Nigeria wins $3 billion in mining investments as Africa halts cheap raw exports

Nigeria’s solid minerals sector drew about $3 billion in investments over the past three years, the federal government said Wednesday, calling the inflows a major turning point for the domestic mining industry. The investments focus on lithium, gold, and other strategic resources. Officials said the funding shows rising investor interest following regulatory changes by President Bola Tinubu’s administration to expand the economy beyond crude oil production.

Keeping Africa’s mineral wealth at home

Martins Imonitie, managing director of the Nigeria Solid Minerals Company, announced the figures in Abuja on behalf of Solid Minerals Development Minister Dele Alake. The briefing comes ahead of the 5th African Natural Resources and Energy Investment Summit, scheduled for June 23 to June 25, 2026, at the State House Conference Centre. Imonitie said the $3 billion total is significant because mining projects usually require long development timelines and extensive initial capital. Discovering a mine can lead to 15 or 20 years of technical evaluation, financing setup, and geological work before commercial production begins.

The upcoming summit will emphasize local processing to keep more resource wealth within Africa. Alake said via his representative that African countries must stop exporting cheap raw materials and instead focus on manufacturing and industrialization. Organizers named this year’s event “One Africa, One Resource Vision” to encourage cross-border partnerships on energy systems and supply chains. Alake said isolated national strategies are no longer effective for handling large-scale mining investments or regional trade infrastructure.

Unlocking Africa’s multi-million dollar minerals

The 2026 conference will feature private meeting spaces for sovereign wealth funds, project financing sessions, and risk-reduction talks to help attendees close deals. Officials said the main goal is ensuring discussions turn into actual projects rather than ending when the conference closes. Archibald Troko, director of strategy and platform development at industry group iMine, said previous summits generated nearly $600 million in transactions over four years. He cited a $70 million deal finalized on the final day of last year’s event as evidence.

Esther Udoh, the ministry’s director of investment promotion, welcomed delegates on behalf of Permanent Secretary Faruk Yabo. Udoh said international buyers are looking to Africa for copper, lithium, and other materials vital to global energy projects and technology manufacturing. Senior officials and mining ministers from the Democratic Republic of Congo, Kenya, Uganda, South Sudan, Somalia, Liberia, and Mauritania will attend. Nigeria continues to formalize small-scale mining and increase local processing to boost non-oil revenues.