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The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged policymakers to establish a harmonised, transparent, and predictable regulatory framework for the solid minerals sector to sustain growth and attract long-term investments.

The agency said its findings revealed notable improvements in the licensing process but stressed the need to address policy overlaps and multiple taxation, which discourage credible investors and limit the sector’s growth potential.

The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, made the appeal at the 2025 Nigeria Mining Week in Abuja. He noted that Nigeria’s mining sector is currently undergoing significant reforms aimed at positioning it as a key pillar of economic diversification and the country’s energy transition strategy.

According to a statement signed by NEITI’s Deputy Director of Communications, Chris Ochonu, Dr. Orji cited the agency’s 2023 Solid Minerals Industry Report, which showed that the sector’s contribution to Nigeria’s GDP remains below 1%, despite revenue growth from ₦339.57 billion in 2022 to ₦401.87 billion in 2023.

“Despite this growth, the figures are far below the sector’s full potential. Our data reveals 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 said.

Dr. Orji called for strategic development of critical minerals such as lithium, cobalt, and manganese to strengthen Nigeria’s position in the global energy transition. He also urged stakeholders to support government efforts to build a National Mineral Reserve Database, which would be accessible to both investors and the public.

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He recommended:

• Streamlining fiscal and royalty regimes to eliminate duplication.
• Promoting value addition and local processing to retain economic benefits.
• Strengthening environmental, gender, and community development frameworks.
• Pursuing comprehensive reforms to enhance indigenous participation, protect jobs, and safeguard national interests.

Meanwhile, President Bola Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, 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.”

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The President emphasized Nigeria’s leadership role in Africa’s resource development, noting that the continent holds about 30% of the world’s known mineral reserves, including critical minerals essential to the 21st-century global economy.

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