Africa's mining industry, valued at $508.33 billion in 2024, is projected to grow to $847.63 billion by 2031, representing a 6.6 per cent compound annual growth rate (CAGR), according to a new report by Verified Market Research. The report highligh… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Africa's mining industry poised for $847bn boom by 2031 By Enitan Ajebukola Ajewumi on October 13, 2025 Africa's mining industry, valued at $508.33 billion in 2024, is projected to grow to $847.63 billion by 2031, representing a 6.6 per cent compound annual growth rate (CAGR), according to a new report by Verified Market Research. The report highlights that Africa holds 30 per cent of the world's mineral wealth, including vast reserves of cobalt, platinum-group metals, gold, and rare earth elements — all essential to global energy transition, digitalisation, and industrialisation. It stated that global demand for these minerals continues to attract major investments from multinational firms, sustaining exploration and boosting local economies. Improved mining technologies and supportive government reforms are also driving efficiency and expanding production across the continent. According to the report, initiatives such as regulatory reforms, tax incentives, and measures against illegal mining are creating a more conducive environment for private investment. Regional cooperation and new infrastructure projects are further strengthening growth prospects across key mining markets. Read also, Africa's mining industry poised for $847bn boom by 2031 President Tinubu reaffirms support for youth innovation, small businesses Nigeria launches digitalisation of public schools, distributes smart boards nationwide Speaker Abbas calls for stronger laws to protect and empower the girl child Girl's future conference champions empowerment for Nigerian girls In Nigeria, the sector's contribution to GDP has grown from less than 0.5 per cent to about 1.8 per cent over the past decade. Encouraged by this progress, Minister of Solid Minerals Development, Dr. Dele Alake, said the government is targeting a three per cent GDP contribution in the coming years through continued reforms and innovation. Speaking ahead of the 10th Nigeria Mining Week slated for October 13–15, 2025, in Abuja, Alake noted that initiatives such as geological mapping, digital licensing systems, and the creation of mining marshals are transforming the sector. "This edition of the Nigeria Mining Week reflects our journey from obscurity to opportunity," he said. However, the report warned that political instability, regulatory inconsistency, and corruption remain key challenges undermining investment confidence across several African markets. It added that shifting mining laws and opaque approval processes can increase operational risks and costs for investors. Despite these hurdles, the outlook remains strong, with Africa's mineral resources positioned as a cornerstone for sustainable growth, industrial expansion, and economic diversification across the continent.

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By Abiodun Abdullai President Bola Ahmed Tinubu has reiterated his administration's commitment to supporting youth-led innovations and small business development across Nigeria.The President congratulated Al'amin Muhammed Idris, Chief Executi… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader President Tinubu reaffirms support for youth innovation, small businesses By sbinsights on October 11, 2025 By Abiodun Abdullai President Bola Ahmed Tinubu has reiterated his administration's commitment to supporting youth-led innovations and small business development across Nigeria. The President congratulated Al'amin Muhammed Idris, Chief Executive of Interface Africa, for emerging winner of the NextGen Innovation Challenge, a national initiative of the National Board For Technology Incubation (NBTI) in partnership with UKALD London. According to a statement from his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu commended Interface Africa for developing affordable solar financing solutions that empower small businesses with access to clean and sustainable energy. Read also President Tinubu reaffirms support for youth innovation, small businesses Nigeria launches digitalisation of public schools, distributes smart boards nationwide Speaker Abbas calls for stronger laws to protect and empower the girl child Girl's future conference champions empowerment for Nigerian girls Africa can achieve industrial breakthrough through unity, innovation He noted that the company's victory, which came with a £1.5 million award, reflects the Federal Government's commitment to encouraging innovation that addresses local challenges while promoting entrepreneurship and inclusion. President Tinubu also praised the more than 100 participants of the competition and urged Nigerian youths to continue driving creativity and innovation that can boost economic growth and job creation. The NextGen Innovation Challenge, inspired by the Renewed Hope Agenda, aims to identify and support outstanding young innovators whose solutions contribute to national development and strengthen the MSME ecosystem. He assured that the Federal Government remains focused on implementing policies and programmes that promote innovation, digital transformation, and youth enterprise across Nigeria.

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