The Minister of Solid Minerals Development, Dele Alake, has called for the establishment of regional energy hubs as a strategic pathway to accelerate cross-border mining industrialisation and strengthen the supply chain of critical minerals essential for the global energy transition.
He called for the development of regional industrial corridors akin to the Lobito Corridor, noting that similar belts —such as the Lagos–Abidjan corridor, spanning Nigeria, Benin, Togo, Ghana, and Côte d’Ivoire, as well as the Walvis Bay Corridor linking Southern and Central Africa to global markets— could unlock vast mineral potential across the continent.
Speaking at a high-level panel themed: “Critical Minerals in Africa: Meeting Global Demand” at the ongoing Powering Africa Summit in Washington, D.C., United States, Mr Alake also said more investments had been attracted into Nigeria in the last two years.
The Minister emphasised that despite being open to investment, the country to prioritise strict compliance with local laws and regulations while outlining key investment incentives, including tax waivers on imported mining equipment and full repatriation of profits after due payment of royalties and taxes.
“We have successfully de-risked and sanitised the mining environment, making it conducive to Foreign Direct Investment (FDI). Within the last two and a half years, we have attracted over $2.6 billion in FDI into the sector,” he affirmed.
He stressed that sustainable partnerships with Africa remain the fastest route to meeting rising global demand for critical minerals.
According to the Minister, such corridors would serve as economic catalysts by driving infrastructure development, enhancing energy access, and promoting regional integration. “The development of nuclear power in one West African country, for instance, can service an entire corridor.
With that in place, local beneficiation, technology transfer, manufacturing, and cross-border industrialisation will naturally follow. If three to five such corridors are developed in Africa, we would significantly advance industrialisation across the continent, creating a win-win outcome for both Africa and the West,” he stated.
Mr Alake noted that under the administration of President Bola Ahmed Tinubu, the ministry has carried out some reforms, including strengthened governance structures, improved regulatory frameworks, digitisation of licensing processes, and enhanced ease of doing business, which have repositioned Nigeria’s mining sector as a key driver of economic diversification.