The federal government has projected that revenue from Nigeria’s solid minerals sector will rise to N70 billion in 2025, up from N38 billion recorded in 2024. This was disclosed by Segun Tomori, special assistant on media to Dele Alake, the minister of solid minerals development.
In a statement on Tuesday, Tomori said the sharp increase in revenue from the solid minerals sector reflects the progress made under the administration of President Bola Tinubu.
“From a paltry N16bn generated from the sector in 2023, it moved to N38bn in 2024 and now set to cross the N70bn mark under the stellar stewardship of the Minister of Solid Minerals Development, Dr. Dele Alake,” he said.
Tomori explained that since assuming office, Alake has redirected global attention to Nigeria’s mining industry in a way that has not been seen before. He said the minister’s approach, guided by a 7-point agenda, has driven major reforms across the sector.
“Armed with the now famous 7-point agenda, he hit the ground running with reforms that included the revocation of 1,633 licenses for default in payment of annual service fees in late 2023, while another 924 dormant licenses were revoked early 2024 to free up space for serious investors,” he said.
He also noted that “Guidelines for Community Development Agreements (CDAs) were revised to make consent of host communities an integral part of license applications process whilst the elephant in the room – illegal mining, is being tackled with the establishment of the mining marshals in 2024.”
According to him, the ministry has made major progress in curbing illegal mining activities. “Over 300 illegal miners have been apprehended, 150 are undergoing prosecution, and 98 illegal mining sites have been recovered within just over a year,” he stated.
Tomori revealed that the ministry is preparing to deploy satellite surveillance technology to monitor mining operations across the country in 2026. The initiative, he said, would further enhance the efficiency of the mining marshals.
He also pointed out that despite mining being on the exclusive legislative list, the minister introduced a creative system that allows states to participate through cooperative federalism. “Though mining belongs to the exclusive legislative list, the minister creatively introduced the principle of cooperative federalism to encourage States to apply for mining licenses and operate as Limited Liability Companies,” he said.
“This has produced tremendous results as several states now have Joint Venture (JV) partnerships that has yielded several investments in Nasarawa, Kaduna, Abuja, Oyo amongst others,” he added.
Tomori stated that new investments are emerging as a result of these policies. “Today, Lithium factories are springing up, a $400m rare earth metals plant is in the offing and it is estimated that close to $1.5bn Foreign Direct Investment (FDI) has been attracted to the sector since 2023.”
He further said that the minister’s focus on local value addition for mineral exports has attracted attention across Africa. According to him, “The minister’s push for local value addition in mineral exports has gained continental traction, leading to the establishment of the Africa Minerals Strategy Group (AMSG) following sustained advocacy.”
Tomori also highlighted the ministry’s introduction of the Nigeria Minerals Decision Support System (NMRDSS), a web-based platform that provides interactive mapping, geological data, and infrastructure details to attract investment and improve the ease of doing business in the mining sector.
He said the ministry is confident that the solid minerals sector will surpass the N70 billion mark in 2025 and continue to strengthen reforms in 2026, aiming to make the sector a key contributor to Nigeria’s GDP, given its vast untapped potential.
