NIGERIA solid minerals sector has recorded a major revenue boost, generating over ₦70 billion in 2025 following extensive reforms and policy initiatives aimed at repositioning the industry and attracting global investors.
The disclosure was made by Segun Tomori, Special Assistant on Media to the Minister of Solid Minerals Development, Dr Dele Alake.
According to him, revenue from the sector grew from ₦16 billion in 2023 to ₦38 billion in 2024 and is projected to surpass ₦70 billion by the end of 2025.
Tomori attributed the growth to wide ranging reforms anchored on the minister’s seven point agenda, which prioritises transparency, sector reforms, investor confidence, and local value addition.
As part of the reform process, the ministry revoked 1,633 mining licences in late 2023 due to non-payment of annual service fees.
An additional 924 inactive licences were also withdrawn in early 2024 to free up opportunities for committed investors.
Guidelines for Community Development Agreements were further reviewed to ensure host communities give consent before mining licences are granted.
To tackle illegal mining, the ministry introduced mining marshals in 2024.
Within one year, over 300 illegal miners were arrested, about 150 cases are currently under prosecution, and 98 illegal mining sites have been recovered.
Tomori also revealed that nationwide satellite monitoring of mining activities is expected to begin in 2026 to strengthen enforcement across the sector.
At the continental level, Nigeria’s drive for local value addition led to the establishment of the Africa Minerals Strategy Group, with Alake emerging as its pioneer chairman.
While describing the revenue growth as unprecedented, Tomori noted that it still represents only a fraction of the sector’s enormous potential.
He added that ongoing reforms would be strengthened in 2026 to position solid minerals as a key contributor to Nigeria’s Gross Domestic Product.
Addressing federal and state disagreements over mining control, Tomori explained that the minister adopted a cooperative federalism approach, encouraging states to apply for mining licences and operate through limited liability companies.
This strategy has resulted in joint venture investments in states such as Nasarawa, Kaduna, Oyo, and the Federal Capital Territory.
He further disclosed that lithium processing plants are being developed nationwide, a $400 million rare-earth metals facility is underway, and approximately $1.5 billion in foreign direct investment has been attracted to the sector since 2023.