Nigerian Ministry of Solid Minerals Development Attracts Over $800m Direct Foreign Investment in Mining to mineral rich State.
Nasarawa State is rapidly solidifying its position as a major hub for solid minerals investment in Nigeria, following a landmark announcement by the Federal Government that it has attracted over $800 million in direct foreign investment (DFI) into the state’s burgeoning mining sector. This significant influx of capital, largely driven by the administration’s strategic policy shift towards local value addition, promises to be a game-changer for Nasarawa’s economy and a blueprint for national diversification.
Minister of Solid Minerals Development in Nigeria, Dele Alake highlighted the state’s leading role in the sector, attributing the impressive investment inflow to the Federal Government’s unwavering commitment to ensuring that raw minerals are no longer exported without in-country processing.
“Currently, because of the positive effect of this local value addition policy, in Nasarawa State alone, we have attracted over $800 million in direct foreign investment into the sector,” Alake stated, emphasizing the tangible results of the new policy framework.
A significant portion of this investment, a staggering $400 million, is earmarked for the establishment of **Africa’s largest rare earth minerals and critical metals plant**, to be strategically sited in Nasarawa. This monumental project, spearheaded by Hasetins Commodities Limited, is poised to create over 10,000 jobs nationwide upon completion, with regional separation centers planned across other geopolitical zones to ensure broad national benefit.
This development underscores a renewed confidence in Nigeria’s mining sector, which has seen its annual revenue surge from a paltry ₦6 billion to a remarkable ₦38 billion within a single year, a testament to the effectiveness of policy reforms, stricter enforcement against illegal mining, and enhanced licensing processes. The Minister also noted that in the first quarter of 2025 alone, the Mining Cadastral Office and the Mines Inspectorate collectively generated ₦6.9 billion and ₦7 billion respectively, further solidifying the sector’s financial strength.
Governor Abdullahi Sule of Nasarawa State commended the Federal Government’s relentless efforts, affirming that these investments are positioning Nasarawa as Nigeria’s solid minerals capital. He also used the opportunity to urge President Tinubu to fast-track oil exploration in Obi Local Government Area, where over one billion barrels of hydrocarbons have been discovered, indicating further potential for economic growth.
The Federal Government’s proactive stance on curbing illegal mining through the “Mining Marshals” initiative, coupled with efforts to formalize artisanal miners into cooperatives, has also played a crucial role in creating a more secure and attractive investment climate. Over 250 artisanal mining cooperatives have been established nationwide, empowering local miners and integrating them into the formal economy, making them eligible for finance and revenue sharing.
With sustained investments and robust policy support, Nasarawa State is not just attracting capital; it is laying the groundwork for a diversified economy, significant job creation, and a leap forward in technological advancement and local manufacturing. The future looks bright for Nasarawa as it harnesses its vast mineral wealth to drive sustainable economic development for its citizens and the nation at large.
