Solid Minerals Sector Posts Impressive Performance, Eyes Investors Through Geological Data Drive

By Inalegwu Osemi, Abuja

The Minister of Solid Minerals Development, Dele Alake, has revealed that the ministry expended approximately 80 per cent of its N31.24 billion allocation for the 2024 fiscal year and generated more than N28 billion in revenue within the same period.
Alake disclosed this while briefing the National Assembly Committee during the ministry’s budget defence session, where he outlined the performance of the 2024 and 2025 budgets and presented projections for the proposed 2026 estimates.

He stated that the ministry’s performance underscores enhanced operational efficiency, strengthened monitoring frameworks, and targeted reforms designed to reposition the solid minerals sector as a vital pillar of Nigeria’s economic diversification strategy.
According to the minister, key milestones achieved in 2024 include the reinforcement of surveillance and enforcement operations across mining sites nationwide to combat illegal mining. He explained that these interventions have improved regulatory compliance, boosted revenue, and protected the nation’s mineral assets.
Alake further informed lawmakers that the ministry recorded over N28 billion in revenue in 2024, attributing the achievement to ongoing sectoral reforms, streamlined licensing procedures, and stricter regulatory supervision.
Looking ahead, he highlighted the ministry’s strategic priority of acquiring comprehensive geological data to strengthen investor confidence and attract both domestic and foreign investments. He stressed that reliable geological information is essential to unlocking Nigeria’s vast mineral deposits and ensuring the sustainable growth of the industry.
“The acquisition of geological data will enhance transparency and minimise investment risks. This will position Nigeria as a more competitive destination and attract credible investors into the mining industry,” he said.
Committee members commended the ministry’s progress in increasing revenue and addressing illegal mining, while encouraging sustained reforms and prudent use of public funds.
The proposed 2026 budget, the minister added, is structured to consolidate ongoing reforms, reinforce regulatory capacity, expand geological exploration activities, and further establish the solid minerals sector as a significant revenue stream for the country.