Nigeria too rich to be poor – Tinubu

President Bola Tinubu says Nigeria has no justification for being poor, given its vast mineral resources and the talents of its people.

Speaking at the 2025 Nigeria Mining Week in Abuja on Wednesday, the President,represented by the Secretary to the Government of the Federation, Senator George Akume, stressed that the nation must fully harness its natural endowments to drive prosperity.

“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.”

He 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.”

Tinubu assured participants that the Federal Government remains committed to keeping mining areas across the country safe for investors, workers, and host communities alike.

“When our mining sector thrives, it signals that value-added resource development is Africa’s way forward,” the President added, reaffirming Nigeria’s leadership role on the continent.

According to him, Africa possesses roughly 30 percent of the world’s known mineral reserves, including many of the critical minerals driving the global economy. “We must harness this wealth responsibly, ensuring that more value remains within our economies, creating jobs and industrial clusters,” he urged.

Earlier, the Deputy Director of Communications and Stakeholders Management at the Nigeria Extractive Industries Transparency Initiative (NEITI), Chris Ochonu, called for a harmonised, transparent, and predictable regulatory framework to sustain growth and attract long-term capital investments in the solid minerals sector.

Ochonu said that while there have been improvements in the licensing process, issues such as multiple taxation and policy overlaps still discourage credible investors and hinder sectoral progress.

The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, also highlighted the ongoing transformation of the sector, describing it as “a defining moment” in Nigeria’s economic diversification and energy transition efforts.

Citing NEITI’s 2023 Solid Minerals Industry Report, Orji revealed that the sector’s contribution to the nation’s GDP remains below one percent, even though revenues rose from ₦339.57 billion in 2022 to ₦401.87 billion in 2023.

“Our data further 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.