The Federal Government of Nigeria has projected that the mining sector will generate up to 500,000 jobs by 2030, up from its current 0.3 percent employment share, while attracting $1 billion in annual foreign direct investment by 2025. Under the newly unveiled Nigerian Industrial Policy in Abuja, authorities aim to raise mining’s contribution to GDP to eight percent by 2030 and 10 percent by 2035, positioning the sector as a pillar of economic diversification.
According to the policy, mining’s GDP contribution rose from N400 billion in 2015 to N4.4 trillion in 2024, while FDI increased from $78 million in 2019 to $100 million in 2022. The government pledged clearer regulations, licensing reforms, environmental safeguards, and fiscal incentives to unlock Nigeria’s vast mineral base and promote value addition.
In his foreword, John Enoh described the framework as a turning point for industrialisation, highlighting plans to recapitalise the Bank of Industry and dedicate up to five percent of GDP to industrial financing.
