Nigeria sits on about $700 billion in solid minerals, a figure revealed by a German geoscience firm. Dr. Dele Alake, the Minister of Solid Minerals Development, believes that if properly exploited, this wealth can eradicate poverty in the country.
Speaking at Nigeria Gold Day 2025 in Abuja, during Mining Week, Alake said that through ongoing reforms, the mining sector is shifting from dormancy to vibrancy, with gold now playing a leading role in boosting foreign reserves.
He cited the Gold Reserve Programme, a federal initiative approved by President Bola Ahmed Tinubu. Under this scheme, the Solid Minerals Development Fund (SMDF) buys gold from artisanal miners using naira, then sells it to the Central Bank of Nigeria. This process turns local gold into a foreign reserve asset, adding to external reserves and easing pressure on the naira.
Alake emphasized that Nigeria has the human talent, natural resources, and favorable environment to thrive. What it needs now is the will to use these assets responsibly.
He added that the federal government is committed to diversifying the economy, encouraging local processing (beneficiation), creating jobs, and fostering better livelihoods for communities hosting mines.
Alake acknowledged resistance from those benefiting from loopholes but said reforms will continue. Once fully realized, he claimed, these efforts would make Nigeria a global hub for gold and other minerals, with benefits flowing broadly across the country.
