The Ministry of Solid Minerals Development recorded an increase in revenue, rising to over N70 billion in 2025 from about N16 billion in 2023.
The development was disclosed by Mr Segun Tomori, the Special Assistant on Media to the Minister of Solid Minerals Development, Mr Dele Alake.
The statement attributed the growth to wide-ranging reforms and strategic policies that have repositioned Nigeria’s mining sector and attracted renewed global interest.
It was revealed that upon assumption of office, revenue from the sector increased from N16 billion in 2023 to N38 billion in 2024 and is projected to exceed N70 billion by the end of 2025.
He said the improvement followed the implementation of Mr Alake’s seven-point agenda, which focuses on reforms, transparency, investor confidence, and local value addition.
As part of the reforms, the ministry revoked 1,633 mining licenses in late 2023 over non-payment of annual service fees, while another 924 dormant licenses were revoked in early 2024 to create room for serious investors.
In addition, the guidelines for Community Development Agreements (CDAs) were revised to ensure host communities give consent before licences are approved.
Illegal mining, identified as a major challenge in the sector, has been addressed through the establishment of mining marshals in 2024.
Within a year, more than 300 illegal miners were arrested, about 150 are undergoing prosecution, and 98 illegal mining sites have been recovered.
Mr Tomori said nationwide satellite surveillance of mining sites is expected to commence in 2026 to strengthen enforcement.
At the continental level, Nigeria’s push for local value addition led to the formation of the Africa Minerals Strategy Group, which elected Mr Alake as its pioneer chairman.
The statement added that the revenue growth, though unprecedented, remains a fraction of the sector’s vast potential, adding that reforms will be consolidated in 2026 to make solid minerals a major contributor to Nigeria’s Gross Domestic Product.
On federal and state conflicts over mining control, Mr Tomori said the minister introduced cooperative federalism, encouraging states to apply for mining licences and operate through limited liability companies.
The spokesperson said this approach has resulted in joint venture investments in states including Nasarawa, Kaduna, Oyo, and the Federal Capital Territory (FCT).
He further disclosed that lithium processing plants are emerging across the country, 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.