The Minister of Solid Minerals Development, Dr. Dele Alake, has announced an accrued N6.9 billion revenue from the mining sector into the Federal Government’s coffers in the first quarter of the year.
A statement by the minister on Monday said FG collected an impressive N6,957,826,200 in mining fees and registered 118 new private mineral buying centres.
According to him, the achievements were a direct reflection of government’s dedicated efforts to raise awareness and attract investors to the mining industry.
He said the Mining Cadastral Office (MCO) has been particularly active, processing 955 applications for title grants, which included 651 for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits.
“I’m proud to say that we approved a total of 867 applications, which consisted of 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and 5 mining leases. One of the most exciting initiatives on the horizon is the establishment of the Nigerian Solid Minerals Corporation.
“This structure will serve as a special-purpose vehicle to elevate Nigeria into the global mining arena. We’re finalising its setup in collaboration with the Ministry of Finance Incorporated (MOFI), and I am particularly excited that Nigerians will have the chance to invest through a public offering,” he said.
According to him, international partnerships are also blossoming.
“Recently, the French government committed to equipping the laboratory of the Nigerian Geological Survey Agency (NGSA) and training young geologists in modern mining techniques. This stems from a memorandum of understanding signed between President Bola Tinubu and French President Emmanuel Macron.
“Additionally, the Government of Western Australia has approved regular training for Nigerian mining professionals, with the first group set to depart next month.
“I’m also pleased about the investments from British and Saudi Arabian entities across the mineral value chain, and just days ago, we signed an MOU with South Africa to enhance our geological capacity,” he added.
He highlighted the impact of the federal government’s economic policy, saying it bolstered local beneficiation and positioned Nigeria as a leader in the African mining landscape.
“Our advocacy for value addition and our stand against the indiscriminate export of raw minerals have led us to become the pioneer chair of the African Minerals Strategy Group (AMSG).
“One of our main goals with this position is to draw more investments to both Africa and Nigeria. Together, we are building a resilient and competitive mining sector for Nigeria,” he said.
