By Victoria Onehi
The Minister of Solid Minerals Dr Dele Alake, has said Nigeria needs capital, technology, and partnerships to unlock potentials in the mining sector.
The Minister disclosed this at a Webinar held today, Wednesday with the theme, “Unlocking Nigeria’s Solid Minerals Potentials Through the Capital Market.”
The Minister who was represented by his Senior Adviser on Mining & Policy, Amira Adamu Waziri,said Nigeria is blessed with an extraordinary endowment of solid mineral resources—over 44 commercially viable minerals, ranging from gold and lithium to tin, lead-zinc, barite, and rare earth elements.
These resources he said are spread across the country’s six geopolitical zones, positioning mining as a truly national sector.
However,he said despite this wealth, the sector currently contributes less than 1% to national GDP. The reasons he said are well known such as insufficient geological data, weak infrastructure, informal operations, illegal mining, and a significant financing gap.
Alake said it is this financing gap that today’s conversation seeks to address.”By exploring how Nigeria’s capital market can serve as a channel for patient, long-term, and strategic investment in the solid minerals value chain.
“The Ministry is also working closely with relevant agencies to ensure that financing, infrastructure, security, and technical support are aligned with our national mining priorities.
“Let me emphasize: the capital market is a critical pillar in the journey toward a sustainable mining sector.Through the capital market, we can:
– Mobilize long-term financing for exploration and project development;
– Support junior mining companies to list, raise funds, and scale operations;
– Facilitate securitisation and monetisation of geological assets;
– Channel institutional capital into infrastructure and processing hubs.
The Minister reiterates that Nigeria stands at the threshold of a mining renaissance. We have the mineral resources. “We have the political will. What we now require is the capital, technology, and partnerships to unlock this potential.”As we explore the possibilities before us today, let us keep in mind that this sector is not just about extracting minerals—it is about building an economy that is inclusive, resilient, and globally competitive.”Alake said.
The Executive Secretary of the Solid Minerals Development Fund ( SMDF) Hajiya Fatima Umaru Shinkafi,who was represented by Abdulmajeed Oyeyemi Amussah said through collaborations with capital market, the private sector SMDF will turn prospects into real time investment which will bring about economic development.
Shinkafi said: “SMDF is delivering on collaborative investment partnerships with Africa Finance Cooperation (AFC) to support investors.We are investing in Growth Fund to stimulate exploration, catylize growth and project development facilities. Also,we are opening up opportunities to accelerate development and optimise mining projects.”
Shinkafi said the ministers support to the achievement of SMDF include the launching the AFC-SMDF Early Stage Mining Development facility to fund and support promising mining projects through a transparent Pwc managed portal. She said ,since 2023, over 100 projects have applied.
She said the innovative partnership SMDF is exploring with the
National Association of Securities Dealers (NASD) PLC is to help investors in the solid mineral sector to thrive.
The MD NASD Plc,Mr Eguarekhide Longe, said unlocking Nigeria Solid Mineral potentials through the capital market can contribute greatly to the economy.
He said NASD Plc, a Nigerian Capital market infrastructure provide in collaboration with the SMDF a government- backed fund for driving investment in the mining sector.NASD provides listing preparation through listing framework, guidance on corporate governance and investor access.
Longe said capital market funding options include Equity instrument such as ordinary and preference shares,Debt instrument such as bonds ,notes debentures and project backed securities.
Mr Martins Imonite of the Nigeria Solid Mineral Company said it’s doors are open to investors and collaborations with the capital market.
Key takeaway from the webinar was that the mining sector is at an important point and thus ripe for strategic long term investment.
