Nigeria’s mining sector has recorded a remarkable surge in revenue, collecting N26 billion from licensing fees as of October 2025.
Dr. Dele Alake, Honourable Minister of Solid Minerals Development, made this disclosure during inauguration of the $400 million rare earth minerals processing plant by the Hasetins Group in Uke, Nasarawa State, a project expected to generate 10,000 jobs and stimulate local economic growth.
He noted that the surge in revenue marks a sharp increase from N6 billion in 2023 and N12 billion in 2024. A trend that highlights growing compliance and investor interest in the sector.
Speaking at the ceremony, Dr. Alake framed the sector’s rise as part of Nigeria’s broader economic transformation. Citing the impact of global technological shifts and the growing demand for electric vehicles, he said that the solid minerals sector has become a new pillar of economic growth under President Bola Tinubu’s leadership. He attributed the progress to stricter enforcement of mining laws, enhanced security, and improved investor confidence.
“Remittances from licensing fees to the federation account have risen from N6 billion in 2023 to N26 billion in 2025,” Dr. Alake said. He also referenced World Mining Data 2025, noting that Nigeria produced 108 million tonnes of minerals in 2023, ranking 24th in volume and 20th in monetary value globally, with production worth $48.96 billion.
He highlighted recent successes in refining and processing initiatives, citing the Dangote Refinery, Segilola/THOR gold refinery, Avatar and ASBA lithium processing, and positioning the Hasetins rare earth plant as the next step in value addition.
Mr. Prince Jidayi, Managing Director of Hasetins Group, said that the plant would not only create jobs but also attract investors, diversify the economy, and position Nigeria as a key player in global mining.
“With environmentally friendly operations and sustainable practices, the facility will boost local and national economies while creating opportunities in surrounding communities,” he said.
Governor of Nasarawa State, Engr. Abdullahi Sule, commended the project as aligned with the federal government’s seven-point agenda, emphasizing value addition and sectoral security.
Industry experts have welcomed the development as a transformative moment for Nigeria’s mining sector, signalling a shift from resource extraction to refinement, processing, and global competitiveness. With growing infrastructure and rich mineral deposits, Nigeria is increasingly poised to emerge as a mining hub for Africa.
This rare earth processing plant, coupled with rising sector revenue, highlights a strategic pivot toward self-reliance, industrialization, and sustainable growth in Nigeria’s mineral economy.
