Nigeria Has Abundant Wealth, Has No Reason to Be Poor – Tinubu

President Bola Tinubu on Wednesday said Nigeria’s vast mineral endowments should translate into prosperity for its citizens, insisting that the nation has “no reason to be poor.”

Speaking at the 2025 Nigeria Mining Week in Abuja, Tinubu — represented by the Secretary to the Government of the Federation (SGF), Senator George Akume — said the Federal Government was determined to unlock the economic potential of the solid minerals sector through reforms, partnerships, and responsible exploitation.

“Nigeria has no reason to be poor, given our abundant resources and talented people,” Tinubu said.

“Our challenge is to harness these potentials to bring prosperity to all. Let us turn our minerals into miracles of development. ‘Minerals to Miracles’ must be our rallying cry.”

Tinubu described the Nigeria Mining Week as “an emerging global forum generating ideas to guide the nation’s journey toward economic renewal through investor and company collaboration.”

He assured that the Federal Government remained committed to ensuring security and stability in mining areas, protecting both investors and host communities.

“When our mining sector thrives, it signals that value-added resource development is Africa’s way forward,” he said.

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The President noted that Africa holds 30 per cent of the world’s known mineral reserves, including many of the critical minerals driving 21st-century industrialisation, and urged African leaders to retain more value within local economies through responsible resource management.

“We must harness this wealth responsibly, ensuring that more value remains within our economies, creating jobs and industrial clusters,” Tinubu added.

Earlier, the Nigeria Extractive Industries Transparency Initiative (NEITI) urged policymakers to create a harmonised and transparent regulatory framework to attract long-term investment.

The Deputy Director of Communications and Stakeholders Management, Chris Ochonu, noted that although licensing processes had improved, policy overlaps and multiple taxation continued to discourage credible investors.

“We must prioritise reforms that make the mining environment more predictable and transparent,” Ochonu said.

The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, described Nigeria’s mining sector as being at a “defining moment,” stressing the need to reposition it as a cornerstone of economic diversification and energy transition.

Citing NEITI’s 2023 Solid Minerals Industry Report, Orji said the sector’s contribution to GDP remains below 1%, despite revenue growth from ₦339.57 billion in 2022 to ₦401.87 billion in 2023.

“Our data reveal that artisanal and small-scale mining accounted for over 80% of total production volumes but contributed less than 30% of royalties paid. This underscores deep governance and structural challenges that demand urgent reform,” he stated.

The Minister of Solid Minerals Development, Dr. Oladele Alake, presented a status report on ongoing reforms initiated by the Tinubu administration, emphasising that the sector was being restructured to drive growth, transparency, and investor confidence.

On the sidelines of the event, Dr. Orji also addressed a forum organised by the Kaduna Mining Development Company, highlighting how sub-national mining firms could play a pivotal role in attracting investment, enhancing accountability, and driving industrial development across states.

“Transparency and accountability are central to repositioning sub-national mining companies for greater productivity and sustainable impact,” he said.