Dele Alake
Picnews
Nigeria’s solid minerals revenue is projected to hit ₦70 billion in 2025, marking a significant 337% increase from ₦16 billion in 2023. This growth is attributed to the government’s reforms and strategic policies, led by Minister of Solid Minerals Development, Dr. Dele Alake.
The sector has seen improved transparency, investor confidence, and local value addition, with lithium processing plants emerging across the country. This is a major shift from the previously underperforming sector, now showing promising signs of growth.
*Revenue Breakdown:*
Year Revenue (₦ billion)
2023 16
2024 38
2025 70 (projected)
The government’s efforts to revamp the sector include revoking 1,633 mining licenses and establishing mining marshals to curb illegal activities. These reforms have boosted investor confidence, with $1.5 billion in foreign direct investment since 2023 .
The solid minerals sector is expected to contribute significantly to Nigeria’s GDP in the coming years. The government’s focus on local value addition and transparency is likely to attract more investors and create jobs.
Dr. Dele Alake’s leadership has been instrumental in driving these reforms. The ministry is working on revising Community Development Agreements to ensure local communities benefit from mining activities.
The projected ₦70 billion revenue is a positive sign for Nigeria’s economic diversification efforts.
