FG Generates N6.96bn in Mining Fees- Alake

By Tracy Moses

The Federal Government has recorded a revenue of N6.96bn from mining fees and successfully registered 118 new private mineral buying centres in the first quarter of 2025, Minister of Solid Minerals Development, Dr. Dele Alake has said.

Alake disclosed this at the Second Annual Mining Conference hosted by BusinessDay newspaper in Abuja, on Monday.

The Minister stated that the revenue, which was generated by the Mining Cadastral Office (MCO), stemmed from a total of 955 applications for mining titles.

These included 651 applications for exploration licenses, 270 for small-scale mining leases, 49 for quarrying licenses, and 24 for reconnaissance permits.

From these applications, the MCO approved 867 licenses: 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and 5 mining leases.

“These funds were realized through application processing fees, annual service charges, and title renewals,” the Minister explained, adding that the MCO has also ramped up efforts to resolve conflicts and minimize disputes arising from overlapping mining claims.

Alake also provided updates on the Nigerian Solid Minerals Corporation, a new initiative intended to serve as a globally competitive vehicle for attracting investment into the sector.

He said the structure of the corporation is being finalized in collaboration with the Ministry of Finance Incorporated (MOFI), with its ownership divided as follows: 25 percent allocated to Nigerian citizens via public offerings, another 25 percent to the government, and the remaining 50 percent to private sector investors.

Speaking on the conference’s theme, “Building A Resilient Mining Sector,” Alake emphasized that the ministry’s reforms are beginning to yield results.

In his words, the sector had already surpassed its 2024 revenue projection of N11bn by generating N38bn an excess of N27bn.

He further highlighted ongoing international partnerships focused on capacity building and boosting value addition across the mining value chain, as part of broader efforts to transform the sector.