Nigeria records $2.6bn mining FDI as Alake courts U.S investors at Washington Summit
Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, has called on the United States and African nations to establish regional energy hubs as a strategic move to accelerate cross-border
- Jide Orintunsin - Abuja
Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, has called on the United States and African nations to establish regional energy hubs as a strategic move to accelerate cross-border mining industrialization and secure the global supply chain for critical minerals.
He made the call at the "Powering Africa Summit" in Washington, D.C., during a high-level panel titled “Critical Minerals in Africa: Meeting Global Demand,”
In astatement by his Special Assistant on Media, Segun Tomori in Abuja on Sunday, Alake was quoted to have argued that Africa’s vast mineral potential can only be fully unlocked through sustainable partnerships and integrated infrastructure.
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The Minister proposed the development of regional industrial corridors, similar to the Lobito Corridor, suggesting that belts like the Lagos–Abidjan corridor (spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire) and the Walvis Bay Corridor could serve as economic catalysts for the continent.
According to Alake, "The development of nuclear power in one West African country, for instance, can service an entire corridor." Adding that, "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.”
Alake also used the summit to highlight the sectoral progress the country has made under President Bola Ahmed Tinubu’s administration, noting that the various reforms introduced have strengthened governance structures, improved regulatory frameworks, digitization of licensing processes, and enhanced ease of doing business and 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.
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The Minister also said Nigeria has successfully attracted over $2.6 billion in Foreign Direct Investment (FDI) into the mining sector within the last two years.
He attributed this growth to strengthened governance, the digitization of licensing, and a crackdown on illegal mining.
The Minister also said that the newly established "Mining Marshals" have arrested over 350 suspected illegal miners—including foreign nationals—within a single year, with more than 150 currently undergoing prosecution, asserting that this has sent the right signals that Nigeria means business.
"We have successfully de-risked and sanitized the mining environment, making it conducive to Foreign Direct Investment (FDI),” Alake affirmed. “These reforms guarantee mineral title holders secure tenure, providing the long-term stability required for investment decisions.”
To further entice international players, the Minister assured them of Nigeria's openness to genuine investors, while he outlined several incentives, which include tax waivers on imported mining equipment, full repatriation of profits (after royalties and taxes) and expanded geological data to assist investor decision-making.
In her remarks, Sarah Whitten, Senior Vice President at the U.S. Export-Import Bank (EXIM) expressed readiness to back African mining projects but emphasized the need for political stability.
“American banks are ready to support projects, but our role is to catalyze and unlock private sector capital,” Whitten remarked. “If we succeed in unlocking that capital, we have fulfilled our mandate.”
The panel featured a diverse group of global leaders, including the Guinean Minister of Energy, Hon. Sekou Camara, and top executives from Denham Capital, ReElement Technologies, and TechMet, all signaling a renewed global focus on Africa's role in the green energy transition.
