Southwest generated over half of Nigeria’s N13bn mining revenue—Dele Alake

By Boye Oyeyemi –

The Minister of Solid Minerals Development, Dr Dele Alake, has announced that Nigeria’s mining sector generated over N13 billion in revenue between January and September 2025, with the Southwest region contributing the largest share.

Speaking at the Southwest Stakeholders Dialogue held in Akure, the Ondo State capital, on Thursday, Alake disclosed that the region accounted for N7.2 billion of the total revenue.

“Our records show that companies from the Southwest hold 1,801 mineral titles, out of a total of over 9,000 nationwide,” the minister stated. He added that the introduction of higher charges had encouraged mergers and acquisitions, resulting in stronger, better-funded operators and higher government revenues.

“Previously, individuals owned as many as 35 mining licences without operating any. With the increase in charges payable, some were forced into mergers and acquisitions, which strengthened their financial capacity. The results are seen in the mining cadastral office’s revenues, which doubled from N6 billion in 2023 to N12.2 billion in 2024,” he said.

Alake disclosed that revenue figures had risen by 110 per cent in 2025, reaching a record N26.7 billion so far, and projected that the figure would rise further before year-end.

Highlighting the region’s success, he cited the Segilola Gold Project in Osun State as Nigeria’s most successful mining venture, with a turnover of $193 million in 2024 and over 2,000 workers, 80 per cent of whom are youths under 40.

According to him, the Southwest remains Nigeria’s mining hub with vast deposits of gold, lithium, limestone, granite, clay, and gemstones, among others.

He revealed that Ondo State leads with 481 mineral titles, followed by Oyo (441) and Osun (374), stressing that the concentration of quarry operations in the region has also attracted mining explosives manufacturers and private mineral buying centres.