Nigeria’s solid minerals revenue hits N101bn in nine months — Minister

Nigeria’s solid minerals sector generated more than N101 billion in revenue January through September, up from N6 billion in 2023, the Minister of Solid Minerals Development, Dele Alake, has said.

Mr Alake attributed the improvement to the reforms introduced by President Bola Tinubu’s administration, saying revenue from the sector rose to N38 billion in 2024 and N70 billion in 2025 before topping N101 billion in the first nine months of 2026.

He disclosed the figures on Tuesday in Abuja at the unveiling of the All Progressives Congress 2027–2031 manifesto.

According to the minister, figures from the Central Bank of Nigeria showed that revenue from the sector continued to rise in 2026.

“When I resumed there in 2023, the total revenue that the sector generated was N6 billion. With the introduction of creative policies and reforms, within one year, in 2024, it rose to N38 billion. By 2025, it rose to N70 billion,” he said.

Mr Alake said the increase demonstrates the impact of the administration’s economic policies and efforts to restructure the mining sector.

The minister defended the removal of petrol subsidy and the unification of multiple exchange rates, arguing that President Tinubu has prioritised national interest over political considerations ahead of the 2027 general election.

“Ordinary politicians will think of the next election and avoid contentious policies that probably could mar their political aspirations. But not President Bola Tinubu. He puts the nation ahead of self,” he noted.

Mr Alake asserted that no civilian government since Nigeria’s independence in 1960 has undertaken structural reforms on the scale of the current administration.

He said the new manifesto will consolidate the reforms and extend their benefits to security, healthcare, agriculture, industrialisation, manufacturing and solid minerals.

The minister added that the administration’s objective is to translate macroeconomic improvements into better living conditions for Nigerians.

Mining sector’s economic potential

Nigeria has deposits of several commercially valuable minerals, including lithium, gold, iron ore, limestone, barite, coal and lead-zinc, but the sector has historically contributed relatively little to the country’s overall economic output.

The government has repeatedly identified mining as an alternative source of revenue and foreign exchange earnings, particularly as it seeks to reduce dependence on crude oil.

However, the sector continues to face challenges, including illegal mining, weak regulation, insecurity in mining communities, limited processing capacity and inadequate geological data.

The government has also been stepping up efforts to expand local processing and value addition rather than the exportation of raw mineral resources, with the aim of creating jobs and scaling up industrial activity.

Also speaking at the event, the Minister of Information and National Orientation, Mohammed Idris, urged Nigerians to support the administration’s economic reforms, saying their benefits are becoming evident across different sectors.

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Mr Idris cited improved security on the Abuja-Kaduna and Abuja-Kano highways, 1.6 million beneficiaries of the student loan scheme, declining inflation and rising gross domestic product as evidence of progress.

He also said Nigeria’s removal from the Financial Action Task Force grey list and improved international credit ratings have strengthened investor confidence.

Minister of Budget and Economic Planning Atiku Bagudu said the president believes Nigeria can attain the level of economic development recorded by countries such as Brazil.

He stated that Nigerians have begun to experience the benefits of having a leader willing to take difficult decisions, particularly in implementing economic reforms.