Nigeria’s solid minerals revenue reached more than N101 billion between January and September 2026, according to the Minister of Solid Minerals Development, Dele Alake.
The figure represents a massive increase from the N6 billion the sector generated in 2023. Speaking on the performance, Alake attributed the surge to the various reforms implemented under the administration of President Bola Tinubu.
The Ministry’s recent data shows that the revenue from the solid minerals sector has grown exponentially as a result of targeted policy shifts aimed at formalising the industry and improving revenue collection mechanisms.
Diversification through mining reforms
For years, Nigeria’s mining sector struggled with low official revenue due to a large informal economy, widespread illegal mining, and a lack of transparent regulatory oversight. Much of the value from Nigeria’s mineral wealth, including gold, lithium, and coal, was traditionally lost to artisanal miners operating outside the formal tax net.
The current administration has focused on addressing these gaps by digitising mining titles, enhancing the monitoring of mining sites, and implementing stricter controls to ensure that operators comply with fiscal obligations. These efforts are part of a broader economic strategy to reduce the country’s heavy reliance on crude oil exports and build a more resilient, diversified economy.
By formalising small-scale mining operations and making it easier for legitimate domestic and international investors to secure licences, the government has successfully increased the volume of minerals entering the official value chain. This shift has allowed the federal government to capture a larger share of the wealth generated from the country’s vast mineral deposits.
Industry analysts suggest that the jump from N6 billion to N101 billion in less than three years indicates a fundamental change in how the state manages its non-oil resources. However, stakeholders have noted that the sustainability of this growth will depend on the government’s ability to maintain security in mining corridors and provide the necessary infrastructure to support large-scale industrial mining.
The Ministry is now expected to intensify its crackdown on illegal mining activities in various northern and central states to ensure that all mineral extraction contributes to the national treasury. The government also intends to accelerate the development of the lithium mining sector to capitalise on the rising global demand for energy transition minerals.
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