Nigeria’s Mining Revenue Surges to ₦101 Billion as Solid Minerals Sector Gains Momentum

Nigeria’s drive to diversify its economy beyond crude oil is showing encouraging revenue gains, with the solid minerals sector generating ₦101.11 billion between January and September 2026.

The figure represents an impressive 95.2% increase from the ₦51.79 billion recorded during the same period in 2025, according to Central Bank of Nigeria data highlighted in a Punch Newspapers report.

Mineral royalties accounted for approximately ₦66.12 billion of the total revenue, making them the sector’s largest source of government income.

The improvement highlights the growing financial contribution of mining activities and efforts to strengthen revenue collection.

A New Opportunity for Economic Diversification

For decades, Nigeria has relied heavily on petroleum-related earnings. Stronger revenue collection from solid minerals presents an opportunity to broaden the country’s economic base.

A more developed mining industry could attract investment into mineral processing, transportation, equipment supply and supporting infrastructure.

However, revenue collections varied significantly during the reporting period. July recorded ₦29.13 billion, while August collections fell to ₦8.47 billion, highlighting the need for consistent sector performance.

What Businesses and Investors Should Watch

Mining companies and potential investors will be paying attention to licensing transparency, security, infrastructure availability and the predictability of government regulations.

The Bigger Picture

The increase in mining revenue is a promising development, but sustainable economic transformation will depend on turning higher collections into lasting investment, stronger local industries and employment opportunities.

If these conditions improve, solid minerals could play a more substantial role in Nigeria’s long-term economic development.