The Federal Government generated N6.96 billion from mining fees in Q1 2025, registering 118 new mineral buying centres. Minister Dr. Dele Alake highlighted revenue growth, international partnerships, and the establishment of the Nigerian Solid Minerals Corporation, which allows public investment.
The Federal Government generated N6.96 billion in mining fees in Q1 2025, alongside the registration of 118 new private mineral buying centres. Minister of Solid Minerals Development, Dr. Dele Alake, announced these figures at the second Annual Mining Conference in Abuja, highlighting ongoing efforts to enhance awareness and investment in the mining sector.
The Mining Cadastral Office processed 955 applications for mining titles, which included 651 exploration licenses, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits. A total of 867 applications were approved, consisting of 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and five mining leases.
Revenue from mining includes annual service fees, application processing fees, and title renewals. MCO has improved conflict resolution to mitigate disputes over ownership issues in the industry.
Alake mentioned progress in establishing the Nigerian Solid Minerals Corporation, aimed at creating a globally competitive entity drawing on domestic expertise and capital. A public offer will allow citizens to invest, with 25% equity reserved for them and the government, while 50% is allocated to the private sector.
The ministry’s revenue generation surpassed the projected N11 billion for 2024, achieving N38 billion. Alake noted the influence of international partnerships, including a commitment from the French government for laboratory upgrades and training of Nigerian geologists in advanced mining technologies.
Furthermore, agreements with the Government of Western Australia and MOUs with British and Saudi investors aim to enhance the mineral value chain and capacity building in geology with South Africa. Alake stressed that these initiatives position Nigeria as a leader in African mining, with plans to launch Lithium, bauxite, and gold refining plants this quarter.
In Q1 2025, the Federal Government’s mining sector made substantial progress, generating N6.96 billion in fees and approaching new development through the establishment of the Nigerian Solid Minerals Corporation. International collaborations are set to enhance local mining capabilities, marking Nigeria’s leadership in Africa’s mining landscape as it prepares for future investments and refining projects.
Original Source: guardian.ng