The commitment of President Bola Tinubu’s administration to reposition Nigeria’s solid minerals sector as a major alternative revenue source is yielding tangible results, with sectoral earnings recording a triple-fold increase within two years.

This was disclosed in a statement issued in Abuja by Segun Tomori, Special Assistant on Media to the Minister of Solid Minerals Development, Dr. Dele Alake.

According to Tomori, revenue from the solid minerals sector rose from ₦16 billion in 2023 to ₦38 billion in 2024 and is now projected to surpass ₦70 billion, reflecting a significant operational turnaround since Alake assumed office.

“It is no coincidence that revenue from solid minerals has surged astronomically since the advent of the Tinubu administration,” Tomori said. “From a paltry ₦16 billion in 2023, earnings climbed to ₦38 billion in 2024 and are now on track to cross the ₦70 billion mark under the stewardship of Dr. Dele Alake.”

He recalled that upon assuming office, the minister introduced a seven-point reform agenda aimed at attracting credible investors, restoring confidence, and sanitising the mining sector.

As part of the reforms, the ministry revoked licenses held by non-performing operators. In late 2023, 1,633 licences were withdrawn over unpaid service fees, while an additional 924 dormant licences were revoked in early 2024 to free up opportunities for serious investors.

These measures, Tomori said, have boosted investor confidence, leading to the emergence of lithium processing plants across the country and plans for a $400 million rare earth metals facility. He disclosed that the sector has attracted an estimated $1.5 billion in foreign direct investment since 2023.

Addressing the challenge of illegal mining, Tomori noted that the establishment of Mining Marshals in 2024 has begun to yield results, with over 300 illegal miners arrested, 150 undergoing prosecution, and 98 illegal mining sites recovered. He added that nationwide satellite surveillance of mining activities is expected to commence in 2026 to further strengthen enforcement.

To promote inclusivity, the minister also introduced a cooperative federalism model, allowing states to apply for mining licences and operate as limited liability companies. This approach has led to joint venture investments in states such as Nasarawa, Kaduna, Oyo, Abuja, and others.

Nigeria’s push for local value addition before mineral exports has also gained continental recognition, resulting in the creation of the Africa Minerals Strategy Group, where African ministers unanimously elected Dr. Alake as its pioneer chairman.

Further reforms to ease doing business include the launch of the Nigeria Minerals Decision Support System, a digital platform that provides investors with access to geoscientific data, interactive maps, and infrastructure information.

Tomori said while the projected ₦70 billion revenue mark is unprecedented, it represents only a fraction of the sector’s vast potential.

“The Federal Government is determined to build on these gains in 2026 by consolidating ongoing reforms to ensure solid minerals become a major contributor to Nigeria’s Gross Domestic Product,” he added.