ABUJA, Nigeria (VOICE OF NAIJA)- The Minister of Solid Minerals Development, Dr. Dele Alake, has emphasized that Nigeria’s estimated $700 billion solid mineral wealth can only be unlocked through bold participation in the capital market.
He made the call for urgent investment to drive a mining-led economic transformation.
Speaking through his Senior Adviser on Mining and Policy, Mrs. Amira Adamu Waziri, at a webinar jointly hosted by NASD Plc and the Solid Minerals Development Fund (SMDF), Dr. Alake said the Ministry’s reform-oriented roadmap aligns with the event’s theme, “Unlocking Nigeria’s Solid Minerals Potentials Through the Capital Market.”
“The capital market is a critical pillar in the journey toward a sustainable mining sector,” he said.
“It can mobilize long-term financing for exploration, support junior mining companies, and channel institutional capital into infrastructure and processing hubs.”
Dr. Alake outlined a seven-point reform agenda, which includes the creation of a national mining corporation, the deployment of a special Mines Marshals force, accelerated acquisition of geological data, formalization of artisanal mining, enhanced local processing, attraction of large-scale investment, and deeper stakeholder engagement.
He stated that Nigeria is on the verge of a mining renaissance, bolstered by political will and regulatory clarity under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“What we now require is capital, technology, and strategic partnerships to unleash this potential,” he said, urging public and private stakeholders to align their efforts in transforming the mining landscape.
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He added that current reforms are focused on de-risking investment and positioning the sector for global competitiveness.
Also speaking at the event, the Executive Secretary of SMDF, Hajia Fatimah Shinkafi, represented by Mr. Abdulmajeed Amussah, unveiled three new funding vehicles to address financing gaps in the sector: the Growth Fund, Opportunities Fund, and Research Fund.
The Growth Fund will support early-stage exploration and project development; the Opportunities Fund aims to fast-track mature mining projects and infrastructure; while the Research Fund will back policy development, data acquisition, and innovation within the ecosystem.
“Most mining projects in Nigeria are stuck at stages 1 and 2 exploration and feasibility which makes them unattractive to commercial lenders. Our goal is to move them along the development curve,” Amussah said.
Data shared at the webinar showed a significant imbalance in credit allocation, with agriculture and transportation receiving the bulk of bank financing, while mining lags behind.
To change this narrative, SMDF has earmarked N10 billion in development funding, with a strategy to unlock catalytic capital and attract institutional investors.
Adding to the reform momentum, NASD Plc CEO, Mr. Eguarekhide Longe, announced the launch of the National Digital Securities Platform (N-DSP)a blockchain-based infrastructure designed to facilitate tokenized mining securities.
“Through tokenized instruments like debt, equity, and mineral-backed securities, we can channel investment into exploration, production, and processing, while making capital market participation more accessible and transparent,” Longe said.
He added that the initiative supports the federal government’s goals of value addition, industrialization, and a shift from raw ore exports to domestic beneficiation.
Also weighing in, the Executive Commissioner of the Securities and Exchange Commission (SEC), Mr. Bola Ajomole, stressed the urgency of capital market involvement.
“The capital market must not merely observe the mining renaissance it must fund it,” he said.
Ajomole revealed that over 867 mining licenses have been issued so far in 2025, generating N7 billion in revenue.
He noted that SEC is currently developing mining bonds and royalty-backed securities under a revised Investment Securities Act.