The Federal Government says revenue from Nigeria’s solid minerals sector is projected to cross N70 billion in 2025, reflecting the sharp turnaround recorded in the industry since the introduction of far-reaching reforms under the President Bola Tinubu administration.

The Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori, in a statement made available to the Tribune Newspaper on Wednesday in Abuja, said the revenue outlook underscores the impact of policies implemented by the Minister, Dr Dele Alake, noting that earnings from the sector rose from N16 billion in 2023 to N38 billion in 2024 and are now on track to more than double within two years.

According to him, “It is no happenstance that revenue from solid minerals has surged astronomically since the advent of the President Bola Tinubu administration”

“From a paltry N16bn generated from the sector in 2023, it moved to N38bn in 2024 and is now set to cross the N70bn mark under the stellar stewardship of the Minister of Solid Minerals Development, Dr Dele Alake.”

He said Alake, upon assuming office, moved swiftly to reposition the mining sector, driven by a seven-point agenda aimed at attracting credible investors and restoring confidence.

“Since assuming office, Alake has redirected global attention to the nation’s mining sector in a manner quite unprecedented.”

“The part of the reforms included revoking licences held by non-performing operators. “In late 2023, 1,633 licences were revoked for default in payment of annual service fees, while another 924 dormant licences were revoked early in 2024 to free up space for serious investors.”

Tomori said the Ministry also revised guidelines for Community Development Agreements to ensure that the consent of host communities became an integral part of the licence application process.

Addressing the challenge of illegal mining, he said the establishment of mining marshals in 2024 had begun to yield results. “Just over one year after, over 300 illegal miners have been apprehended; about 150 are undergoing prosecution; and 98 illegal mining sites have been recovered,” he said, adding that nationwide satellite surveillance of mining sites is expected to commence in 2026 to strengthen enforcement.

Although mining is on the exclusive legislative list, Tomori said the minister introduced a cooperative federalism approach that allows states to apply for mining licences and operate as limited liability companies.

“This has produced tremendous results as several states now have joint venture partnerships that have yielded investments in Nasarawa, Kaduna, Abuja, Oyo, amongst others,” he said.

He also pointed to rising investor confidence in the sector, with lithium processing factories emerging across the country and plans underway for a $400 million rare earth metals plant. “It is estimated that close to $1.5bn in Foreign Direct Investment has been attracted to the sector since 2023,” Tomori said.

On the continental stage, he said Nigeria’s push for local value addition, requiring processing or some form of refining before mineral exports, has gained traction across Africa, leading to the establishment of the Africa Minerals Strategy Group.

“The body of African ministers of solid minerals unanimously elected Dr Alake as its pioneer chairman. This is a testament to how his vision has positioned Nigeria as leading the continent’s mining sector renaissance.”

Tomori said reforms to improve the ease of doing business include the launch of the Nigeria Minerals Decision Support System, a web-based platform that provides investors with access to geoscientific and geoeconomic data, interactive maps and infrastructure details.

He, therefore, said it is no surprise that Nigeria is set to cross the N70bn mark in 2025 noting that hough unprecedented, it is still a drop in the ocean, considering the vast potentials of the mining sector.

“The Federal Government is determined to build on the gains in 2026. “We go again in 2026 to surpass this record by consolidating on reforms to ensure solid minerals ultimately becomes a major contributor to our nation’s Gross Domestic Product,” Tomori added.

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