investment.
The Minister further outlined security improvements, revealing that over 350 suspected illegal miners, including foreign nationals, were arrested within a year, with more than 150 undergoing prosecution. On investment incentives, Alake emphasized tax waivers on imported mining equipment and full repatriation of profits after payment of royalties and taxes.
Speaking at the summit, Sarah Whitten highlighted that successful mining collaborations depend on committed governments and sustainable agreements. “American banks are ready to support projects, but our role is to catalyze and unlock private sector capital,” she said.
The panel also featured prominent figures, including the Guinean Minister of Energy, Hon. Sekou Camara; Managing Partner of Denham Capital, Carl Tricoli; CEO of ReElement Technologies Africa, Ben Kinkaid; Chief Strategic Development Officer of TechMet, Heliana Matza; and Partner at McDermott Will & Schulte, Jahan Khandokar.
