Nigeria's mining revenue has tripled in two years under new reforms. According to a statement from the Ministry of Solid Minerals Development, earnings jumped from 16 billion naira in 2023 to 38 billion in 2024, with projections to cross 70 billion naira this year. Minister Dele Alake, appointed under President Bola Tinubu, has pursued a seven-point agenda, including revoking over 2,500 dormant licenses to free space for serious investors, attracting an estimated 1.5 billion dollars in foreign direct investment.
Key initiatives included establishing a mining marshal corps to tackle illegal operations, resulting in over 300 arrests and nearly 100 illegal site recoveries. The ministry also revised community agreements to require host consent for licenses and introduced a cooperative federalism model, allowing states to form mining companies. Technological upgrades like a national satellite surveillance system for mining sites are planned for next year, alongside a new online data portal for investors.
Nigeria's push for local mineral processing, particularly for lithium and rare earth metals, gained continental traction, leading to Alake's election as the inaugural chair of the Africa Minerals Strategy Group. The government acknowledges that the current revenue, while a record high, is still minimal compared to the sector's vast potential, pledging to intensify reforms in 2026 to make solid minerals a major GDP contributor.
Key initiatives included establishing a mining marshal corps to tackle illegal operations, resulting in over 300 arrests and nearly 100 illegal site recoveries. The ministry also revised community agreements to require host consent for licenses and introduced a cooperative federalism model, allowing states to form mining companies. Technological upgrades like a national satellite surveillance system for mining sites are planned for next year, alongside a new online data portal for investors.
Nigeria's push for local mineral processing, particularly for lithium and rare earth metals, gained continental traction, leading to Alake's election as the inaugural chair of the Africa Minerals Strategy Group. The government acknowledges that the current revenue, while a record high, is still minimal compared to the sector's vast potential, pledging to intensify reforms in 2026 to make solid minerals a major GDP contributor.
