The proposed increase is aimed at helping mineral-rich developing countries transform natural resources into sustainable economic growth, attract private investors and create jobs, as Nigeria records rising solid mineral export earnings…….
The World Bank Group is planning a major expansion of its investment in the global metals and minerals industry, targeting a fivefold increase in financing to $19 billion by 2030 to help developing economies unlock the economic value of their natural resources.
The target, outlined in the institution’s latest Commodity Markets Outlook, is part of a broader strategy to strengthen economic resilience, attract private-sector investment and help resource-rich countries translate their mineral wealth into sustainable development.
The financing expansion comes at a time when developing economies are facing mounting fiscal challenges and economic uncertainties arising from geopolitical tensions, particularly the ongoing conflict in the Middle East.
According to the World Bank Group, the proposed investment will focus largely on emerging market and developing economies (EMDEs), where mineral resources offer significant opportunities for industrial development, employment generation and long-term economic growth.
“Over the five years through 2030, the World Bank Group is targeting a fivefold increase in financing of the metals and minerals sector, to $19 billion, to support mineral-rich EMDEs in converting their natural endowments into lasting prosperity,” the institution said.
Beyond providing direct financing, the World Bank Group said it was working to simplify and accelerate the process of attracting private capital into developing economies through a combination of investment support and advisory services.
The strategy is expected to encourage greater private-sector participation in the minerals industry, improve the business environment and expand employment opportunities, particularly for young people.
The institution is also seeking to ensure that mineral-rich countries derive broader economic benefits from their resources instead of relying predominantly on the export of unprocessed commodities.
World Bank Makes Up To $60bn Available For Economic Support
Alongside its long-term investment plans for the minerals sector, the World Bank Group has made between $50 billion and $60 billion available through existing financing instruments to help countries manage immediate economic pressures linked to the Middle East conflict.
The financial support is designed to assist vulnerable economies facing rising fiscal demands, disruptions to economic activities and pressure on businesses and households.
Of the available resources, $25 billion comes from pre-arranged financing that can be deployed to support vulnerable households, strengthen government finances and provide working capital and liquidity for businesses and agricultural producers.
The institution disclosed that 25 countries had received a combined $8.7 billion in assistance at the time of its announcement.
It explained that 10 countries had redirected $1.8 billion in existing financing from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) towards crisis-related spending through its Crisis Toolkit.
Additionally, 19 countries had accessed $6.9 billion in new financing, although some countries benefited from both funding arrangements.
The World Bank Group warned that the financial requirements could increase if the conflict and its economic consequences continue, noting that its support could rise to between $80 billion and $100 billion under such circumstances.
Nigeria Records Growth In Solid Mineral Exports And Revenue
The World Bank’s proposed expansion in minerals financing comes as Nigeria’s solid minerals industry records improvements in export earnings and government revenue, reinforcing its potential as an alternative source of economic growth and foreign exchange.
Data on Nigeria’s mineral exports show that solid mineral earnings increased by ₦113.53 billion year-on-year to ₦249.70 billion in the first half of 2026, reflecting stronger export activity during the period.
The Nigerian Extractive Industries Transparency Initiative (NEITI) has also disclosed that the solid minerals sector generated a combined ₦1.137 trillion in revenue for the federal, state and local governments between 2007 and 2023.
Further highlighting the sector’s contribution to public finances, Nigeria’s mining and quarrying industry accounted for ₦723.33 billion in Company Income Tax payments in 2025.
The figures underscore the growing economic relevance of mining and quarrying, particularly as the Federal Government seeks to diversify revenue sources and reduce dependence on the oil sector.
With the World Bank Group targeting $19 billion in minerals financing by 2030, developing economies such as Nigeria could have opportunities to attract investment into mineral exploration, processing and industrial infrastructure.
However, translating these opportunities into lasting economic benefits will depend on the ability of resource-rich countries to strengthen their investment environments, expand local processing capacity and ensure that mineral wealth supports broader industrial development and job creation.
