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Cabinet officials

Nigeria's Solid Minerals Sector Sees Record-Breaking Revenue and Investor Interest

Strategic Insights

— 1 min read

Nigeria's solid minerals sector is experiencing a significant upsurge in revenue and investor interest, driven by the Tinubu administration's policy framework. According to Dr. Dele Alake, the Minister of Solid Minerals Development, the sector attracted over $800 million in processing projects in 2025, with revenue generated reaching over ?38 billion in 2024, up from ?6 billion the previous year.

Key Takeaways:

  • The Tinubu administration's policy of local value addition and tightened licensing regime has driven the sector's growth, with revenue generated reaching over ?38 billion in 2024.
  • The sector has attracted over $800 million in processing projects in 2025, with two regulatory agencies; the Mining Cadastral Office (MCO) and the Mines Inspectorate, recording ?6.9 billion and ?7 billion in revenue, respectively, in the first quarter of 2025.
  • The sector has witnessed an increase in investor interest, with top global players, including UK, US, Saudi Arabia, and UAE officials, expressing interest in Nigeria's Lithium and other critical minerals.
  • Over 300 illegal miners were arrested last year, 150 prosecutions are ongoing, and nine convictions have been secured, including foreign nationals, as part of efforts to curb illegal mining.
  • The minister has taken aggressive steps to curb illegal mining and formalise artisanal activity, establishing over 250 mining cooperatives nationwide to absorb informal miners into the formal economy.
  • Nigeria now chairs the African Mineral Strategy Group, a continental bloc focused on ensuring local value addition and fairer mineral trade deals across Africa.

Statistics:

  • Revenue generated by the solid minerals sector in 2024: over ?38 billion
  • Revenue generated by the sector in 2023: ?6 billion
  • Amount of revenue generated in the first quarter of 2025 by the Mining Cadastral Office (MCO) and Mines Inspectorate: ?6.9 billion and ?7 billion, respectively
  • Number of applications received by the Mining Cadastral Office: over 10,000
  • Number of illegal miners arrested in 2024: over 300
  • Number of prosecutions ongoing: 150
  • Number of convictions secured: nine, including foreign nationals
  • Budget allocated for mineral exploration in 2025: ?1 trillion
  • Amount spent by Nigeria on exploration in 2024: no specific amount mentioned
  • Amount spent by Sierra Leone, Cote d'Ivoire, and South Africa on exploration: $40 million, $148 million, and over $300 million, respectively

Sources:

  • News Agency of Nigeria, 25 May 2025: Dr Dele Alake, Minister of Solid Minerals Development.

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