• Nigeria attracts $2.6 billion mining FDI after sector reforms

• Government targets industrialisation, lithium processing and $1.3 billion deal

• Aim to raise mining share to 10% of GDP by 2026

Nigeria has drawn more than $2.6 billion in foreign direct investment into its mining sector over the past two and a half years, Solid Minerals Development Minister Dele Alake said at the Powering Africa Summit in Washington.

Alake Advocates Regional Hubs to Power Africa’s Mining Industry.

Over $2.6bn FDI Attracted into the Sector in Two Years@asovilladigital | @AlakeDele | @Solid_Min_Dev pic.twitter.com/Xfc7pMbLQ4

— Presidency Nigeria (@NGRPresident) March 22, 2026

Alake said the inflows followed reforms to make the sector more attractive to investors, including a stronger regulatory framework, digitised licensing and better protection of mineral rights. Authorities also stepped up efforts against illegal mining, with more than 350 arrests in a single year.

“We have successfully de-risked and sanitized the mining environment, making it conducive to Foreign Direct Investment (FDI),” he said.

Long marginal to Nigeria’s economy, the mining sector holds significant potential, particularly in lithium, rare earths, tin and copper. Still largely dominated by artisanal activity, it is now central to a government strategy to capture a larger share of revenues through gradual industrialisation.

In July 2025, Abuja announced plans to open four lithium processing plants. On March 1, the government also signed a $1.3 billion investment deal with the Africa Finance Corporation to develop the solid minerals sector. The project, which includes an alumina refinery, could generate more than $25 billion over its lifetime and $8 billion in foreign exchange earnings, authorities said.

These efforts are part of Nigeria’s plan to raise mining’s contribution to 10% of GDP by 2026, up from about 1% currently, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).

Beyond domestic reforms, Alake called for a regional approach. He urged African countries and the United States to accelerate the development of energy hubs and cross-border industrial corridors to support mining and secure supplies of critical minerals for the global energy transition.

Projects such as the Lobito Corridor and the Lagos-Abidjan corridor could drive infrastructure development, improve energy access and strengthen regional integration, he said. Establishing three to five such corridors would “significantly advance” industrialisation across the continent.

Charlène N’dimon