Nigeria's mining sector has recorded a remarkable revenue surge, generating N26 billion in licensing fees by October 2025, more than doubling the N12 billion recorded in the entire previous year. This significant growth was announced during the groundbreaking ceremony of a $400 million rare earth minerals processing plant in Uke, Nasarawa State.
Mining Revenue Shows Impressive Growth
The Minister of Solid Minerals Development, Dr. Dele Alake, revealed these figures while speaking at the historic event. He detailed the consistent growth pattern in mining revenue, noting that remittances from licensing fees have shown steady increase from N6 billion in 2023 to N12 billion in 2024, and now N26 billion as of October 2025.
Dr. Alake emphasized Nigeria's growing global standing in mineral production, stating that the country ranked 20th out of 166 nations in monetary value of minerals produced, with total output amounting to $48,961 million. He highlighted how climate-driven technology and the rising demand for electric vehicles are expanding opportunities in the mining sector.
Massive Job Creation and Economic Diversification
Prince Jidayi, Managing Director of Hasetins Group, the company behind the new facility, announced that the plant would generate at least 10,000 jobs while contributing significantly to economic diversification efforts. This development marks a crucial step in reducing Nigeria's dependence on oil exports.
"With a capacity of greater than 10,000 jobs and environmentally-friendly manner, the facility will not only boost local and national economies, but also create numerous opportunities in our communities," Jidayi stated. He emphasized the company's commitment to sustainable practices and environmental protection while advancing innovation in mineral processing.
Alignment with National Development Goals
Nasarawa State Governor Abdullahi Sule noted that the new facility aligns perfectly with President Bola Tinubu's seven-point agenda, particularly focusing on value addition and sector security. The project represents a significant milestone in Nigeria's journey toward mineral self-sufficiency.
Dr. Alake pointed to other successful domestic initiatives as evidence of Nigeria's growing capacity for mineral refinement, mentioning the Dangote Refinery, Segilola/THOR gold processing, and Avatar/ASBA lithium processing projects. He expressed confidence that "Hasetins Group shall demonstrate that we can separate, process, and refine our rare earths."
Gemstone Sector Gains International Recognition
In related developments, the minister revealed that Nigeria's gold and gemstones are increasingly attracting international buyers. Speaking at a press briefing hosted by Women in Mining, Nigeria, in collaboration with the Ministry of Solid Minerals Development, Alake highlighted the upcoming 4th African Gems and Jewellery Exhibition & Conference and the Gold & Gemstone Conference and Exhibition (AGJEC/GGCE 2025).
The event is scheduled to take place in Lagos from November 24 to 28, 2025. Represented by Fatima Shinkafi, Executive Secretary of the Solid Minerals Development Fund (SMDF), Alake stressed the gemstone sector's potential to draw investors, generate employment, and increase its contribution to Nigeria's Gross Domestic Product.
Engr Janet Adeyemi, President of Women in Mining in Nigeria, underscored women's emerging leadership role in the gemstone industry. She noted that Nigeria currently hosts Africa's leading gemstone industry and encouraged more women to participate actively, highlighting the financial opportunities in this aesthetically-driven sector.
The AGJEC/GGCE 2025 conference will focus on "Accelerating Collaboration for a Sustainable Gold and Gemstone Development in Africa," reflecting Nigeria's broader objectives of economic diversification and job creation through mineral resources development.
