Introduction
The Nigerian mining sector (“the Sector”) has recently witnessed some notable advancements, driven by strategic reforms, digitalization and enhanced regulatory oversight. For instance, the Nigerian Mining Cadastre Office (MCO) in 2024, achieved a record revenue of ₦8.2 billion1, (₦6.1 billion, December 2023) reflecting a substantial boost in revenues. This significant growth in revenue may not be unconnected to the increment in dues / fees / rates charged by the Ministry, increased transparency, streamlined processes and the adoption of digital solutions aimed at improving efficiency (compared to a cumulative collection of about ₦36 billion for 17 years since its inception in 2007 till 2023).
The MCO, however, is only one of the several departments under the relevant Ministries. Hence, its remarkable revenue achievements as stated above may not depict the real state of health of the Sector as a whole. Based on the latest Gross Domestic Products (GDP) results released by the National Bureau of Statistics (NBS), the Sector contributed 0.15% to the Country’s2 GDP in Q3 of 2024 (0.60% in Q3 2023), depicting a significant contraction over the one-year period.
Notwithstanding the below-average performance of the Sector (based on the NBS results), there were a few remarkable developments that have been recorded in the Sector under the current administration. We have analyzed in this newsletter, some of the recent developments and their broader impact on Nigeria’s economic landscape.
1 https://tribuneonlineng.com/senate-commends-nmco-over-n8-2bn-revenue-in-2024/
