Solid Minerals Revenue Jumps Sharply Under Tinubu, Hits ₦58bn in 10 Months

Revenue from Nigeria’s solid minerals sector has grown sharply under President Bola Ahmed Tinubu, rising from just ₦6 billion in 2023 to over ₦38 billion in 2024.

The growth has continued in 2025, with official figures showing that the sector generated ₦58.64 billion between January and October, already far above last year’s total.

The surge is largely linked to new policies aimed at tightening regulation and improving value addition.

The federal government now requires mining companies to show clear plans for local processing before licences are granted, reducing the export of raw minerals and increasing earnings within the country.

Security measures have also played a key role. The deployment of mining marshals has helped curb illegal mining activities, recover mining sites and bring offenders to justice.

In addition, the Mining Cadastre Office upgraded its digital systems, improving transparency and boosting revenue collection significantly this year.

Investment in the sector has increased as a result of these reforms. In 2024 alone, the solid minerals industry attracted more than $800 million in foreign investment, including major lithium processing projects in Kaduna and the Abuja area.

With the current pace of growth, government projections suggest that revenue from the sector could exceed ₦70 billion by the end of 2025.

Authorities say plans are also underway to expand exploration activities, with ₦1 trillion set aside to improve geological data and attract even more investors.