By Jemimah Wellington, JKNewsMedia Reporter
NIGERIA’s FEDERAL Government announces it has raked in over N6.9 billion from mining-related fees and registered 118 new private mineral buying centres within the first quarter of 2024.
This is marking a surge in regulatory engagement and investor interest across Nigeria’s solid minerals sector, the FG said.
The Minister of Solid Minerals Development, Dr Dele Alake, disclosed the figures during the second Annual Mining Conference hosted by BusinessDay newspaper in Abuja.
Addressing participants under the theme “Building A Resilient Mining Sector”, Alake detailed a raft of activities by the Ministry aimed at tightening operational frameworks, enhancing transparency, and positioning Nigeria as a dominant force in global mining.
The revenue, totalling N6,957,826,200, was generated through 955 licence applications processed by the Mining Cadastral Office (MCO)—an agency responsible for administering mining titles.
These included 651 applications for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance.
Of the applications reviewed, 867 were approved: 512 exploration licences, 295 small-scale mining leases, 60 quarry leases, and five mining leases.
“These fees stemmed from annual service charges, application processing fees, and renewals,” the Minister said, noting the MCO’s expanded efforts to resolve land title disputes and reduce legal petitions stemming from overlapping claims.
Dr Alake confirmed that the Ministry is finalising the structure of the Nigerian Solid Minerals Corporation, a proposed state-backed entity intended to drive strategic investment across the value chain.
He described it as a “veritable special-purpose vehicle” aimed at lifting Nigeria into the league of major global mining economies.
“We’re partnering with the Ministry of Finance Incorporated (MOFI) to ensure its structure is globally competitive, yet deeply Nigerian in capital and expertise,” Alake stated.
“The equity structure reserves 25% for Nigerian citizens via public offer, 25% for government, and 50% for private investors.”
He highlighted that revenue performance has already exceeded expectations, with the Ministry’s 2024 target of N11 billion surpassed by an additional N27 billion—bringing the total to N38 billion.
Alake emphasised the impact of international cooperation, citing a recent commitment by the French government to upgrade the Nigeria Geological Survey Agency’s (NGSA) laboratory and train young geologists in modern mining technologies.
The pledge followed the signing of a Memorandum of Understanding between President Bola Tinubu and French President Emmanuel Macron.
Also on the global front, the Government of Western Australia has approved a recurring training scheme for Nigerian mining professionals.
The first cohort is set to travel next month, he stated, adding that the British and Saudi Arabian investors are jointly exploring opportunities in Nigeria’s mineral value chain, and South Africa recently signed a capacity-building MOU focused on geological sciences.
Alake further noted the success of the Ministry’s value addition policy, which he said has “enhanced local beneficiation” and solidified Nigeria’s leadership in Africa’s mining landscape.
“Nigeria emerged as the pioneer chairperson of the African Minerals Strategy Group (AMSG),” he said, attributing the role to the country’s vocal stance against the export of raw minerals without processing.
“We’re already seeing results. Lithium, bauxite, and gold refining plants will be commissioned this quarter.”