Minister of Solid Minerals Development, Dr. Dele Alake, has disclosed that Nigeria’s solid minerals sector generated over ₦30 billion in revenue between January and September 2025, with the South-West region contributing ₦7.2 billion, the highest among all geopolitical zones.
Alake made the revelation on Wednesday at the South-West Leaders Conference held in Akure, Ondo State, where he presented an update on the progress and reforms of the sector under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
He said the reforms introduced by the ministry had restored order to the mining sector, improved transparency, and boosted investor confidence.“Against the paltry figure of ₦8.6 billion collected in 2022, revenue rose to ₦14.9 billion in 2023 and further to ₦38 billion in 2024. Between January and September this year, we have already recorded ₦30 billion,” Alake stated.
He attributed the rise in revenue to the ongoing Seven-Point Agenda developed by the ministry to consolidate domestic growth and improve international competitiveness. The plan, he said, was inspired by President Tinubu’s commitment to reform key economic sectors.
Alake highlighted the establishment of the Mining Marshals—a special unit of the Nigeria Security and Civil Defence Corps (NSCDC)—as one of the major steps taken to tackle insecurity and illegal mining across the country.
“The Mining Marshals have restored over 90 mining sites illegally occupied by bandits to legitimate licensees and are prosecuting over 300 violators,” he said.“This intervention has brought relative order to mining communities and encouraged legal operators to return to their sites.”
According to the minister, the success of these measures led to President Tinubu’s lifting of the five-year ban on mining in Zamfara State, following improved security in the area.Alake further announced that the Federal Executive Council had approved ₦2.5 billion for the take-off of a Mines Satellite Monitoring Project, which will track mineral movements, detect illegal operations, and report revenue accruing from mineral transportation.
Highlighting the South-West’s growing importance in the sector, the minister cited the Segilola/Thor Gold Project in Osun State as Nigeria’s most successful mining operation, with a $193 million turnover in 2024 and over 2,000 employees, 80 percent of whom are youths below 40 years.
He revealed that companies from the South-West hold 1,801 mineral titles out of 9,592 nationwide, including exploration and quarry licences, with Ogun, Oyo, and Osun leading in the number of registered operators.
The minister also disclosed that 99 Community Development Agreements (CDAs) have been signed in the South-West, with 45 of them sealed within the past two years — more than doubling the records achieved in the previous 15 years.
Alake noted that the ministry’s reforms, including the revocation of 3,794 dormant mining titles, have reduced speculation and attracted serious investors. The Mining Cadastral Office has also seen a revenue jump from ₦6 billion in 2023 to ₦12.5 billion in 2024, and ₦26.7 billion between January and October this year.
He added that the administration’s drive for value addition in mineral processing has drawn over $1.7 billion in foreign direct investment (FDI), including the forthcoming $400 million rare earth plant and new lithium processing facilities by international firms.
“Our past is a story already told. Our future shall be written in gold,” Alake declared, urging traditional rulers and community leaders to support the fight against illegal mining and embrace cooperatives and value addition as pathways to sustainable growth.
