The Federal Government, through the Ministry of Solid Minerals Development, generated N6.96bn in mining fees and registered 118 new private mineral buying centres in the first quarter of 2025.
The Minister of Solid Minerals Development, Dr Dele Alake, who disclosed this at the second Annual Mining Conference organized by BusinessDay newspaper in Abuja, stated that the revenue reflects the outcome of the Ministry’s efforts to raise awareness and attract investors.
In a statement by his special assistant on Media, Segun Tomori, stated that the revenue from mining fees was generated through 955 applications for title grants submitted to the Mining Cadastral Office, the agency responsible for licensing.
According to the statement, “The Federal Government collected N6,957,826,200 mining fees and registered 118 new private mineral buying centres in the first quarter of this year. The revenues are from paying various fees, including annual service fees, application processing fees, and renewal of titles.”
It noted that 651 title applications were approved for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits. The Minister also approved 867 applications, including 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and five mining leases.
He added that the cadastral has intensified efforts in conflict resolution to reduce the number of petitions arising from overlapping claims and ownership disputes.
Alake revealed that the ministry has recorded significant progress in establishing the Nigerian Solid Minerals Corporation which is expected to serve as a special-purpose vehicle that will position Nigeria among the league of global mining players.
Speaking on the theme, “Building A Resilient Mining Sector,” Alake stated that the corporation will be globally competitive and rooted in Nigerian expertise and capital. “We are finalizing its structure in partnership with the Ministry of Finance Incorporated. Nigerians will have the opportunity to invest through a public offer, with 25 per cent equity reserved for citizens, 25 per cent for the government, and 50 per cent for the private sector”, the minister stated.
He also highlighted the ministry’s revenue generation, noting how it exceeded its 2024 projection of N11bn by N27bn to N38bn.
