Michael Eboh
Dublin, Ireland — Nigeria earned N51.787 billion from the solid minerals industry in nine months, between January and September 2025, rising by 223.08 per cent against a revenue of N16.029 billion recorded in the same nine-month period in 2024.
In its October 2025 presentation to the Federation Account Allocation Committee (FAAC), the Ministry of Solid Minerals Development (MSMD) also disclosed that the country’s revenue from the solid minerals sector in September 2025, rose by 17.54 per cent to N7.324 billion, compared with N6.231 billion recorded in August 2025.
Giving a breakdown of its revenue for the nine-month period of 2025, the ministry in charge of solid minerals stated that in January, February, March and April 2025, the country earned N4.176 billion, N3.782 billion, N2.146 billion and N7.884 billion, respectively.
In addition, the country earned N9.656 billion, N4.747 billion, N5.841 billion, N6.231 billion, and N7.324 billion in May, June, July, August and September 2025, respectively.
In comparison, in January, February, March, April and May 2024, revenue from the solid minerals sector stood at N945.436 million, N746.163 million, N1.723 billion, N1.043 billion and N1.755 billion, respectively; while the country earned N2.518 billion, N1.697 billion, N2.108 billion, and N3.493 billion, from the sector in June, July, August and September 2024, respectively.
The MSMD noted that its revenue was mainly from royalties and fees collection, adding that its revenue is grouped into royalty from minerals, used and sold; and fees mainly from annual service fee; registration and issuance of mining licenses.
Giving a breakdown of its September 2025 revenue, the solid minerals sector regulator disclosed that of the N7.324 billion earned in September 2025, N5.248 billion was from royalties, while the sum of N2.075 billion was realised from fees collection in the month under review.
In comparison, in August 2025, of the N5.841 billion revenue from the solid minerals sector, N2.806 billion was from royalty, while N3.035 billion was from fees.
The ministry further stated that the increase in its revenue in September 2025 was as a result of strategic licensing practices, increased revenue tracking, continuous inspection and auditing of records, and curbing of illegal mining, among others.
The MSMD noted that the N7.323 billion revenue from the solid minerals sector in September 2025 was 138.26 per cent higher than the monthly target of N3.074 billion.
It added that “the Ministry recorded a positive variance of N4.249 billion when the monthly collection is compared to the monthly target. However, there is also a positive variance of N1.482 billion, when you compare the current month collection against last month collection.
“The positive variance is attributable to strategic licensing practices, increased revenue tracking, continuous inspection and auditing of records, and curbing of illegal mining amongst others.”
