Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, has stated that unlocking the country’s estimated $700 billion solid minerals wealth hinges critically on the active participation of the capital market.
Alake made this assertion during a high-level webinar jointly organized by NASD Plc and the Solid Minerals Development Fund (SMDF) under the theme: “Unlocking Nigeria’s Solid Minerals Potentials Through the Capital Market.” The forum brought together key industry stakeholders, financial experts, and policymakers seeking innovative ways to transform Nigeria’s mining sector into a sustainable economic driver.
Represented by Amira Adamu Waziri, his Senior Adviser on Mining and Policy, Alake said Nigeria is currently on the cusp of a mining renaissance, fueled by bold reforms and political will under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
“What we now require is capital, technology, and strategic partnerships to unleash this enormous potential,” he said. “The capital market is essential in mobilising long-term funding, supporting junior miners, and enabling critical infrastructure development for mineral processing.”
Alake took the opportunity to reassert his administration’s zero-tolerance stance on illegal mining, revealing that strong reform efforts are facing coordinated blackmail campaigns by vested interests. He disclosed that mine marshals—deployed as part of the government’s anti-illegal mining operations—have become targets of media attacks and smear campaigns.
“Some actors have fabricated bribery allegations against mine marshals, but no evidence has been produced,” Alake said. “One television station, after being sued for defamation, issued a public apology within 48 hours, which shows how far some people are willing to go to protect illegal operations.”
He emphasized that the ministry remains unwavering, drawing inspiration from President Tinubu’s commitment to accountability.
“I will not be swayed by blackmail or inducements. Unless I see concrete proof of wrongdoing, no member of the mine marshals will be removed. We are fully committed to sanitizing the sector.”
At the same event, SMDF Executive Secretary Hajia Fatimah Shinkafi, represented by Mr. Abdulmajeed Amussah, unveiled three innovative funding vehicles to bridge Nigeria’s mining finance gap:
Growth Fund – Designed to support early-stage exploration and technical project development.
Opportunities Fund – Targets mid- to late-stage projects requiring infrastructure and operational capital.
Research Fund – Provides capital for data acquisition, policy research, and technological innovation in mining.
“Most mining projects in Nigeria are stuck in early stages, which makes them unattractive to traditional lenders,” Amussah explained. “These new funds will help push viable projects through the development curve.”
Mr. Eguarekhide Longe, CEO of NASD Plc, introduced the National Digital Securities Platform (N-DSP), a blockchain-based framework to enable tokenized mining securities. This initiative aims to attract investors through transparent instruments like mineral-backed securities and mining bonds.
“We’re creating a system where capital market investors can engage directly with mining ventures via secure digital platforms,” Longe noted. “This will increase liquidity, transparency, and investor confidence.”
Also present was Mr. Bola Ajomole, Executive Commissioner at the Securities and Exchange Commission (SEC), who stressed that the capital market must not be a bystander in the unfolding mining revolution.
“The SEC has issued over 867 new mining licenses in 2025, generating N7 billion in revenue. We’re currently working on policies to enable royalty-backed securities and mining bonds,” Ajomole revealed.
Alake’s 7-Point Reform Agenda
Dr. Alake reiterated the Ministry’s seven-pronged reform strategy, which includes:
Establishing a National Mining Corporation
Deploying the Mines Marshals Task Force
Accelerating geological data acquisition
Formalizing artisanal mining activities
Promoting local mineral processing and beneficiation
Attracting large-scale investment
Deepening stakeholder and community engagement
The event marked a milestone in aligning financial markets with Nigeria’s mining goals. The collaboration between the Federal Government, SMDF, NASD Plc, and SEC signifies a paradigm shift toward formal, tech-enabled investment in the solid minerals sector.
With global demand for critical minerals rising—especially for clean energy, EV batteries, and smart manufacturing—Nigeria is positioning itself as Africa’s mining investment frontier.
As Alake summed up, “With transparency, policy stability, and capital alignment, Nigeria’s mining sector can become a cornerstone of economic transformation.”