Dele Alake: ₦63.92bn in 11 Months, But Nigerians Still Can’t Find Gold in Their Backyard

Minister Dele Alake has announced that Nigeria’s solid minerals sector has remitted ₦63.92 billion to the Federation Account within just eleven months, signalling the sector’s increasing importance as a robust contributor to national revenue. The disclosure underscores the sector’s strong potential to support Nigeria’s economic diversification agenda in 2025 and beyond.

Dele Alake emphasized that the impressive remittance figures are the direct result of strategic reforms, regulatory oversight, and investment-friendly policies implemented by the Ministry of Solid Minerals Development. He highlighted that the sector’s performance demonstrates not only its revenue potential but also its strategic role in reducing Nigeria’s dependence on oil.

Dele Alake further noted that the Solid Minerals Development Ministry continues to focus on modernising mining operations, formalising artisanal and small-scale mining, and attracting both domestic and foreign investors. These measures have translated into higher production, increased remittances, and a growing formal contribution to the Federation Account.

Dele Alake Highlights Solid Minerals Sector as a Rising Revenue Pillar

Dele Alake stated that the solid minerals sector is emerging as a key pillar of Nigeria’s revenue framework, reflecting its untapped potential to generate sustainable fiscal inflows.

The ₦63.92 billion remitted in 11 months, according to the Minister, is proof that structured reforms and monitoring mechanisms are yielding measurable results.
Dele Alake explained that the sector encompasses a wide array of valuable minerals, including limestone, tin, gold, lead, and zinc, all of which are increasingly attracting investors seeking both growth and stability. He noted that government policies are aimed at promoting responsible mining while boosting formal sector participation.

Dele Alake added that the sector’s expanding contribution to the Federation Account will complement broader economic diversification strategies, reduce reliance on crude oil revenues, and create employment opportunities across the mining and processing value chains.

Dele Alake Projects Stronger Revenue Performance in 2025

Dele Alake projected that with sustained reforms, targeted incentives, and continued investment in technology and monitoring, Nigeria’s solid minerals sector is set to deliver even higher revenue contributions in 2025. The Minister expressed optimism that the sector will become a significant driver of economic growth and fiscal stability.
Alake highlighted that efforts to formalize small- and medium-scale mining operations, improve compliance, and streamline reporting systems are central to ensuring that the sector’s contributions remain sustainable and scalable. These measures, he said, would also enhance transparency and investor confidence.

Alake concluded that the government remains committed to harnessing the full potential of Nigeria’s solid minerals sector. He reiterated that with continued support and effective policy frameworks, the sector is well-positioned to boost national revenue, generate employment, and underpin broader economic development initiatives.