Solid Minerals revenue hits ₦38bn, as Alake reports $800m in new investments

The Minister of Solid Minerals Development, Dele Alake, has disclosed that revenue generated from the solid minerals sector has risen significantly from ₦6 billion to ₦38 billion annually, attributing the increase to ongoing reforms and targeted policies.

Speaking during a stakeholders’ meeting held as part of President Bola Tinubu’s one-day working visit to Nasarawa State, Alake revealed that the sector has also attracted over $800 million in direct foreign investment due to the ministry’s emphasis on local value addition.

“When I assumed office, the total annual revenue in this sector was ₦6 billion. With the President’s unwavering institutional backing for our initiatives and policy reforms, that figure has grown to ₦38 billion in just one year,” Alake said.

The minister also announced that over 300 illegal mining operators had been arrested since the establishment of the Mines Marshal unit. Of these, more than 150 are currently undergoing prosecution, while 15 convictions have already been secured.

According to Alake, a major policy shift now mandates that no raw minerals be exported without prior local processing. He noted that this change had had a strong impact, compelling operators to shift from simple extraction to factory construction for local processing.

He credited Nasarawa State for being at the forefront of these developments, stating that “due to the impact of this local value addition policy, we have attracted over $800 million in direct foreign investment into the sector in Nasarawa alone.”

Alake further disclosed a recent $400 million agreement for a rare earth minerals and critical metals plant, set to be the largest of its kind in Africa, to be located in Nasarawa State. Once completed, the facility is expected to create over 10,000 jobs. He added that processing centres would be established in other geopolitical zones to ensure nationwide benefit.

He reaffirmed the ministry’s ongoing efforts to safeguard mining investments through the Mines Marshal unit, improved mine surveillance logistics, and satellite monitoring systems—initiatives approved by President Tinubu.

To curb illegal activities, the ministry has encouraged artisanal miners to form cooperatives. “We have formalised over 250 artisanal mining cooperatives in Nigeria. These groups are now registered, structured, and eligible to access financial support,” he said.

Alake also revealed that over 2,000 mining licences had been revoked for violations such as non-payment of royalties and hoarding of licences without actual mining activity. To attract serious investors, licence fees were adjusted, and the licensing process was digitised through a Decision Support System (DSS).

Acknowledging challenges, Alake admitted the reforms had faced resistance. “The Mines Marshals have been targeted with blackmail and harassment because of their firm stance against illegal mining,” he stated.

“But despite resistance and coordinated opposition, Mr President has remained resolute. His commitment to reform is unwavering,” he added.

In his remarks, Governor Abdullahi Sule of Nasarawa State expressed gratitude to Alake and President Tinubu for their continued support, which he said had brought processing industries to the state.

He also appealed to the President to accelerate exploration work at an oil well in Obi Local Government Area, noting a significant discovery of hydrocarbons with reserves estimated in excess of one billion barrels.