FG Targets 3% GDP Contribution From Solid Minerals By 2030, Unveils Research Grants For Universities

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ABUJA – The Federal Government has reaffirmed its commitment to expanding Nigeria’s solid minerals sector to contribute three per cent of the nation’s Gross Domestic Product (GDP) by 2030, saying ongoing reforms have already attracted $2.6 billion in fresh investment commitments and increased sector revenues by more than 337 per cent in two years.

The Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Umaru Shinkafi, disclosed this on Tuesday while delivering the keynote address at the maiden Annual Lecture Series of the Faculty of Physical and Earth Sciences, University of Lagos.

Speaking on the theme, “Building Nigeria’s Solid Minerals Future: The Power of Academia, Government and Industry in Partnership,” Shinkafi said the Federal Government, under the leadership of President Bola Ahmed Tinubu and the Minister of Solid Minerals Development, Dr. Henry Dele Alake, is implementing a comprehensive reform agenda to reposition mining as a major driver of economic growth.

She said despite Nigeria possessing over 44 commercially viable minerals in more than 500 locations across the country, the sector currently contributes less than one per cent to GDP.

According to her, the sector recorded solid progress following the implementation of the Minister’s Seven-Point Agenda introduced in 2023.

“The clearest proof sits in federation revenues. In 2023, this sector earned about ₦16 billion. In 2024, the figure rose to ₦38 billion, while in 2025 it exceeded ₦70 billion. That represents growth of more than 337 per cent in just two years,” she said.

Shinkafi added that the sector also recorded 33.5 per cent real growth in 2025 far above the nation’s overall economic growth rate of 3.9 per cent.

She disclosed that reforms have attracted about 2.6 billion dollars in new investment commitments, including a 1.3-billion-dollar, 1.5-million-tonne alumina refinery, described as the largest mining investment in Nigeria’s history.

According to her, the Federal Government is targeting a 25-fold expansion of the sector to about ₦30 trillion by 2030.

The SMDF boss also unveiled the Early-Stage Mineral Exploration and Research Grant Endowment (EMERGE), a newly launched initiative designed to support geoscience research in Nigerian universities.

She described EMERGE as Nigeria’s first dedicated competitive research funding programme for the mining sector, offering grants for mineral exploration, critical minerals research and innovation.

Under the scheme, exploration and critical minerals projects will receive up to 70 per cent funding, while research and development projects involving universities, research institutes, Master’s and PhD students will enjoy 100 per cent funding, including support for fieldwork, laboratory analysis and publication costs.

Shinkafi urged researchers at the University of Lagos and other tertiary institutions to take advantage of the programme to generate practical solutions for Nigeria’s mining industry.

“EMERGE is the first time in Nigeria’s history that a national institution has created dedicated, competitive funding for geoscience research in our universities,” she said.

She also encouraged more women to pursue careers in mining and geosciences, noting that the sector offers enormous opportunities regardless of gender.

“The minerals under our feet do not care who unlocks them,” she added.

Earlier, the Vice-Chancellor of the University of Lagos, Prof. Folasade Ogunsola, described the collaboration between the university and the SMDF as a major step towards translating academic research into national economic development.

“A partnership between a research university and a sovereign fund is how knowledge becomes national wealth,” she said.

Also speaking, the pioneer Dean of the Faculty of Physical and Earth Sciences, Prof. Olayinka Taiwo Asekun, said the EMERGE initiative provides researchers with a clear pathway from academic research to commercial mining opportunities.

She pledged that the university would actively participate in every application cycle under the programme to maximise the opportunities available to its students and researchers.