Nigeria has attracted $2.6bn in foreign investments in last 30 months – Dele Alake

Dele Alake, the minister of solid minerals development, says Nigeria has attracted $2.6 billion in foreign direct investment (FDI) in the last two and a half years.

Alake spoke at the on going Powering Africa Summit in Washington, D.C., United States, according to a statement by Segun Tomori, special assistant on media to the minister.

He said the ministry has sanitised the mining industry to make the sector conducive for investments.

“We have successfully de-risked and sanitized the mining environment, making it conducive to Foreign Direct Investment (FDI). Within the last two and a half years, we have attracted over $2.6 billion in FDI into the sector,” he said.

Alake said stakeholders are supported by investment incentives, including tax waivers on imported mining equipment and full repatriation of profits after due payment of royalties and taxes.

He also said Nigeria is open to genuine investors, while emphasising on the need for the industry stakeholders to adhere to local laws and regulations.

The minister further highlighted the impact of reforms under the administration of President Bola Ahmed Tinubu.

He said strengthened governance structures, improved regulatory frameworks, digitisation of licensing processes, and enhanced ease of doing business have repositioned Nigeria’s mining sector as a key driver of economic diversification.

According to Alake, the reforms introduced in the last two and half years now guarantee mineral title holders secure tenure, thereby providing the long-term stability required for investment decisions.

He also said the government is expanding the generation of scientific and internationally certified geological data to support informed decision-making by both local and international investors.

The minister also charged the United States and African nations to prioritise the establishment of regional energy hubs as a strategic pathway to accelerate cross-border mining industrialisation and strengthen the supply chain of critical minerals essential for the global energy transition.

Alake, who was speaking during a panel session panel themed ‘Critical Minerals in Africa: Meeting Global Demand,’ said sustainable partnerships with Africa remain the fastest route to meeting rising global demand for critical minerals.

According to the statement, the minister called for the development of regional industrial corridors akin to the Lobito Corridor.

He said similar belts — such as the Lagos–Abidjan corridor, spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire, as well as the Walvis Bay Corridor linking Southern and Central Africa to global markets — could unlock vast mineral potential across the continent.

Alake said such corridors would drive infrastructure development, enhancing energy access, and promote regional integration, serving as economic catalysts.

“The development of nuclear power in one West African country, for instance, can service an entire corridor. With that in place, local beneficiation, technology transfer, manufacturing, and cross-border industrialization will naturally follow,” he said.

“If three to five such corridors are developed in Africa, we would significantly advance industrialization across the continent, creating a win-win outcome for both Africa and the West.”

Speaking about the security in the industry, Alake acknowledged challenges within the sector but noted significant progress through the establishment of mining marshals.

The minister revealed that over 350 suspected illegal miners including foreign nationals have been arrested within one year, with more than 150 currently undergoing prosecution, adding that it has sent the right signals that Nigeria means business.