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Mining Revenues Rise to N50bn as FG Deepens Sector Reforms

By Anscella Obike

The Federal Government has reiterated its commitment to reposition Nigeria’s solid minerals sector as a trillion-naira contributor to the national economy, as the Council of Nigerian Mining Engineers and Geoscientists (COMEG) inducted a new batch of professionals into the mining and geoscience industry.

Speaking at the induction and oath-taking ceremony in Abuja on Thursday, the Minister of Solid Minerals Development, Dr. Henry Dele Alake, said the Tinubu administration is executing a historic turnaround of the sector anchored on professionalism, transparency and value addition. The minister was represented by the Permanent Secretary of the ministry, Engr. Faruk Yusuf Yabo.

According to Dr. Alake, the government’s solid minerals agenda is central to the Renewed Hope economic blueprint, with COMEG positioned as a critical institutional partner in achieving the administration’s ambitious targets.

“This government is determined to harness Nigeria’s vast mineral endowment to deliver the N1 trillion solid minerals economy envisioned by President Bola Ahmed Tinubu,” he said. “COMEG is not merely a regulator; it is a strategic partner in this national transformation.”

The minister disclosed that the sector has already recorded measurable gains, with mining revenues rising from about N12 billion to over N50 billion in 2025. He added that 867 new mining licences were issued across the country within the same period, reflecting renewed investor interest driven by reforms and improved governance.

Looking ahead, Dr. Alake revealed that new exploration projects are scheduled to commence in 2026 following presidential approvals for expanded geological surveys across key mineral-rich corridors nationwide.

He outlined five reform pillars guiding the ministry’s engagement with COMEG: digital transformation, professional capacity development, ethics and enforcement, formalisation of artisanal and small-scale mining, and international recognition of Nigerian professionals.

Commending COMEG’s ongoing digital reforms, the minister praised the deployment of an Enterprise Content Management system, noting that it complements the ministry’s Electronic Mining Cadastre and Decision Support Platform. According to him, these systems are designed to deepen transparency, improve efficiency and boost investor confidence.

“We are deliberately building a fully digital mining ecosystem, one where licences are processed transparently, professionals are held accountable, and investors can operate with certainty,” he said.

Dr. Alake also applauded COMEG’s mandatory geo-entrepreneurship training programme, describing it as a forward-looking initiative capable of producing professionals who can create jobs, manage resources responsibly and drive value addition across the mineral value chain.

“Nigeria does not need geologists who only identify rocks,” he added. “We need professionals who can convert resources into wealth.”

In his remarks, the Registrar and Chief Executive Officer of COMEG, Prof. Zacheus Opafunso, expressed appreciation to the minister and the Permanent Secretary for their leadership and support, particularly after the Council was removed from the federal budget in 2024.

He recalled that the minister’s direct intervention helped COMEG renegotiate a major project cost from N72 million to N20 million, a move that made it possible for the Council to implement ongoing reforms and programmes.

“Without the honourable minister’s guidance and support, COMEG would not be where it is today,” Prof. Opafunso said.

He announced that this year’s induction also marked the formal launch of COMEG’s geo-entrepreneurship initiative, aimed at equipping young professionals with the business, innovation and leadership skills required in a modern and competitive mining industry.

“This is no longer a ceremony of formality,” he said. “It is a call to action, to train, to innovate and to create jobs for a new Nigeria.”

Delivering a goodwill message, the Director-General of the Nigeria Geological Survey Agency (NGSA), Prof. Olusegun Ige, charged the inductees to uphold the highest standards of ethics, environmental responsibility and professional excellence.

“This ceremony represents a covenant to serve with integrity, advance science and promote national prosperity,” he said. “Your expertise will shape Nigeria’s future in exploration, value addition and sustainability.”

Prof. Ige stressed that the long-term success of the solid minerals sector depends on a new generation of professionals who combine technical competence with ethical discipline and innovation.

Established under Act No. 38 of 1990, COMEG is responsible for regulating and controlling the practice of mining engineering and geosciences in Nigeria. The Council plays a pivotal role in professional certification, ethics enforcement and skills development, key pillars supporting the Federal Government’s drive to industrialise and deepen value addition in the solid minerals value chain.

The Ministry of Solid Minerals Development said collaboration with COMEG will continue to be strengthened through data sharing, policy alignment and targeted funding to support institutional reforms and sector growth.

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