Nigeria’s Ministry of Solid Minerals Development recorded 337% increase in revenue from ₦16 billion in 2023 to more than ₦70 billion in 2025.
According to the Ministry, revenue from the sector grew from N16 billion in 2023 to N38 billion in 2024 and is projected to exceed N70 billion by the end of 2025.
The improvement follows the implementation of the Minister of Solid Minerals Development Dr Dele Alake’s 7-point agenda, which focuses on reforms, transparency, investor confidence and local value addition.
As part of the reforms, the ministry:
* Revoked 1,633 mining licences in 2023 over non-payment of annual service fees.
* Revoked another 924 dormant licences early 2024 to create room for serious investors.
* Revised the guidelines for Community Development Agreements (CDAs) to ensure host communities give consent before mining licences are approved.
* Established mining marshals in March 2024 to tackle Illegal mining, identified as a major challenge in the sector.
* Arrested more than 300 illegal miners within a year, with about 150 currently being prosecuted and 98 illegal mining sites recovered.
* Introduced cooperative federalism which encourages states to apply for mining licences and operate via limited liability companies; This has resulted in joint venture investments in states like Nasarawa, Kaduna, Oyo and the Federal Capital Territory (FCT).
* Will start nationwide satellite surveillance of mining sites in 2026, to strengthen enforcement.
Multiple Lithium processing plants are now under construction across the country and a $400 million rare-earth metals facility is in the pipeline, with about $1.5 billion in foreign direct investment (FDI) attracted to the sector since 2023.
