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Minister of Solid Mineral Development, Dr. Dele Alake has revealed how the income for OM surged from N6 billion in 2023 to more than N38 billion at the end of 2024.
This, the minister revealed more than six spikes.
He associated this development with a dramatic transformation under the administration of Bola President Ahmed Tinubu.
Alake, in a post on his official X platform on Sunday, May 25, 2025 spoke before the President’s two years commemoration.
Listen to him, “When we came to the office, the Nigerian -dense mineral sector was performing poorly. In 2023, it only produced ₦ 6 billion in income. At the end of 2024, that number had developed into ₦ 38 billion. Such turnaround told you something successful.
“One of the first things we do is tighten the licensing process. We explain that no one gets mining licenses without showing a real plan for local processing. Exporting raw minerals without adding value here at home does not help our economy, and we have to stop it. Since then, we have seen the real results of more than $ 800 million in processing last year.
“We have a lithium processing factory worth $ 600 million near Kaduna and Niger to be assigned. The other $ 200 million refineries near Abuja are almost ready. Two more online factories in the nasarawa before the third quarter of this year. These projects means work, technology and more powerful local economy.
“Exploration is also a priority. When we took office, Nigeria only spent $ 2 million for mineral exploration. In comparison, Ivory Coast had spent $ 148 million, and South Africa more than $ 300 million. There were no serious investors who considered you seriously without credible geological data.
“That is why this year, we have received 1 trillion specifically for mineral exploration to build a foundation for the global competitive sector.
“We also faced illegal mining directly. More than 300 arrests were carried out last year, with 150 prosecutions and several sentences have been secured including foreign citizens. We also support local miners by formalizing their operations. So far, more than 250 cooperatives have been established to help small -scale miners gain access to finance and share in income.
“Nigeria is now in the African Mineral Strategy Group, a new block that focuses on increasing local values and more fair mineral trade. Our leadership in this space is a direct result of the vision set by President Tinubu.
“Investor interest has soared. This quarter, the mining cadastral office received more than 10,000 applications. Such momentum did not exist before. This is a sign that our reforms work,” he was excited.
But he agreed that “we still have a job that must be done, but the direction is clear. We changed Nigerian mineral wealth to be a real economic value for our people, our industry, and our future”.
By: Babajide Okeowo
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