Nigeria’s Mining Sector Sees N26 Billion Revenue Surge, 10,000 Jobs Ahead

Nigeria’s mining sector has experienced a substantial boost, generating N26 billion in revenue from licensing fees as of October 2025. This figure signifies a remarkable increase from N6 billion in 2023 and N12 billion in 2024. The information was disclosed by the Minister of Solid Minerals Development, Dr. Dele Alake, during the groundbreaking ceremony for a new $400 million rare earth minerals processing plant in Uke, Nasarawa State.

The new facility is expected to create approximately 10,000 jobs, positioning Nigeria as a significant player in the global mining industry. This development reflects the government’s commitment to enhancing the mining sector’s role in the economy, especially under the leadership of President Bola Tinubu.

Significant Production Growth

According to the World Mining Data 2025, Nigeria produced 108,414,478 metric tonnes of minerals in 2023, ranking 24th out of 166 countries for total production. In terms of monetary value, Nigeria holds the 20th position, with total mineral production valued at $48,961 million.

Dr. Alake emphasized that the progress in the mining sector is driven by advancements in global technology and increasing demand for minerals used in electric vehicles and other sustainable technologies. He noted, “The solid minerals sector has become a crucial pillar for the growth of the Nigerian economy, with a focus on compliance with mining laws and enhanced security measures.”

Investment and Economic Diversification

The groundbreaking of the rare earth plant by the Hasetins Group is seen as a testament to Nigeria’s potential in the mining sector. The Managing Director of Hasetins Group, Mr. Prince Jidayi, stated that the facility would not only generate employment but also play a vital role in diversifying Nigeria’s economy away from oil dependency.

Jidayi highlighted the collaborative effort between the private sector and the government to attract more investments into the mining sector. He remarked, “We are deeply committed to fostering a workforce that reflects the diversity and talent of the regions in which we operate. This project will embrace sustainable practices, ensuring that we protect our environment while we innovate and advance.”

Industry experts have welcomed this initiative, viewing it as a significant step towards unlocking Nigeria’s economic potential. The establishment of the rare earth minerals plant is expected to stimulate local economies and create numerous opportunities in surrounding communities.

Nasarawa State Governor Engr. Abdullahi Sule affirmed the project’s alignment with President Tinubu’s seven-point agenda, which emphasizes value addition and security in various sectors, including mining. The concerted effort to revitalize the mining industry promises not only economic benefits but also enhances Nigeria’s standing in the global market.