{"id":7605,"date":"2026-07-09T13:34:20","date_gmt":"2026-07-09T13:34:20","guid":{"rendered":"https:\/\/stakebridgeirpr.com\/media\/?p=7605"},"modified":"2026-07-09T13:39:02","modified_gmt":"2026-07-09T13:39:02","slug":"smdf-reports-337-mining-revenue-growth","status":"publish","type":"post","link":"https:\/\/stakebridgeirpr.com\/media\/smdf-reports-337-mining-revenue-growth\/","title":{"rendered":"SMDF Reports 337% Mining Revenue Growth"},"content":{"rendered":"

By Johnson Emmanuel<\/strong><\/p>\n

 <\/p>\n

The Solid Minerals Development Fund (SMDF) has reported a 337 percent increase in federation revenue from Nigeria\u2019s mining sector over two years, as the government pushes reforms aimed at expanding the sector\u2019s contribution to the economy.<\/p>\n

Executive Secretary and Chief Executive Officer of SMDF, Hajiya Fatima Umaru Shinkafi, disclosed the figures during the University of Lagos (UNILAG) Faculty of Physical and Earth Sciences Annual Lecture Series in Lagos. She said federation revenue from solid minerals rose from N16 billion in 2023 to N38 billion in 2024 and exceeded N70 billion in 2025.<\/p>\n

The disclosure came as SMDF outlined plans to scale the mining sector towards a N30 trillion valuation and increase its contribution to gross domestic product (GDP) to three percent by 2030.<\/p>\n

DECISION HIGHLIGHT<\/strong><\/p>\n

The revenue growth signals early results from regulatory reforms aimed at formalising mining activities, improving sector governance and attracting private capital into Nigeria\u2019s mineral resources industry.<\/p>\n

The government\u2019s strategy combines investment mobilisation, enforcement against illegal mining and stronger links between academic research and commercial exploration.<\/p>\n

DECISION MEMO\u00a0<\/strong><\/p>\n

Nigeria\u2019s mining sector has historically remained below its economic potential despite significant mineral deposits. With more than 44 commercial minerals, including gold, lithium, iron ore and bitumen, spread across over 500 locations, the sector has contributed less than one percent of national GDP.<\/p>\n

Shinkafi argued that recent revenue gains demonstrate the impact of improved governance rather than increased extraction alone.<\/p>\n

\u201cIn 2023, this sector earned the Federation about N16 billion. In 2024, the figure rose to N38 billion. In 2025, it crossed N70 billion,\u201d she said, noting that the growth came from \u201cthe same minerals and the same ground, governed differently.\u201d<\/p>\n

The sector recorded real growth of 33.5 percent in 2025, significantly above Nigeria\u2019s overall economic growth rate of 3.9 per cent. However, the gap between resource potential and economic contribution remains substantial, particularly in mineral processing and export value addition.<\/p>\n

The Federal Government is attempting to close this gap through the Seven-Point Agenda of the Ministry of Solid Minerals Development, led by Minister Dr Henry Dele Alake. According to Shinkafi, reforms have attracted $2.6 billion in new investment commitments, including a $1.3 billion alumina refinery project.<\/p>\n

A key component of the strategy is reducing dependence on raw mineral exports by developing processing capacity. The introduction of EMERGE (Early-Stage Mineral Exploration and Research Grant Endowment) represents an attempt to strengthen the connection between universities, geological research and commercial mining.<\/p>\n

The initiative provides funding support for postgraduate research in exploration, critical minerals and research development, creating a potential pipeline for locally generated mining knowledge.<\/p>\n

However, achieving the N30 trillion sector target will require sustained investment, improved infrastructure, stronger geological data systems and effective enforcement against illegal mining activities.<\/p>\n

DATA BOX<\/strong><\/p>\n