The Federal Government of Nigeria, through the Ministry of Solid Minerals Development, has announced a revenue generation of N6.96 billion from mining fees in the first quarter of 2025. The announcement was made by the Minister of Solid Minerals Development, Dr. Dele Alake, during the Second Annual Mining Conference organized by BusinessDay Newspaper in Abuja.
According to a statement issued by his Special Assistant on Media, Segun Tomori, the revenue came from 955 title grant applications, processed through the Mining Cadastral Office. These fees included annual service charges, application processing, and renewal of mining titles.
The Ministry also registered 118 new private mineral buying centres, signalling increased investor confidence and a boost in sector activity.
“The Federal Government collected N6,957,826,200 in mining fees and registered 118 new buying centres in Q1 2025,” the statement read.
Out of the total applications, 651 titles were approved for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits. Furthermore, 867 applications were approved, comprising 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and 5 mining leases.
Dr. Alake emphasized the Ministry’s commitment to reducing conflicts related to overlapping titles by enhancing conflict resolution mechanisms within the cadastral office.
The Minister also revealed ongoing efforts to establish the Nigerian Solid Minerals Corporation, a special-purpose vehicle aimed at transforming Nigeria into a global mining player. The corporation’s structure, being developed with the Ministry of Finance Incorporated, will allocate 25% equity to Nigerian citizens, 25% to the government, and 50% to private investors through a public offer.
In a strong show of fiscal performance, Alake noted that the Ministry exceeded its 2024 revenue target of N11 billion by generating N38 billion, surpassing projections by N27 billion.
