Mining revenue hits N70bn as FG unveils grant scheme

The Federal Government on Wednesday launched the Early-Stage Mineral Exploration and Research Grant Endowment (EMERGE) programme, a new initiative aimed at boosting minerals exploration, geological research and local value addition in Nigeria’s solid minerals sector. Speaking at the launch in Abuja, the Minister of Solid Minerals Development, Dele Alake, said the programme was part of […]

The Federal Government on Wednesday launched the Early-Stage Mineral Exploration and Research Grant Endowment (EMERGE) programme, a new initiative aimed at boosting minerals exploration, geological research and local value addition in Nigeria’s solid minerals sector.

Speaking at the launch in Abuja, the Minister of Solid Minerals Development, Dele Alake, said the programme was part of ongoing reforms designed to transform the mining industry into a major contributor to national revenue and economic diversification.

Alake said the sector had recorded significant progress under the current administration, including the attraction of about $2.2 billion in new investments, improved security, licensing reforms and increased revenue generation.

According to him, revenue from the sector rose from about N16 billion before the reforms to N38 billion in 2024 and surpassed N70 billion by the end of 2025.

“We promised Nigerians that we would turn the long-neglected mineral wealth of the country into real revenue and real industry. Today, we are fulfilling that promise,” the minister said.

He explained that EMERGE would provide funding for mineral exploration, critical minerals development and research in geoscience and mineral processing, creating a pathway from exploration to commercial production.

The minister noted that inadequate geological data remained one of the biggest obstacles to investment in the mining sector, revealing that only about five per cent of Nigeria’s landmass had been comprehensively mapped through previous geological surveys.

“If five per cent of the country’s land area led to the discovery of more than 40 minerals, including gold, lithium, copper, nickel and rare earth elements, imagine what could be achieved if we expanded coverage significantly,” he said.

He also highlighted the government’s campaign against illegal mining, noting that the establishment of Mining Marshals and the formalisation of artisanal miners had improved compliance and security across mining communities.

According to him, more than 3,000 dormant mining licences have been revoked as part of efforts to sanitise the sector and ensure that only genuine investors retain access to mining assets.

The minister further disclosed that Nigeria was witnessing increased investment in mineral processing, including lithium processing plants and gold refineries, driven by the government’s local value-addition policy.

He cited a $1.3 billion aluminium refinery project being facilitated by the Solid Minerals Development Fund (SMDF) as the largest single investment commitment in Nigeria’s mining sector.

In her welcome address, the Executive Secretary of the SMDF, Fatima Shinkafi, described EMERGE as a strategic intervention designed to address the financing gap in early-stage exploration and research.

 

 

 

She stressed that geological data remains the foundation of mining development and urged Nigerian researchers, innovators and mining entrepreneurs to take advantage of the opportunities offered by the programme.

 

 

 

“Data is the new oil. Without exploration data, investors cannot make informed decisions. Early-stage exploration is the riskiest phase of mining, and that is why this intervention is important,” she said.

 

 

 

Shinkafi said EMERGE would operate through a transparent and competitive application process and would support researchers, exploration companies and mineral-processing innovators.

 

 

 

She added that the programme forms part of a broader strategy to build a modern mining industry capable of attracting investment, creating jobs, increasing exports and supporting Nigeria’s economic diversification agenda.