The Federal Government has renewed its push for deeper private sector participation in Nigeria’s solid minerals industry as part of ongoing reforms to unlock the nation’s vast mineral endowments and drive economic diversification.
Speaking in Abuja at the opening of the 4th International Conference and Exhibition of the Nigerian Society of Economic Geologists, the Permanent Secretary, Ministry of Solid Minerals Development, Faruk Yabo, said robust collaboration with the private sector remains central to the Tinubu administration’s strategy for revitalising the sector.
The three-day conference, themed “Emerging Technologies in Economic Geology,” brought together geoscientists, investors, researchers, and policymakers to explore innovative technologies and investment opportunities in mineral exploration and processing.
Represented by the Deputy Director of Artisanal and Small-Scale Mining, Maroof Adeyemi, Yabo said partnerships with investors would stimulate innovation, create jobs, and strengthen Nigeria’s industrial base.
“We are deploying new technologies, including satellite monitoring systems, to curb illegal mining and promote sustainable practices. The restructuring of the ministry is refocusing efforts to make Nigeria’s mining industry globally competitive — but this vision can only be achieved through stronger private sector collaboration,” Yabo stated.
He revealed that the Federal Government is finalising plans to establish the Nigeria Solid Minerals Company, a special-purpose vehicle that will attract private capital and manage joint ventures in the mining sector.
According to him, the National Assembly is currently working on a legislative framework to back the initiative, describing it as a major milestone toward professionalising and commercialising mineral operations in Nigeria.
Yabo noted that these reforms form part of the Tinubu administration’s broader economic agenda to make the solid minerals sector a key pillar of national growth and revenue generation.
Nigeria, he said, is endowed with over 44 commercially viable minerals across more than 500 locations, underscoring the country’s untapped potential in global mineral markets.
He further highlighted the success of the National Integrated Mineral Exploration Project (NIMEP), whose first phase has been completed, with the second phase set to commence soon. The project, he explained, is generating vital geoscientific data to de-risk exploration and attract credible investors.
“The future of mining is not just about finding ore bodies; it’s about responsible resource development that respects the environment and benefits host communities,” he added, stressing the need to balance resource extraction with sustainability.
In his welcome address, the President of the Nigerian Society of Economic Geologists (NSEG), Prof. Samuel Olobaniyi, reaffirmed the society’s commitment to promoting research, innovation, and international collaboration to strengthen Nigeria’s solid minerals sector.
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