Nigeria Rakes in N7Billion from Mining Licences
Nigeria has generated nearly ₦7 billion in mining license fees in the first quarter of the year, according to the Minister of Solid Minerals Development, Dr. Dele Alake.
The minister made this disclosure while speaking at the Organisation for Economic Cooperation and Development (OECD) Forum in Paris, France.
Dr. Alake attributed the significant growth in the mining sector to the Federal Government’s efforts to formalize artisanal cooperatives and approve hundreds of licenses, all while pushing for sustainability, value addition, and investor confidence.
He noted that the country has formalized over 1,200 artisanal cooperatives, a move that is expected to increase revenue generation and create more jobs in the sector.
The minister emphasized the need for Africa to lead the global energy transition, stating that the continent must move from exporting raw materials to owning the future of clean energy.
As Chair of the Africa Mineral Strategy Group, Dr. Alake is working closely with leaders across the continent to unlock inclusive, long-term growth from Africa’s rich mineral resources.
“Africa is strategically important in the global energy transition, with a growing share in the global supply of critical minerals such as cobalt, lithium, copper, and tantalum.
“It’s time for Africa to shift from being mere exporters of raw materials to becoming leaders in value-added processing and high-value mineral supply chains,” Dr. Alake said.
The minister called for a paradigm shift in Africa’s approach to mineral resources, emphasizing the need for value addition, resource mobilization, and responsible development.
He noted that building resilient, transparent, and ethical mineral supply chains requires multi-stakeholder collaboration between governments, the private sector, civil society, and local communities.
Dr. Alake stressed that Nigeria is ready to work with global partners to promote responsible sourcing, encourage beneficiation, and deliver long-term economic value.
He underscored the importance of global partnerships in building a resilient and sustainable mining sector, highlighting the critical role of mining in the global shift toward greener energy.
“The future of electricity, transportation, telecommunications, and indeed global prosperity depends on the work we do here.
“Let us embrace this opportunity, not just to discuss change, but to drive it,” Dr. Alake said.
The minister’s statement has been hailed as a major breakthrough in Nigeria’s efforts to diversify its economy and reduce its dependence on oil exports.
The country’s mining sector has been identified as a key area of growth, with vast deposits of minerals such as gold, iron ore, and limestone.
The OECD Forum, which brings together leaders from around the world to discuss economic development and cooperation, provided a platform for Dr. Alake to showcase Nigeria’s progress in the mining sector.
The minister’s message of cooperation and sustainable development is expected to resonate with global leaders and investors, who are increasingly looking to Africa as a key player in the global energy transition.
As Nigeria continues to make strides in the mining sector, the country is poised to become a major player in the global economy. With its rich mineral resources and commitment to sustainable development, Nigeria is well-positioned to drive growth and prosperity, not just for itself, but for the entire African continent.
