The Federal Government has announced the generation of ₦6.96 billion in mining-related fees and the registration of 118 new private mineral buying centres in the first quarter of 2025, as part of a broader push to reform and revitalize Nigeria’s solid minerals sector.
Minister of Solid Minerals Development, Dele Alake, disclosed the figures while speaking at the second annual Mining Conference hosted by BusinessDay in Abuja. The minister highlighted the revenue as a result of deliberate efforts to raise awareness, streamline licensing, and attract private-sector investment into the mining ecosystem.
According to a statement issued by his media aide, Segun Tomori, the revenue was generated by the Mining Cadastral Office (MCO) the agency responsible for issuing mining titles and collecting related fees. The funds came from 955 title applications, which included payments for annual service charges, application processing, and renewal of mining titles.
“The Federal Government collected ₦6,957,826,200 in mining fees and registered 118 new private mineral buying centres in the first quarter of this year,” the statement said.
The MCO approved 651 applications for various mining activities:
- Exploration Licences: 512
- Small-Scale Mining Leases: 295
- Quarry Leases: 60
- Mining Leases: 5
Additionally, the office approved:
- 270 titles for small-scale mining
- 49 quarrying permits
- 24 reconnaissance permits
Alake also noted that the Ministry has intensified efforts in conflict resolution, working to minimize disputes and legal challenges arising from overlapping title claims issues that have historically slowed down mining operations and deterred investors.
Another key highlight of his address was progress on the establishment of the Nigerian Solid Minerals Corporation a planned state-backed entity aimed at transforming Nigeria into a competitive global player in the mining industry.
“We are finalising its structure in partnership with the Ministry of Finance Incorporated,” Alake said. “It will be a globally competitive company rooted in Nigerian expertise and capital.”
The structure of the corporation, he revealed, will feature a balanced ownership model:
- 25% equity reserved for Nigerian citizens via public offering
- 25% for the Federal Government
- 50% for private-sector participation
The minister also praised the Ministry’s fiscal performance, highlighting how it exceeded the 2024 revenue target of ₦11 billion, raking in over ₦38 billion an overperformance of ₦27 billion.
“We have demonstrated that with the right policies, transparency, and public-private collaboration, the solid minerals sector can become a major contributor to national revenue,” Alake said.
As the government pushes ahead with reforms, stakeholders say the focus must remain on sustainability, investor confidence, and regulatory clarity to build a resilient mining sector capable of contributing significantly to Nigeria’s economic diversification agenda.
