Nigeria’s solid minerals sector recorded a 337 per cent increase in revenue, rising to over N70 billion in 2025 from N16 billion in 2023, under the leadership of the Minister of Solid Minerals Development, Dr Dele Alake.
The disclosure was made by the Minister’s Special Assistant on Media, Segun Tomori, who attributed the growth to sweeping reforms and strategic policies that have repositioned the mining sector and renewed global investor confidence.
According to Tomori, revenue rose from N16 billion in 2023 to N38 billion in 2024, with projections indicating it will exceed N70 billion by the end of 2025.
He said the improvement followed the implementation of the minister’s seven-point agenda, which prioritises transparency, regulatory reforms, investor confidence and local value addition.
As part of the reforms, the ministry revoked 1,633 mining licences in late 2023 over non-payment of annual service fees, while an additional 924 dormant licences were revoked in early 2024 to open the sector to serious investors.
Guidelines for Community Development Agreements (CDAs) were also revised to ensure host communities give consent before licences are granted.
To tackle illegal mining, the ministry established mining marshals in 2024. Within a year, over 300 illegal miners were arrested, about 150 are currently facing prosecution, and 98 illegal mining sites have been recovered.
Tomori added that nationwide satellite surveillance of mining sites is expected to begin in 2026 to further strengthen enforcement.
Addressing federal and state tensions over mining control, Tomori said the minister adopted a cooperative federalism approach, encouraging states to obtain mining licences and operate through limited liability companies.
This has led to joint-venture investments in Nasarawa, Kaduna, Oyo and the Federal Capital Territory.
He further revealed that lithium processing plants are springing up nationwide, a $400 million rare-earth metals facility is in the pipeline, and about $1.5 billion in foreign direct investment has been attracted to the sector since 2023.
At the continental level, Nigeria’s advocacy for local value addition culminated in the formation of the Africa Minerals Strategy Group, which elected Dr Alake as its pioneer chairman.
Tomori noted that while the revenue growth is unprecedented, it represents only a fraction of the sector’s vast potential, adding that reforms will be consolidated in 2026 to position solid minerals as a major contributor to Nigeria’s Gross Domestic Product (GDP).