Minister Dele Alake announces Nigeria generated N6.9 billion in mining fees and registered 118 new mineral buying centers in Q1 2025, signaling growth and investor confidence in the sector
The Minister of Solid Minerals Development, Dele Alake, has announced significant growth in Nigeria’s mining sector, revealing that the Federal Government collected N6,957,826,200 in mining fees and registered 118 new private mineral buying centers in the first quarter of 2025.
Also read: SANWO-OLU FELICITATES ALAKE OF EGBALAND, OBA GBADEBO AT 80
Speaking at the second Annual Mining Conference organized by Businessday newspaper in Abuja, Minister Alake attributed the increased revenues to the Ministry’s successful efforts in raising awareness and attracting investors.
According to Alake, the mining fees, collected by the licensing parastatal Mining Cadastral Office (MCO), stemmed from 955 title applications, including 651 for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits.
He also disclosed that he approved 867 applications during the same period, encompassing 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and 5 mining leases.
The revenues were generated from various fees, including annual service fees, application processing fees, and title renewals.
Alake also highlighted MCO’s increased focus on conflict resolution to minimize petitions related to overlap and ownership disputes.
Furthermore, Minister Alake revealed significant progress in establishing the Nigerian Solid Minerals Corporation, aiming to position it as a globally competitive special-purpose vehicle.
“We are finalising its structure in partnership with the Ministry of Finance Incorporated (MOFI). Nigerians will have the opportunity to invest through a public offer, with 25% equity reserved for citizens, 25% for the government, and 50% for the private sector,” he stated.
Alake also highlighted the Ministry’s strong revenue performance, surpassing the 2024 projected revenue of N11 billion by generating N38 billion.
He emphasized the positive impact of international engagements, noting commitments from the French government to equip the Nigeria Geological Survey Agency (NGSA) laboratory and train Nigerian geologists, following an MOU signed by Presidents Tinubu and Macron.
Additionally, the Government of Western Australia has approved regular training for Nigerian mining professionals.
“British and Saudi Arabian investors are coming together to invest across the mineral value chain, and just a few days ago, we signed an MOU on capacity building in the geology field with South Africa,” Alake added.
Citing the success of his value addition policy, Minister Alake stated that it has enhanced local beneficiation and positioned Nigeria as a leading mining nation in Africa.
“Nigeria emerged as the pioneer chairperson of the African Minerals Strategy Group (AMSG) based on our advocacy for value addition and opposition to the reckless exportation of raw minerals without processing or refining. One of our goals is to use this position to attract investment to Africa and Nigeria.
He stated that this is already yielding fruits as we will commission some Lithium, bauxite, and gold refining plants this quarter,” he concluded.
