World Bank targets $19B minerals financing by 2030 as Nigeria's sector hits N249.7B exports
The World Bank Group plans a fivefold increase in metals and minerals financing to $19 billion by 2030, targeting mineral-rich developing economies like Nigeria. The initiative aims to convert natural endowments into lasting prosperity through value addition rather than raw exports, while mobilising private investment and creating jobs. Simultaneously, the Bank has made $50-60 billion available for countries facing fiscal pressures from the Middle East conflict—25 countries have already accessed $8.7 billion.
Nigeria's solid minerals sector shows growing momentum. Export earnings rose to N249.70 billion in H1 2026 (up N113.53 billion year-on-year). NEITI reports the sector contributed N1.137 trillion to federal, state, and local government revenues between 2007-2023, while mining and quarrying paid N723.33 billion in Company Income Tax in 2025 alone.
The World Bank's strategy emphasises turning mineral resources into sustainable economic benefits—processing locally, building supply chains, and creating employment. For Nigeria, this could mean access to concessional financing and technical support to move up the value chain, but only if the regulatory environment attracts the private capital the Bank wants to mobilise.
With the sector already delivering rising revenues, will Nigeria leverage this global financing push to build local processing capacity and capture more value, or remain a raw material exporter while others profit from the downstream?