Shinkafi stated this while speaking at the inaugural Faculty of Physical and Earth Sciences Annual Lecture at the University of Lagos.
According to her, revenue accruing to the federation from the sector rose from about ₦16bn in 2023 to ₦38bn in 2024, before exceeding ₦70bn in 2025.
Hajiya Shinkafi outlined the Federal Government’s plans to transform the sector and unlock its economic potential.
Ms Shinkafi said Nigeria has more than 44 commercially viable minerals across over 500 locations but that the sector currently contributes less than 1% to GDP.
The Executive Secretary called for stronger collaboration between government, industry and academia as Nigeria aims to increase the solid minerals sector’s contribution to 3% of gross domestic product (GDP) by 2030.
Sector reforms gather momentum
Highlighting reforms introduced under the Ministry of Solid Minerals Development’s Seven-Point Agenda, she cited plans for a Nigerian Solid Minerals Corporation, expanded geological data through the Nigeria Minerals Decision Support System, the formalisation of artisanal mining, strengthened mine security through Mining Marshals, the revocation of more than 2,500 inactive mining licences and increased local mineral processing.
She added that reforms introduced since 2023 had attracted about $1.3bn in investment, including what she described as Nigeria’s largest mining investment to date – a proposed 1.5-million-tonne alumina refinery.
New research funding
Ms Shinkafi also highlighted the Early-Stage Mineral Exploration and Research Grant Endowment (EMERGE), launched by the SMDF in June, describing it as Nigeria’s first competitive funding programme dedicated to university-based geoscience research.
She said the initiative includes funding for mineral exploration, critical minerals research, and research and development, with full funding available for eligible master’s and doctoral research projects.
The SMDF executive secretary also outlined other initiatives, including the National Gold Purchase Programme with the Central Bank of Nigeria, the AFC-SMDF Project Development Facility with the Africa Finance Corporation and the proposed alumina refinery project.
She encouraged more women to pursue careers in mining, saying the sector offered opportunities regardless of gender.
University pledges support
The Vice-Chancellor of the University of Lagos, Professor Folasade Ogunsola, said the institution was committed to supporting national efforts to develop the mining sector through research and innovation.
The pioneer Dean of the Faculty of Physical and Earth Sciences, Professor Olayinka Taiwo Asekun, said the university would participate in the EMERGE programme, with applications due to open on July 10 2026.
