Nigeria's shipments of solid minerals generated ₦354 billion in revenue by 2025, according to the Solid Minerals Development Fund.

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Sector Generated Over ₦108bn for Federation in Two Years, Grew 33.5% in 2025

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By Gabriel Ewepu

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ABUJA — The Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Shinkafi, says Nigeria’s solid minerals exports reached ₦354 billion in 2025, as the sector recorded significant growth under ongoing reforms.

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Shinkafi disclosed this while delivering the keynote address, titled “Building Nigeria’s Solid Minerals Future: The Power of Academia, Government and Industry in Partnership,” at the maiden Annual Lecture Series of the Faculty of Physical and Earth Sciences, University of Lagos.

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She said the reforms align with the Federal Government’s target of increasing the solid minerals sector’s contribution to three per cent of Gross Domestic Product (GDP) by 2030, under the Seven-Point Agenda of the Minister of Solid Minerals Development, Dr. Dele Alake.

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According to her, Nigeria possesses more than 44 commercially viable minerals across over 500 locations, including gold, iron ore, lithium, coal, bitumen, barite and gemstones.

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Shinkafi noted, however, that despite its vast mineral resources, the sector currently contributes less than one per cent of Nigeria’s GDP.

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She said solid minerals exports valued at ₦354 billion in 2025 accounted for about 0.4 per cent of Nigeria’s total exports and approximately three per cent of non-oil exports.

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Highlighting the impact of recent reforms, she said the sector generated about ₦16 billion for the Federation in 2023, ₦38 billion in 2024 and more than ₦70 billion in 2025.

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She added that the sector recorded 33.5 per cent real growth in 2025, compared with the country’s overall real GDP growth of 3.9 per cent.

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According to Shinkafi, reforms introduced since 2023 have attracted about 2.6 billion dollars in investment commitments, including a 1.3 billion-dollar alumina refinery project.

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She also highlighted the launch of the Early-Stage Mineral Exploration and Research Grant Endowment (EMERGE) in June 2026, describing it as Nigeria’s first competitive funding programme dedicated to geoscience research in universities.

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She explained that the initiative provides funding for mineral exploration, critical minerals research and research and development projects, while also offering technical support and investment readiness training for beneficiaries.

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Shinkafi urged the University of Lagos’ Faculty of Physical and Earth Sciences to take advantage of the programme by submitting research proposals during each application cycle.

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In her remarks, the Vice-Chancellor of the University of Lagos, Prof. Folasade Ogunsola, said the institution was committed to strengthening collaboration between academia and industry to support national development.

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Also speaking, the pioneer Dean of the Faculty of Physical and Earth Sciences, Prof. Olayinka Asekun, said the lecture series was designed to deepen engagement between the university and industry and create opportunities for research with practical national impact.

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