Alake Pushes for Regional Energy Hubs as Nigeria Secures $2.6bn Mining Investment

Nigeria’s Minister of Solid Minerals Development, Dele Alake, has called for the creation of regional energy hubs across Africa to accelerate mining industrialisation and strengthen supply chains for critical minerals.

Alake made the call while speaking at a high-level panel titled “Critical Minerals in Africa: Meeting Global Demand” during the Powering Africa Summit in Washington, D.C.. He stressed that closer collaboration between African countries and the United States would be key to meeting the rising global demand for minerals needed for the energy transition.

The minister advocated the development of cross-border industrial corridors similar to the Lobito Corridor. He identified potential corridors such as the Lagos–Abidjan route linking Nigeria, Benin, Togo, Ghana and Côte d’Ivoire, as well as the Walvis Bay Corridor, noting that such networks could unlock Africa’s vast mineral resources.

According to him, these corridors would stimulate infrastructure growth, improve energy access and deepen regional integration. He added that shared energy systems, including nuclear power, could support multiple countries within a corridor, driving local processing, manufacturing and technology transfer.

Alake also highlighted reforms introduced under the administration of Bola Ahmed Tinubu, which he said have strengthened governance, improved regulatory frameworks and enhanced ease of doing business in Nigeria’s mining sector. These changes, he noted, have ensured secure tenure for mineral title holders and boosted investor confidence.

He disclosed that Nigeria has attracted over $2.6 billion in foreign direct investment into the sector within the past two and a half years, attributing the inflow to ongoing efforts to sanitise and de-risk the mining environment.

On security, the minister said the establishment of Mining Marshals has led to the arrest of more than 350 suspected illegal miners, with over 150 currently facing prosecution. He said the crackdown demonstrates the government’s commitment to enforcing compliance and protecting investments.

Alake reaffirmed Nigeria’s openness to investors, highlighting incentives such as tax waivers on mining equipment and the repatriation of profits after due payments.

Also speaking at the event, Sarah Whitten of the U.S. Export-Import Bank underscored the importance of sustained government commitment and policy continuity in driving successful mining partnerships, noting that American institutions are prepared to help unlock private sector financing for critical minerals projects.

The panel featured key stakeholders from across the mining and finance sectors, reflecting growing global interest in Africa’s mineral potential.