Nigeria generated more than ₦101 billion from its solid minerals sector between January and September 2026, marking a significant increase in revenue from the mining industry.
The Minister of Solid Minerals Development, Dele Alake, disclosed this during the unveiling of the All Progressives Congress (APC) 2027–2031 manifesto in Abuja.
He attributed the growth to reforms introduced by the administration of President Bola Tinubu.
Alake said revenue from the sector increased from ₦6 billion in 2023 to ₦38 billion in 2024 and ₦70 billion in 2025 before exceeding ₦101 billion in the first nine months of 2026.
He added that figures from the Central Bank of Nigeria showed continued growth in revenue generation.
The latest figures also reflect increased collections from mineral royalties and mining-related fees.
Data reported by The Punch showed that revenue reached ₦101.11 billion in the first nine months of 2026, compared with ₦51.79 billion recorded during the same period in 2025. This represents a 95.2 per cent increase.
Nigeria has significant deposits of commercially valuable minerals, including gold, lithium, iron ore, limestone, barite and lead-zinc. However, illegal mining, insecurity, weak regulation and limited local processing capacity remain challenges to the sector’s development.
The Federal Government has continued to promote mining reforms and local mineral processing to strengthen the industry’s contribution to economic growth and reduce dependence on crude oil revenue.
