The Minister made this known during the 4th edition of the African Natural Resources and Energy Investment Summit (AFNIS) 2025, held at the State House on Wednesday.
Dr. Alake noted that the substantial influx of capital resulted in an impressive rise in government revenues from the sector, which surged from ₦6 billion in 2023 to ₦38 billion in 2024 – a six-fold increase.
He emphasized that this remarkable growth has been attributed to a combination of strategic reforms, including stringent licensing measures, a crackdown on illegal mining operations, and policies encouraging mineral processing that emphasizes value addition.
The Minister also added that the Mining Cadastre Office reported a remarkable increase in licensing activity, saying in the first quarter of 2025, it processed 955 title applications and approved 867 new mining licenses, comprising 512 exploration titles, 295 small-scale leases, 60 quarry leases, and five large mining leases.
According to him, the licensing fees from these approvals generated ₦6.95 billion for the government within just three months, illustrating the effectiveness of the aggressive licensing initiative that has seen more than 10,000 applications in a single quarter.
Dr. Alake said Nigeria has inaugurated its first domestic lithium processing facilities, including a $100 million lithium battery plant by Avatar Energy in Nasarawa, launched in May 2024.
This plant, boasting a daily production capacity of 4,000 tons, the Minister said, is expected to create around 4,000 jobs, disclosing that additional projects are on the horizon, such as a $600 million lithium plant near the Kaduna-Niger border and a $200 million refinery on the outskirts of Abuja, both in advanced stages of development.
Speaking further on the Ministry’s transformative shifts thus far, he stated: “As Nigeria continues to explore its lithium and mineral deposits, the government is prioritizing the development of the battery and electric vehicle (EV) industries. A $150 million agreement signed in 2023 between the National Agency for Science and Engineering Infrastructure (NASENI) and the Rural Electrification Agency aims to establish a lithium-ion battery manufacturing and processing factory, contributing significantly to job creation and economic growth as part of the COP28 climate partnership.
“Plans are also underway to set up electric vehicle assembly plants, with a vision to leverage Nigeria’s abundant lithium resources for local manufacturing of electric vehicles and batteries.
“This initiative is expected to strengthen Nigeria’s position within the EV and battery supply chains, creating high-skill jobs for the local workforce.
“The Federal government has announced plans to construct Nigeria’s largest rare earth and critical minerals production facility, with an estimated investment of $400 million by Hasetins. This facility is projected to meet its construction targets, with existing capacity for 6,000 metric tonnes and expansion plans to produce an additional 12,000 metric tonnes. This project is also aligned with the government’s poverty reduction and employment strategies, engaging over 10,000 artisanal miners across the country”.
Emphasizing that Nigeria aims to replicate these transformative shifts across the African continent, he highlighted the importance of establishing green industrial zones where resources can be effectively utilized.
In his welcome address, the Ministry’s Permanent Secretary, Faruk Yusufu Yabo, said Nigeria is envisioning a future where mineral wealth is refined, processed and utilized on Africa soil.
Adding “where our energy ecosystem is not just clean but smart and equitable, where local talent is empowered and advocates communities are not bystanders, but beneficiaries of the entire value chain”.
According to him, it’s time for the continent to shift its narrative from potential to purpose, transitioning from being resource-rich to becoming value-driven, and from dependence to self determined development.
He said the Summit themed, “Harnessing Local Content for Sustainable Development” is both timely and compelling.
“It reflects our shared aspiration to leverage Africa’s past resources, both in terms of natural resources and energy resources, in a way that fosters inclusiveness, technological advancement and economic resilience.
“Africa’s path to industrial industrialization and energy, security and prosperity is one that demands innovation, strategic collaboration and bold investment”, the Perm Sec added.
In his goodwill message, the Benue State Governor Reverend Father Hyacinth Alia, represented by his deputy, pledged to further align with the vision of Mr. President for the nation’s mining sector.
Spark News Daily ports that some of stakeholders that delivered goodwill messages are Minister of Power, Chief Adebayo Adelabu, Senior Consultant,
Saudi Arabia’s Ministry of Industry and Minerals, Ahmid Salman Albadir, Kenya’s Minister of Solid Minerals, Hassan Ali Jeho, Liberia’s Governor of Central Bank, Robertson Joseph, among others.
