Q1 Mining Miracle: FG’s Revenue Hits ₦6 Billion Mark Amid Sector Growth Surge

The Federal Government has announced that it generated ₦6.95 billion in mining fees during the first quarter of 2025.

Minister of Solid Minerals, Dele Alake, made this known in a statement on Monday, highlighting key developments in the sector. According to him, 118 new private mineral buying centers were registered within the same period.

Alake also revealed that the Mining Cadastral Office (MCO) received 955 applications for mining titles in Q1. These included 651 for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits.

Out of these, 867 applications were approved—comprising 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and 5 mining leases.

The minister described the figures as a testament to the government’s continued efforts to attract investment into Nigeria’s mining industry. He also reaffirmed the Ministry’s resolve to halt the export of raw minerals without value addition.

“I am pleased to share significant strides in our mining sector. In the first quarter alone, the Federal Government generated ₦6,957,826,200 in mining fees and registered 118 new private mineral buying centers,” Alake said.

He added, “These milestones reflect our growing success in promoting the sector and boosting investor interest.”

Alake further noted the ongoing establishment of the Nigerian Solid Minerals Corporation, a special-purpose vehicle designed to enhance Nigeria’s global presence in mining. He said the government is working with the Ministry of Finance Incorporated (MOFI) to finalize the structure, which will also allow Nigerians to invest through a public offering.