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The Minister of Solid Minerals Development, Dr Oladele Henry Alake, on Wednesday tasked African countries on taking total ontrol of their natural resources and value to them by refining before export to serve as driving force for industrial growth, equity, and sustainable development.
The Minister spoke at the 4th African Natural Resources and Energy Investment Summit (AFNIS) 2025 in Abuja.
“We seek to build a future where Africa’s natural wealth is no longer a statistic in someone else’s report. We aspire to a continent where its natural wealth serves as a driving force for industrial growth, equity, and sustainable development.
“We have implemented sweeping reforms to formalise mining and boost domestic value addition. New policies now require every mining licence to include a plan for local processing, and we have increased enforcement," Alake stressed.
According to him, the sector secured over $800 million in investments for processing projects in 2025 while government revenues increased significantly as well.
“Last year, Nigeria’s mining sector secured over $800 million in investments for processing projects, while government revenues increased significantly. Sector revenues rose from ₦6 billion in 2023 to ₦38 billion in 2024.”
The Minister spoke of Nigeria’s efforts to promote local manufacturing of electric vehicles and batteries, noting that the government has signed a deal to build a lithium-ion battery manufacturing and processing factory just as plans are are mulled to establish electric vehicle assembly plants in the country.
“We are fostering the battery and EV industries in Nigeria. We have signed a deal to build a lithium-ion battery manufacturing and processing factory, and plans are underway to establish electric vehicle assembly plants. Let us build a continent where Africa’s natural wealth serves as a driving force for industrial growth, equity, and sustainable development.
“Let this summit be the place where bold commitments are made, and where value addition becomes a shared continental goal,” the Minister advocated.