Nigeria’s solid minerals sector is experiencing an unprecedented economic turnaround, recording a massive 337 per cent increase in federation revenues over the past two years.

This disclosure was made by Hajiya Fatima Umaru Shinkafi, Executive Secretary and CEO of the Solid Minerals Development Fund (SMDF), during the keynote address at the University of Lagos’ (UNILAG) inaugural Faculty of Physical and Earth Sciences Annual Lecture Series on Wednesday.

Speaking at the J. F. Ade Ajayi Main Auditorium on the theme, “Building Nigeria’s Solid Minerals Future: The Power of Academia, Government and Industry in Partnership,” Shinkafi, who was quoted in a statement by the SMDF head of Media, Idowu Jokpeyibo, revealed that institutional reforms are rapidly converting the nation’s underground wealth into tangible fiscal gains.

“The clearest proof sits in federation revenues,” Shinkafi stated. “In 2023, this sector earned the Federation about ₦16 billion. In 2024, the figure rose to ₦38 billion. In 2025, it crossed ₦70 billion. That is growth of more than 337 per cent in two years, from the same minerals and the same ground, governed differently.”

She added that the sector outpaced the broader economy, growing 33.5 per cent in real terms in 2025—roughly nine times the national economic growth rate of 3.9 per cent.

Despite boasting over 44 commercial minerals—including gold, lithium, iron ore, and bitumen—across 500 locations, Shinkafi noted that the industry has long underperformed.

“Solid minerals contribute less than one per cent of Nigeria’s GDP,” she lamented, pointing out that 2025 mineral exports accounted for just 0. 0.4 per cent of total exports, a steep drop from the 5 per cent recorded at independence.

To reverse this trend, the Federal Government is aggressively pursuing the Seven-Point Agenda launched by the Minister of Solid Minerals Development, Dr Henry Dele Alake.

According to Shinkafi, the reforms have already secured US$2.6 billion in fresh investment commitments, including a historic US$1.3 billion alumina refinery. The ultimate goal is a 25-fold expansion to scale the sector to ₦30 trillion (approx. US$21 billion) and a 3 per cent GDP contribution by 2030.

Security and regulatory clean-ups have also intensified. Shinkafi noted that the newly deployed “Mining Marshals” have apprehended over 300 illegal miners and recovered nearly 100 illicit sites, while the ministry has revoked more than 2,500 dormant mining titles to restore order.

A major highlight of the lecture was the introduction of EMERGE (Early-Stage Mineral Exploration and Research Grant Endowment), a competitive funding vehicle launched by the SMDF in June 2026 to bridge the gap between Nigerian universities and the mining industry.

The fund features three streams—Exploration, Critical Minerals, and Research & Development—covering up to 100 per cent of eligible costs for Master’s and PhD researchers, and providing access to a specialised accelerator for technical and investment training.

“EMERGE is the first time in Nigeria’s history that a national institution has created dedicated, competitive funding for geoscience research in our universities,” Shinkafi declared, challenging UNILAG to apply.

The maiden lecture marked a historic academic milestone, delivered before an all-women leadership trio: Keynote Speaker Shinkafi, UNILAG Vice Chancellor Professor Folasade Ogunsola, and the pioneer Dean of the Faculty, Professor Olayinka Taiwo Asekun. Both Shinkafi and Asekun are trained chemists.