Nigeria’s solid minerals sector has recorded unprecedented growth, with revenue projected to exceed ₦70 billion in 2025, up from ₦16 billion in 2023 and ₦38 billion in 2024.

The impressive surge follows sweeping reforms under President Bola Ahmed Tinubu’s administration and the leadership of the Minister of Solid Minerals Development, Dr. Dele Alake.

“It is no coincidence that revenue from solid minerals has grown exponentially since the Tinubu administration took office,” said Segun Tomori, Special Assistant on Media to the Minister, in a statement to journalists on Wednesday. “The sector has benefited from focused leadership, bold reforms, and renewed global attention. We are only beginning to scratch the surface.”

Since assuming office, Dr. Alake has implemented a seven point agenda to revamp the sector. In late 2023, 1,633 mining licenses were revoked for non payment of annual service fees, and in early 2024, an additional 924 dormant licenses were withdrawn to create opportunities for serious investors.

Guidelines for Community Development Agreements, CDAs, were also revised to make host community consent an essential requirement for license applications, ensuring stronger local engagement.

Illegal mining continues to pose a challenge, but the Ministry responded by establishing Mining Marshals in 2024. In just over a year, more than 300 illegal miners have been apprehended, approximately 150 are undergoing prosecution, and 98 illegal mining sites have been reclaimed. Nationwide satellite surveillance of mining sites is set to launch in 2026 to strengthen enforcement.

Although mining falls under the Exclusive Legislative List, Dr. Alake introduced a principle of cooperative federalism, allowing states to apply for mining licenses and operate as limited liability companies. This initiative has encouraged joint venture partnerships and investment in states including Nasarawa, Kaduna, Oyo, and the Federal Capital Territory.

“Several lithium factories are now emerging, a 400 million dollar rare earth metals plant is underway, and close to 1.5 billion dollars in foreign direct investment has been attracted to the sector since 2023,” Tomori said.

On the continental stage, Dr. Alake’s push for local value addition, mandating processing or refining before export, has gained recognition, leading to the establishment of the Africa Minerals Strategy Group, AMSG, with Dr. Alake unanimously elected as its pioneer chairman.

“This recognition positions Nigeria at the forefront of Africa’s mining sector renaissance,” Tomori noted.

The Ministry also launched the Nigeria Minerals Decision Support System, NMRDSS, a web based platform providing geoscientific and geo economic data, interactive mapping, and infrastructure information to investors.

“Although unprecedented, the projected ₦70 billion revenue is still a fraction of the sector’s potential. We are confident that in 2026, revenues will climb even higher as reforms deepen and investments mature, establishing solid minerals as a major contributor to Nigeria’s GDP,” Tomori added.