Nigeria’s solid mineral sector, estimated to hold a staggering $700 billion in untapped wealth, remains largely dormant due to underinvestment—until now. Dr. Dele Alake, Minister of Solid Minerals Development, has issued a rallying call to investors, declaring that only bold capital market involvement can ignite the mining revolution that will drive Nigeria’s next economic leap.
Alake insisted Nigeria is on the brink of a mining-driven economic rebirth under President Bola Ahmed Tinubu’s Renewed Hope Agenda. However, the missing pieces, he said, are capital, technology, and strategic partnerships. According to him, the capital market holds the key to mobilizing long-term funds for exploration, supporting junior miners, and powering infrastructure that will transform Nigeria into a mining powerhouse.
Speaking through his Senior Adviser on Mining and Policy, Mrs. Amira Adamu Waziri, during a webinar jointly hosted by NASD Plc and the Solid Minerals Development Fund (SMDF), Alake aligned his ministry’s reform agenda with the theme: “Unlocking Nigeria’s Solid Minerals Potentials Through the Capital Market.”
He unveiled a sweeping 7-point agenda that includes establishing a national mining corporation, deploying special Mines Marshals, fast-tracking geological data, formalizing artisanal miners, encouraging local processing, attracting large-scale investments, and deepening stakeholder engagement.
To tackle the sector’s financing challenges, SMDF’s Executive Secretary Hajia Fatimah Shinkafi—represented by Mr. Abdulmajeed Amussah—announced the launch of three new funding mechanisms: a Growth Fund for early-stage exploration, an Opportunities Fund for advancing mature mining projects, and a Research Fund to stimulate policy development and data acquisition.
Amussah noted that most mining efforts in Nigeria are stuck at preliminary stages, making them unattractive to traditional lenders. With ₦10 billion already committed, the SMDF aims to move projects up the development curve and attract institutional investors to reposition the sector.
Rounding off the event, SEC Executive Commissioner Mr. Bola Ajomole stressed that the capital market must not remain passive but serve as a financial engine for Nigeria’s mining transformation. He disclosed that over 867 mining licenses have already been issued in 2025, generating N7 billion, and confirmed ongoing efforts by SEC to introduce mining bonds and royalty-backed securities under a revised Investment Securities Act.
Also, Highlighting the financial imbalance, data presented at the event revealed that agriculture and transportation sectors continue to dominate bank financing while mining receives negligible attention.
In response, NASD Plc’s Chief Executive Officer, Mr. Eguarekhide Longe, unveiled the National Digital Securities Platform (N-DSP)—a blockchain-powered solution designed to enable tokenized mining securities, including debt, equity, and mineral-backed instruments. He said this move would democratize capital market participation and channel investment directly into exploration, production, and processing.