The Minister of Solid Minerals Development, Dr. Dele Alake, has announced that in Q1 2025, the federal government collected N6,957,826,200 in mining fees across Nigeria.
Alake disclosed this via his official X page on Monday.
“I am pleased to share some exciting developments in the mining sector; in the first quarter of this year, the Federal Government collected an impressive N6,957,826,200 in mining fees and registered 118 new private mineral buying centers,” he stated.
Developments in mining sector
According to Alake, these achievements are a direct reflection of dedicated efforts to raise awareness and attract investors to Nigeria’s vibrant mining industry.
“The Mining Cadastral Office (MCO) has been particularly active, processing 955 applications for title grants, which included 651 for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits.
” I’m proud to say that we approved a total of 867 applications, which consisted of 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and 5 mining leases,” he added.
- He also highlighted that the most exciting initiative on the horizon is the establishment of the Nigerian Solid Minerals Corporation.
- This structure, according to him, will serve as a special-purpose vehicle to elevate Nigeria into the global mining arena.
“We’re finalizing its setup in collaboration with the Ministry of Finance Incorporated (MOFI), and I am particularly excited that Nigerians will have the chance to invest through a public offering,” he revealed.
More insights
The Minister added that International partnerships are also blossoming in the mining sector, even as recently, the French government committed to equipping the laboratory of the Nigeria Geological Survey Agency (NGSA) and train young geologists in modern mining techniques through a memorandum of understanding signed between President Bola Tinubu and French President Emmanuel Macron.
“Additionally, the Government of Western Australia has approved regular training for Nigerian mining professionals, with the first group set to depart next month. I’m also pleased about the investments from British and Saudi Arabian entities across the mineral value chain, and just days ago, we signed an MOU with South Africa to enhance our geological capacity.
“Finally, I must highlight the impact of our value addition policy. It has bolstered local beneficiation and positioned Nigeria as a leader in the African mining landscape. “Our advocacy for value addition and our stand against the indiscriminate export of raw minerals have led us to become the pioneer chair of the African Minerals Strategy Group (AMSG). One of our main goals with this position is to draw more investments to both Africa and Nigeria,” he added.
He assured that with collaboration across the board, a resilient and competitive mining sector for Nigeria is underway.
What You Should Know
While Nigeria stands as Africa’s leading energy producer, it has struggled to maximize its extensive mineral resources due to insufficient incentives, illegal activities, low investment opportunities, and neglect.
The nation’s underdeveloped mining sector contributes less than 1% to its gross domestic product.
