Ministry of Solid Minerals Development don record massive revenue growth of 337 per cent, as earnings rise from N16 billion for 2023 reach over N70 billion by end of 2025. Dis achievement happen under di leadership of di Minister of Solid Minerals Development, Dr Dele Alake.
Special Assistant on Media to di minister, Segun Tomori, disclose dis development and link di strong growth to wide reforms and strategic policies wey don reposition Nigeria mining sector and attract fresh global interest.
According to Tomori, revenue from di sector increase from N16 billion for 2023 to N38 billion for 2024, and di figure dey expected to pass N70 billion before 2025 end. He talk say di improvement follow di implementation of Minister Alake seven-point agenda, wey focus on reforms, transparency, investor confidence and local value addition.
As part of di reform process, di ministry revoke 1,633 mining licences for late 2023 because dem no pay annual service fees. Another 924 inactive licences also face revocation for early 2024, to open space for serious investors. Di ministry also review Community Development Agreement guidelines to ensure say host communities must give consent before any licence approval.
Illegal mining, wey be major problem for di sector, also receive attention with di creation of mining marshals for 2024. Within one year, authorities arrest over 300 illegal miners, prosecute about 150 of dem, and recover 98 illegal mining sites. Tomori add say nationwide satellite monitoring of mining areas go start for 2026 to further strengthen enforcement.
On di issue of federal and state control of mining activities, Tomori say di minister introduce cooperative federalism. Under dis arrangement, states fit apply for mining licences and operate through limited liability companies. Dis approach don lead to joint venture investments for states like Nasarawa, Kaduna, Oyo and di Federal Capital Territory.
He further reveal say lithium processing plants don dey spring up across di country, while one $400 million rare-earth metals facility dey pipeline. Since 2023, about $1.5 billion foreign direct investment don enter di solid minerals sector.
At di continental level, Nigeria push for local value addition lead to di formation of di Africa Minerals Strategy Group, wey elect Dr Dele Alake as di first chairman.
Tomori conclude say although di revenue growth big pass anything wey happen before, e still be small compared to di huge potential of di sector. He add say government go consolidate di reforms for 2026 to make solid minerals one of di major contributors to Nigeria Gross Domestic Product.
