Dr. Alake made this statement at the National Association of Securities Dealers and the Solid Minerals Development Fund (SMDF) NASD-SMDF webinar on unlocking Nigeria’s minerals potential through the capital market.
The minister, who was represented by his Senior Adviser on Mining & Policy to the Honourable Minister of Solid Minerals, Amira Adamu Waziri, stressed that capital, technology, and partnership are critical to unlocking Nigeria’s resources.
He added that the sector is not only after extracting the available mineral resources but how to use them for the economic development of the nation.
“We have the mineral resources. We have the political will. What we now require is the capital, technology, and partnerships to unlock this potential.
“As we explore the possibilities before us today, let us keep in mind that this sector is not just about extracting minerals — it is about building an economy that is inclusive, resilient, and globally competitive,” Dr. Alake stated.
In his paper presentation on “Real world asset tokenization as a means to unlock early-stage exploration funding,” the Director, Agile Dynamics, Paul Lalovich, said the leading innovator in blockchain technology and Agile Dynamics, a global consultancy specialising in digital assets and transformation, have signed a Memorandum of Understanding (MOU) to launch a long-term strategic partnership.
According to him, the collaboration marks a joint commitment to building the next generation of sovereign-compatible blockchain infrastructure, enabling more transparent capital flows, the tokenisation of real world assets, and new models of cross-border digital finance.
Lalovich added that combining Hyperchain’s deep technological expertise with Agile Dynamics’ international business and regulatory capabilities, the partnership aims to accelerate blockchain adoption across emerging markets in Africa, Latin America, Asia, and the Middle East.
Also speaking on “Mining asset development cycle and investment readiness,” the Advisor, Ore Reserve Development Forum (ORDF), Jon O’Callaghan, warned that Nigeria’s solid minerals sector will remain trapped in artisanal practices if urgent steps are taken to attract risk capital for exploration.
O’Callaghan stressed that investors must understand the seven stages of a mineral project and follow them in sequence, from reconnaissance and licensing to feasibility studies, financing, and eventual mining.
He insisted that there are no shortcuts in mining. “You cannot jump from licensing straight to production and expect financing, because without feasibility studies and proper exploration, investors will not commit funds.”
He added that Nigeria’s abundant mineral wealth remains largely underexplored due to the absence of readily available risk capital.
Earlier, the Director General, Nigeria Mining Cadastre Office, Obadiah Simon Nkom, who spoke on “Licensing processes and requirements of a mining asset,” said mining assets are only legal if licensed. “When they gain economic and legal value, it must be validated under licences. Otherwise, they are not commercial components.”
In her closing remarks, the Executive Secretary of the Solid Minerals Development Fund, Hajia Fatimah Shinkafi, stressed that insights shared during the session will help drive sustainable growth in Nigeria’s mining industry by boosting capital market participation.
Shinkafi, who was represented by her Executive Assistant, Omotayo Omitokun, expressed appreciation to all speakers, participants, and stakeholders for their contributions.
She reaffirmed SMDF’s commitment to partnering with stakeholders to unlock the country’s vast mineral wealth and support the Renewed Hope Agenda of President Bola Ahmed Tinubu.
