By Erewunmi Peace

The Federal Government has projected that revenue generated from Nigeria’s solid minerals sector will exceed ₦70 billion in 2025, reflecting continued growth driven by reforms in the mining industry.

According to the Ministry of Solid Minerals Development, the projection follows significant improvements recorded in the sector over the past two years.

Revenue from solid minerals reportedly increased from about ₦16 billion in 2023 to approximately ₦38 billion in 2024, with expectations of further expansion in 2025.

The government attributed the growth to ongoing reforms, including the revocation of inactive mining licences, stronger regulatory enforcement, improved transparency, and increased investor confidence in the sector.

Officials also noted that solid minerals have made notable contributions to the Federation Account, underscoring the sector’s growing importance to Nigeria’s economy as part of efforts to diversify revenue sources beyond oil.

The Federal Government reaffirmed its commitment to strengthening safety standards, boosting value addition, and attracting more private-sector participation to ensure sustainable growth in the mining industry.