The Federal Government has attracted over $2.6 billion in foreign direct investment into Nigeria’s solid minerals sector within the last two years, the Minister of Solid Minerals Development, Dele Alake, has said.

Alake disclosed this while outlining developments in the sector, noting that reforms introduced by the government have focused on repositioning solid minerals as a key contributor to the economy.

He said the sector has received renewed attention as part of efforts to diversify Nigeria’s economy away from oil dependence.

According to the minister, the inflow of over $2.6 billion in FDI reflects growing investor confidence in the sector following policy and regulatory changes introduced by the Federal Government.

Alake stated that the ministry has prioritised transparency, improved licensing processes and enforcement of regulations to attract credible investors into mining activities.

He also noted that reforms in the sector have contributed to increased revenue generation, with improvements recorded in the contribution of solid minerals to national income.

The minister explained that efforts are ongoing to ensure that mining activities comply with established guidelines, including environmental standards and community engagement requirements.

He further highlighted the government’s focus on formalising mining operations and addressing illegal mining as part of measures to strengthen the sector.

Alake said the government is implementing strategies aimed at building a structured and competitive mining industry, including attracting investors with technical and financial capacity.

He added that the ministry is working to ensure that investments translate into tangible economic benefits, including job creation and increased productivity within the sector.

The inflow of foreign investment highlights ongoing efforts by the Federal Government to strengthen the solid minerals sector as part of broader economic diversification initiatives.