The Ministry of Solid Minerals Development has generated about N70billion as revenue in 2025, a rise from the N38billion recorded in 2024.
The Minister of Solid Minerals Development, Dr Dele Alake , made this known in a statement by his Special Assistant on Media, Segun Tomori on Wednesday in Abuja.
Tomori said the sector’s revenue rose from a modest N16 billion in 2023 to N70 billion, driven by reforms introduced by the Minister of Solid Minerals.
“We are set to cross the N70 billion mark in 2025. Though unprecedented, it is still a drop in the ocean, considering the vast potentials of the mining sector,” Tomori said.
He said the reforms including the revocation of 1,633 licences for default in payment of annual service fees in 2023 and revocation of 924 dormant licences in 2024 were aimed at repositioning the sector to attract serious investors.
He added that the guidelines for Community Development Agreements (CDAs) were also revised to make consent of host communities an integral part of licence applications process.
According to him, illegal mining a major challenge in the sector is being tackled with the establishment of the mining marshals in 2024.
“Just over one year after, over 300 illegal miners have been apprehended; about 150 undergoing prosecution; 98 illegal mining sites recovered.
“Nationwide satellite surveillance of mining sites is billed to come on stream in 2026 to bolster the capacity of the marshals,” he said.
He said, though mining was included on the exclusive legislative list, the minister introduced the principle of cooperative federalism to encourage states to apply for mining licences and operate as Limited Liability Companies .
“This has produced tremendous results as several states now have Joint Venture partnerships that has yielded several investments in Nasarawa, Kaduna, Abuja, Oyo amongst others.
“Today, Lithium factories are springing up, a 400 million dollars rare earth metals plant is in the offing and it is estimated $1.5 billion dollar Foreign Direct Investment (FDI) has been attracted to the sector since 2023,” he said.
On the global stage, he said, Alake’s advocacy for local value addition to minerals had led to the establishment of the Africa Minerals Strategy Group (AMSG), which he was elected as Chairman, positioning Nigeria as leading the continent’s mining sector renaissance.
To enhance the ease of doing business in the sector, he said that the Nigeria Minerals Decision Support System (NMRDSS) , a web based platform was established.
Tomori said the move was to attract investments and serve as a repository of information on geo-scientific and geo-economic data on Nigeria’s mineral resources featuring interactive mapping, geological data, infrastructure details amongst others.
According to him, in 2026 through the leadership of Alake, the ministry will surpass their achievements in 2025 by consolidating on reforms to ensure solid minerals ultimately becomes a major contributor to our nation’s GDP.
