That the mining of minerals contributes only a meager 0.3% to the GDP of the national economy given the enormous mineral potential of Nigeria, is disheartening to say the least. Many a reason has been attributed to this abysmal performance of the sector, with over-dependence on the country’s vast and non-renewable oil resources as the most convincing reason. Organized mining having started over a centaury ago and specifically in 1903,as against the discovery of oil in 1956 indicates that all having been equal, un-employment, poverty, etc would have been presently only at its barest minimum.  Nigeria’s non-oil mineral resources consist of strategic Minerals that can thrust the nation into the committee of industrialized economies of the world. The paper examines the mineral potentials of Nigeria, the mineral policy framework, state of privatization of Public Mining Companies and its capacity to transform all sectors of the national economy through wealth creation, providing employment opportunities and by equipping Nigerians with the requisite skills, development  could spread to the local small scale industries striving in the informal sectors of the national economy.