- Says over $2.6bn FDI attracted in two years
By Stella Odueme
The Minister of Solid Minerals Development, Dele Alake, has charged the US and African nations to prioritize the establishment of regional energy hubs as a strategic pathway to accelerate cross-border mining industrialization and strengthen the supply chain of critical minerals essential for the global energy transition.
Speaking at a high-level panel themed “Critical Minerals in Africa: Meeting Global Demand” at the on going Powering Africa Summit in Washington, D.C., United States, Alake emphasized that sustainable partnerships with Africa remain the fastest route to meeting rising global demand for critical minerals.
According to his Special Assistant on Media, Segun Tomori, in a statement on Sunday, Alake called for the development of regional industrial corridors akin to the Lobito Corridor, noting that 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.
Minister said, such corridors would serve as economic catalysts by driving infrastructure development, enhancing energy access, and promoting regional integration.
“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.
“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,” he stated.
Highlighting the impact of reforms under the administration of President Bola Ahmed Tinubu, Alake noted that strengthened governance structures, improved regulatory frameworks, digitization of licensing processes, and enhanced ease of doing business have repositioned Nigeria’s mining sector as a key driver of economic diversification.
He explained that 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.
In addition, Alake disclosed that the government is expanding the generation of scientific and internationally certified geological data to support informed decision-making by both local and international investors.
On security, Alake acknowledged challenges within the sector but noted significant progress through the establishment of Mining Marshals. He revealed that over 350 suspected illegal miners including foreign nationals have been arrested within one year, with more than 150 currently undergoing prosecution, asserting that this has sent the right signals that Nigeria means business.
