The Minister of Solid Minerals, Dr. Oladele Henry Alake, has said that the capital market is pivotal in unlocking the vast minerals assets of the country even as he highlighted measures being undertaken by his ministry to raise revenue accruable to the federal government in the mining sector.
In his speech at the National Association of Securities Dealers Over-The-Counter market in Nigeria
–SMDF Webinar on "Unlocking Nigeria's Solid Minerals Potentials Through The Capital Market", on Wednesday, the Minister said despite being blessed with an extraordinary endowment of solid mineral resources—over 44 commercially viable minerals, ranging from gold and lithium to tin, lead-zinc, barite, and rare earth elements, the sector currently contributes less than 1% to national GDP.
The minister who spoke through his Special Adviser on Mining & Policy, Amira Adamu Waziri said these resources are spread across the country’s six geopolitical zones, and position mining as a truly national sector even as he commended the organisers for the insight on putting together the programme.
"It is a privilege to deliver these remarks on behalf of my principal, Dr. Oladele Henry Alake, who commends the organizers for convening this timely and strategic webinar.
Today’s theme, “Unlocking Nigeria’s Solid Minerals Potentials Through the Capital Market”, is closely aligned with the Ministry’s vision of building a sustainable and investment-driven mining sector—one that serves as a foundation for economic transformation.
He highlighted the challenge hindering conversion of the huge mineral potentials to; nsufficient geological data, weak infrastructure, informal operations, illegal mining, and a significant financing gap.
*It is this financing gap that today’s conversation seeks to address—by exploring how Nigeria’s capital market can serve as a channel for patient long-term, and strategic investment in the solid minerals value chain.
"Under the leadership of Dr. Dele Alake, the Ministry has adopted a clear roadmap to reposition the sector.
"This roadmap is embodied in the Honourable Minister’s 7-point Agenda, which includes: stablishment of the Nigeria Solid Minerals Company, a commercially driven national champion to catalyze investment in strategic minerals.
"When fully capitalized, the company will be 25% owned by the Federal Government, 50% owned by the private sector, and 25% floated on the Nigerian Stock Exchange for public ownership by Nigerian citizens."
The minister identified efforts which have repositioned the sector to the; creation of the Mines Marshalls, working with national security agencies to tackle illegal mining and secure mining sites; comprehensive Geological Data Acquisition, to de-risk investments and promote informed decision-making; formalization of Artisanal and Small-Scale Mining (ASM) through cooperative structures, technical support, and access to markets; m promotion of Value Addition and Local Processing, to reduce raw exports and stimulate downstream industrialization.
Others are; attracting Large-Scale Foreign and Local Investment, through investor-friendly reforms, policy consistency, and transparency as well as robust Stakeholder Engagement, including host communities, traditional institutions, private operators, financial institutions, and international development partners.
The minister said these pillars guide all current efforts—toward building a world-class mining ecosystem in Nigeria.
"In line with this vision, the Ministry has made significant progress in the following areas reforming the regulatory framework to improve the ease of doing business in the mining sector.
"Enhancing compliance and sectoral governance, including stronger enforcement against illegal mining and defaulting licensees.
"Expanding digital systems for license processing and sector monitoring. Promoting transparency in mineral transactions, data accessibility, and revenue generation.
"The Ministry is also working closely with relevant agencies to ensure that financing, infrastructure, security, and technical support are aligned with our national mining priorities."
"Through the capital market; we can mobilize long-term financing for exploration and project development; support junior mining companies to list, raise funds, and scale operations.
"Facilitate securitization and monetization of geological assets; channel institutional capital into infrastructure and processing hubs.
"The Honourable Minister believes that this webinar marks the beginning of a broader national conversation on using structured capital to unlock mineral wealth.
"We look forward to collaborating with NSMC, SMDF, and other stakeholders to develop bespoke instruments, listings, and frameworks that will make this vision a reality.
"The Ministry remains committed to inclusive and strategic stakeholder engagement. We are open to ideas, partnerships, and joint efforts that advance the collective good of the mining industry."
Alake reiterated that Nigeria stands at the threshold of a mining renaissance with an openmind for partnerships.
"We have the mineral resources. We have the political will. What we now require is the capital, technology, and partnerships to unlock this potential.
"As we explore the possibilities before us today, let us keep in mind that this sector is not just about extracting minerals—it is about building an economy that is inclusive, resilient, and globally competitive.
We thank NASD PLC and SMDF once again for this opportunity and wish all participants fruitful deliberations."
The Executive Secretary of SMDF, Hajia Fatimah Shinkafi, represented by Mr. Abdulmajeed Amussah, disclosed of three new funding windows; Growth Fund, Opportunities Fund, and Research Fund to address Nigeria’s financing gaps:
Growth Fund: Stimulates early-stage exploration and provides project development support; Opportunities Fund: Accelerates mature mining projects and infrastructure readiness; and Research Fund: Backs enabling policies, geological data, and ecosystem innovation.
“Most mining projects in Nigeria are stuck at stages 1 and 2 exploration and feasibility which makes them unattractive to commercial lenders. Our goal is to move them along the development curve,” Amussah said.
Data presented at the event revealed stark imbalances in sectoral credit allocation where agriculture and transportation dominate bank financing, while mining receives negligible support. With ₦10 billion already earmarked for development, SMDF’s strategy seeks to unlock catalytic funding and attract institutional investors.
NASD Plc Chief Executive Officer, Mr. Eguarekhide Longe, unveiled the National Digital Securities Platform (N-DSP) a blockchain-based infrastructure to support tokenized mining securities.
“Through tokenized instruments like debt, equity, and mineral-backed securities, we can channel investment into exploration, production, and processing, while making capital market participation more accessible and transparent,” Longe stated.
He explained that the initiative aligns with the federal government’s move for value addition, industrialization, as well as transition from ore exports to in-country beneficiation.
SEC’s Executive Commissioner, Mr. Bola Ajomole, stressed the role of the capital market involvement.
“The capital market must not merely observe the mining renaissance it must fund it.”
According to him, over 867 mining licenses have been issued in 2025, generating N7 billion, with SEC working on mining bonds and royalty-backed securities under a revised Investment Securities Act.