FG generated ₦6.9b from mining sector in Q1 2025 — Dele Alake

In a statement released yesterday, Alake revealed that the government raked in ₦6,957,826,200 from mining fees and successfully registered 118 new private mineral buying centres during the period.

He attributed the milestone to the administration’s consistent efforts to increase awareness and attract both local and foreign investment into the mining sector.

The minister highlighted the Mining Cadastral Office’s (MCO) active role in processing 955 applications for mining titles—comprising 651 for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance. Of these, 867 were approved, including 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and 5 mining leases.

Alake also announced plans to establish the Nigerian Solid Minerals Corporation—a special-purpose vehicle aimed at positioning Nigeria on the global mining map.

“We’re working closely with the Ministry of Finance Incorporated (MOFI) to finalize its structure, and I’m excited that Nigerians will be able to invest through a public offering,” he said.

He went on to highlight ongoing international collaborations.

“The French government has pledged to upgrade the Nigerian Geological Survey Agency (NGSA) laboratory and train young geologists in advanced mining methods, following a recent MoU signed by President Bola Tinubu and French President Emmanuel Macron,” Alake said.

He also mentioned that Western Australia has approved recurring training programs for Nigerian mining experts, with the first batch set to begin next month.

Alake further expressed optimism about growing investments from British and Saudi entities in the sector and noted a recent Memorandum of Understanding signed with South Africa to enhance Nigeria’s geological expertise.

Reflecting on the broader impact of federal economic reforms, he said these initiatives have encouraged local mineral processing and enhanced Nigeria’s leadership role in Africa’s mining industry.

“Our firm stance on value addition and curbing the unchecked export of raw minerals has earned us the pioneering chairmanship of the African Minerals Strategy Group (AMSG),” Alake said.

“Through this platform, we aim to attract more investments to Nigeria and the continent, as we continue to build a robust and competitive mining sector.”