Nigeria\u2019s solid minerals sector has recorded unprecedented growth, with revenue projected to exceed \u20a670 billion in 2025, up from \u20a616 billion in 2023 and \u20a638 billion in 2024.<\/p>\n\n\n\n
The impressive surge follows sweeping reforms under President Bola Ahmed Tinubu\u2019s administration and the leadership of the Minister of Solid Minerals Development, Dr. Dele Alake.<\/p>\n\n\n\n
\u201cIt is no coincidence that revenue from solid minerals has grown exponentially since the Tinubu administration took office,\u201d said Segun Tomori, Special Assistant on Media to the Minister, in a statement to journalists on Wednesday. \u201cThe sector has benefited from focused leadership, bold reforms, and renewed global attention. We are only beginning to scratch the surface.\u201d<\/p>\n\n\n\n
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were revoked for non payment of annual service fees, and in early 2024, an additional 924 dormant licenses were withdrawn to create opportunities for serious investors.<\/p>\n\n\n\n
Guidelines for Community Development Agreements, CDAs, were also revised to make host community consent an essential requirement for license applications, ensuring stronger local engagement.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cSeveral 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,\u201d Tomori said.<\/p>\n\n\n\n
On the continental stage, Dr. Alake\u2019s 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.<\/p>\n\n\n\n
\u201cThis recognition positions Nigeria at the forefront of Africa\u2019s mining sector renaissance,\u201d Tomori noted.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cAlthough unprecedented, the projected \u20a670 billion revenue is still a fraction of the sector\u2019s 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\u2019s GDP,\u201d Tomori added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria\u2019s solid minerals sector has recorded unprecedented growth, with revenue projected to exceed \u20a670 billion in 2025, up from \u20a616 billion in 2023 and \u20a638 billion in 2024. The impressive…<\/p>\n","protected":false},"author":6,"featured_media":19956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-19954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pages"],"yoast_head":"\n