{"id":119177,"date":"2025-05-25T19:59:04","date_gmt":"2025-05-25T18:59:04","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=119177"},"modified":"2025-05-25T19:59:04","modified_gmt":"2025-05-25T18:59:04","slug":"solid-mineral-fg-generates-800m-n38bn-in-2024-minister","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/solid-mineral-fg-generates-800m-n38bn-in-2024-minister\/","title":{"rendered":"Solid Mineral: FG generates $800m, N38bn in 2024 &#8211; Minister"},"content":{"rendered":"<div id=\"m#msg-f:1833119594120555558\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">By Myke Agunwa<\/div>\n<div id=\"m#msg-f:1833119594120555558-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div><\/div>\n<div>Since President Bola Tinubu assumed office, Nigeria\u2019s solid minerals sector in 2024 alone has attracted over $800 million in processing projects, signaling growing investor confidence and a move away from mere raw mineral exportation to local processing and industrialization.<\/div>\n<div><\/div>\n<div>Revenue generation also saw a dramatic rise from just \u20a66 billion in the previous year to over \u20a638 billion, a sixfold increase, despite the sector receiving only 18% of its \u20a629 billion budgetary allocation.<\/div>\n<div><\/div>\n<div>The Minister of Solid Minerals Development, Dr Dele Alake, revealed this during a feature interview for an upcoming State House documentary marking President Tinubu&#8217;s second anniversary.<\/div>\n<div><\/div>\n<div>Alake according to a statement by Presidential spokesperson, Bayo Onanuga, said that the sector has witnessed an increase in investor interest buoyed by the administration&#8217;s mining sector reforms.<\/div>\n<div><\/div>\n<div>He said that the transformation reflects a more efficient, accountable, and investment-driven approach, positioning the solid minerals sector as a potential backbone of Nigeria\u2019s economic diversification agenda under the Tinubu administration.<\/div>\n<div><\/div>\n<div>He listed the $600 million lithium processing plant near the Kaduna-Niger border, to be commissioned this quarter, the $200 million lithium refinery on the outskirts of Abuja, nearing completion, and two additional processing plants in Nasarawa, slated for commissioning before Q3 2025.<\/div>\n<div><\/div>\n<div>&#8220;These investments follow the administration&#8217;s insistence that no miner gets a license without a clear local processing plant. The days of exporting raw minerals from pit to port are over.<\/div>\n<div><\/div>\n<div>&#8220;When we resumed, the entire sector generated \u20a66 billion annually. By the end of 2024, we hit \u20a638 billion. And this was with just 18% of our \u20a629 billion budgetary allocation released. It shows how effective our policy framework has been,&#8221; Dr. Alake stated.<\/div>\n<div><\/div>\n<div>According to the Minister, in the first quarter of 2025 alone, two regulatory agencies\u2014the Mining Cadastral Office (MCO) and the Mines Inspectorate\u2014have already recorded \u20a66.9 billion and \u20a67 billion in revenue, respectively.<\/div>\n<div><\/div>\n<div>The Minister projected this year to be a record-breaking one for the sector, adding that the current budget allocated \u20a61 trillion for mineral exploration, targeted at generating internationally certified geological data.<\/div>\n<div><\/div>\n<div>&#8220;Exploration is key. When we came in, Nigeria had spent just $2 million on exploration, compared to $40 million in Sierra Leone, $148 million in C\u00f4te d&#8217;Ivoire, and over $300 million in South Africa. No serious investor will touch your sector without credible data,&#8221; he said.<\/div>\n<div><\/div>\n<div>&#8220;We are now focused on turning our mineral wealth into domestic economic value\u2014jobs, technology, and manufacturing,&#8221; he said.<\/div>\n<div><\/div>\n<div>As part of its seven-point agenda, the Minister said he has taken aggressive steps to curb illegal mining and formalise artisanal activity.<\/div>\n<div><\/div>\n<div>He noted that over 300 illegal miners were arrested last year, 150 prosecutions are ongoing, and nine convictions have been secured, including foreign nationals.<\/div>\n<div><\/div>\n<div>&#8220;We adopted both kinetic and non-kinetic strategies. While enforcement has yielded results through the Mining Marshals, we&#8217;re also empowering locals by formalising them into cooperatives, making them eligible for finance and revenue sharing,&#8221; he said.<\/div>\n<div><\/div>\n<div>He added that over 250 mining cooperatives have been established nationwide to absorb informal miners into the formal economy.<\/div>\n<div><\/div>\n<div>The Minister said Nigeria now chairs the newly formed African Mineral Strategy Group, a continental bloc focused on ensuring local value addition and fairer mineral trade deals across Africa.<\/div>\n<div><\/div>\n<div>&#8220;This was a direct result of Nigeria&#8217;s position at the 2024 Future Minerals Conference in Riyadh. We&#8217;re leading Africa in saying: no more raw material exports without domestic beneficiation.&#8221;<\/div>\n<div><\/div>\n<div>Reflecting on the rising investor confidence, Alake noted that top global players, including UK, US, Saudi Arabia, and UAE officials, have expressed interest in Nigeria&#8217;s lithium and other critical minerals.<\/div>\n<div><\/div>\n<div>&#8220;The former British Deputy Prime Minister personally invited me to Downing Street to discuss their interest in Nigerian lithium,&#8221; Alake said.<\/div>\n<div id=\"m_1096729535769092154ymail_android_signature\"><\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Myke Agunwa Since President Bola Tinubu assumed office, Nigeria\u2019s solid minerals sector in 2024 alone has attracted over $800 million in processing projects, signaling growing investor confidence and a&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":106464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-119177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Solid Mineral: FG generates $800m, N38bn in 2024 - Minister - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/solid-mineral-fg-generates-800m-n38bn-in-2024-minister\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solid Mineral: FG generates $800m, N38bn in 2024 - Minister - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"By Myke Agunwa Since President Bola Tinubu assumed office, Nigeria\u2019s solid minerals sector in 2024 alone has attracted over $800 million in processing projects, signaling growing investor confidence and a&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pointblanknews.com\/pbn\/news\/solid-mineral-fg-generates-800m-n38bn-in-2024-minister\/\" \/>\n<meta property=\"og:site_name\" content=\"Pointblank News\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-25T18:59:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2023\/07\/Dele-Alake-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Our Reporter\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Our Reporter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/solid-mineral-fg-generates-800m-n38bn-in-2024-minister\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/solid-mineral-fg-generates-800m-n38bn-in-2024-minister\/\"},\"author\":{\"name\":\"Our Reporter\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"headline\":\"Solid Mineral: FG generates $800m, N38bn in 2024 &#8211; 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