Why Nigeria Shouldn’t Be Poor –Tinubu

Why Nigeria Shouldn’t Be Poor –Tinubu

 President Bola Ahmed Tinubu has emphasised that Nigeria should not continue to grapple with poverty, given its vast reserves of solid minerals and the ingenuity of its people.

Speaking through the Secretary to the Government of the Federation, Senator George Akume, at the 2025 Nigeria Mining Week in Abuja, Tinubu called for a strategic overhaul in how the country leverages its natural resources.

“Nigeria has no reason to be poor,” he declared. “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.”

He described the annual Mining Week as a growing global platform for shaping Nigeria’s path to economic revitalization through collaboration between investors and industry players.

Tinubu assured stakeholders that the Federal Government is committed to securing mining zones for investors, workers, and host communities.

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

Highlighting Africa’s strategic position, Tinubu noted the continent holds roughly 30% of the world’s known mineral reserves, including critical minerals essential to the global economy.

He urged responsible exploitation that retains value within local economies, fosters job creation, and builds industrial clusters.

Earlier in the event, Chris Ochonu, Deputy Director of Communications and Stakeholders Management at the Nigeria Extractive Industries Transparency Initiative (NEITI), called for a streamlined and transparent regulatory framework to attract long-term investment.

He pointed out that despite improvements in licensing, overlapping policies and excessive taxation continue to hinder growth.

NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, described Nigeria’s mining sector as being at a pivotal moment. He said ongoing reforms aim to transform it from an informal, underperforming space into a cornerstone of economic diversification and energy transition. According to NEITI’s 2023 Solid Minerals Industry Report, the sector’s GDP contribution remains below 1%, despite revenue growth from ₦339.57 billion in 2022 to ₦401.87 billion in 2023.

Dr. Orji also noted that artisanal and small-scale mining accounted for over 80% of production but contributed less than 30% of royalties, highlighting the need for structural reform.

Minister of Solid Minerals Development, Dele Alake, presented a detailed report on the Tinubu administration’s ongoing efforts to reposition the sector as a driver of national economic growth.