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Nigeria’s solid minerals sector is on course to generate over N70 billion in revenue, marking an unprecedented turnaround driven by reforms under President Bola Ahmed Tinubu and the Minister of Solid Minerals Development, Dr. Dele Alake.
In a press statement, the Special Assistant on Media to the Minister, Mr. Segun Tomori, said the surge in revenue was the direct result of deliberate policy actions and structural reforms introduced since 2023.
“It is no happenstance that revenue from solid minerals has surged astronomically since the advent of the President Bola Tinubu administration,” Tomori said. “From a paltry N16 billion in 2023, the sector grew to N38 billion in 2024 and is now set to cross the N70 billion mark under the stellar stewardship of Dr. Dele Alake.”
The statement explained that upon assuming office, the minister deployed a robust 7-point agenda that repositioned Nigeria’s mining sector and restored investor confidence. Key reforms included the revocation of 1,633 mining licences in late 2023 over unpaid service fees, followed by the withdrawal of 924 dormant licences in early 2024 to create space for credible investors.
He added that the revised Community Development Agreement (CDA) guidelines now make host community consent a compulsory part of the licensing process, while illegal mining is being tackled head-on through the establishment of Mining Marshals in 2024.
“Within just over one year, more than 300 illegal miners have been apprehended, about 150 are undergoing prosecution, and 98 illegal mining sites have been recovered,” Tomori said, noting that nationwide satellite surveillance of mining sites is expected to commence in 2026 to further strengthen enforcement.
Despite mining being on the exclusive legislative list, Tomori said the minister introduced cooperative federalism, enabling states to acquire mining licences and operate through limited liability companies. This approach, he said, has resulted in multiple joint venture investments across states such as Nasarawa, Kaduna, Abuja and Oyo.
According to the statement, the reforms have attracted significant investments, with lithium processing plants emerging across the country, a $400 million rare earth metals plant in the pipeline, and an estimated $1.5 billion in foreign direct investment (FDI) attracted since 2023.
On the continental front, Tomori noted that Alake’s push for local value addition before mineral exports has gained widespread support, leading to the formation of the Africa Minerals Strategy Group (AMSG).
He said African ministers unanimously elected Alake as the group’s pioneer chairman, positioning Nigeria at the forefront of Africa’s mining renaissance.
To further enhance ease of doing business, Tomori disclosed that the Nigeria Minerals Decision Support System (NMRDSS) has been launched as a web-based platform providing geo-scientific and geo-economic data to investors.
While describing the projected N70 billion revenue as historic, Tomori said it still represents “a drop in the ocean” compared to Nigeria’s vast mineral potential.
“We go again in 2026 to surpass this record by consolidating ongoing reforms to ensure solid minerals become a major contributor to Nigeria’s Gross Domestic Product,” he said.
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