• About Us
  • Contact Us
  • Privacy & Policy
Monday, August 25, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

How Nigeria Generated N16.3bn From Solid Minerals in 1 Year

Vincent Amadi by Vincent Amadi
April 11, 2025
in Economy, News
Reading Time: 2 mins read
A A
0
Economy
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

By: Amadi Vincent Uzoma


The Minister of Solid Minerals Development, Dr. Dele Alake, announced on Thursday during the Sectoral Updates Series commemorating the first year of President Bola Tinubu’s administration in Abuja that the Mining Cadastral Office (MCO), a department under the ministry responsible for mineral title administration, has recorded earnings. According to Alake, the income exceeded the set target for the agency by N6,746,317,807.09 (N6.7bn), surpassing the N10,566,635,560.24 (N10.5bn) goal.


Furthermore, the Minister disclosed that the Ministry generated and collected N14,938,164,335.43 by the end of 2023, marking a positive variance of 72.1% and a performance level of 172.1% compared to the yearly budget target of N8,680,197,621.00 for the same year.


He mentioned that the Ministry, in collaboration with GeoScan Gmbh, utilized innovative technology for the exploration and development of critical mineral resources in Nigeria through the Solid Minerals Development Fund (SMDF).


Regarding funding, the Ministry reached an agreement with the African Finance Corporation (AFC) to provide a project development facility for companies struggling to secure capital for their early-stage exploration projects, with 20 selected candidates undergoing training.


Alake highlighted the partnership between SMDF and the global exploration agency XCalibur to enhance Nigeria’s geological data capabilities. He emphasized the role of SMDF in mobilizing capital for strategic mining projects, attracting foreign investment, and expediting final investment decisions.
While proposing a N70 billion exploration funding initiative for gathering comprehensive data, Alake acknowledged that it was not included in the current budget but assured continuous advocacy for the project to address challenges in mineral exploitation in Nigeria.


He also commended the Nigerian Geological Survey Agency (NGSA) for conducting rigorous research to understand the mineralogy of Nigeria despite financial constraints and the establishment of 2200 Mining Marshals to combat illegal mining activities.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

6 hours ago
None of my PAs earn less than N1m, don’t listen to contrary claim — Gov Eno
National

None of my PAs earn less than N1m, don’t listen to contrary claim — Gov Eno

2 days ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

3 days ago
Nigeria Consul-General in Cameroon, Ambassador Coker is dead
News

Nigeria Consul-General in Cameroon, Ambassador Coker is dead

4 days ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election
National

Declare emergency in Katsina, Zamfara over killings —ADC tells Tinubu

6 hours ago
Benue assembly speaker resigns, suspended lawmaker elected new speaker
National

Benue assembly speaker resigns, suspended lawmaker elected new speaker

6 hours ago
Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark
National

PDP NEC to receive zoning report today as convention crisis deepens

6 hours ago
INEC Receives 110 Applications from Associations Seeking Registration as Political Parties Ahead of 2027 Elections(see list)
National

Hitches in by-election results in 12 states spark renewed calls on next INEC Chairman

21 hours ago
Tinubu nominates 39-year old Abdullahi Ramat as new NERC Chairman
National

2027: Tinubu will retain seat as President even if new INEC chairman’s son contests – APC

22 hours ago
Civil society organisations commend interpol’s rejection of EFCC `wantedʼ declaration of Bashir Haske
National

Civil society organisations commend interpol’s rejection of EFCC `wantedʼ declaration of Bashir Haske

22 hours ago

POLITICS

Governors’ political meeting at scene of mass murder insensitive — ADC faults Zamfara PDP meeting

Governors’ political meeting at scene of mass murder insensitive — ADC faults Zamfara PDP meeting

6 hours ago
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

No one can hijack Abia ADC won’t succeed – suspended ADC ex-Chair, Obinna

21 hours ago
2027: Why Peter Obi may return to PDP

2027: PDP moves to exact deterrent on Osun lawmakers for defecting to APC

4 days ago
Nigeria and Brazil to sign MoU on direct flight

APC-PCC members accuse Tinubu of marginalisation over appointments

6 days ago
Seven Akwa Ibom Lawmakers Defect to APC, Citing Party Divisions

Edo APC demands party secretary’s resignation over alleged marginalisation

6 days ago
INEC can’t conduct free, fair election under Tinubu – Buba Galadima

INEC can’t conduct free, fair election under Tinubu – Buba Galadima

6 days ago

YOUR ECONOMY

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

6 hours ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

3 days ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

5 days ago
Rice farmers blame middlemen for continuous price hike
Economy

Rice farmers blame middlemen for continuous price hike

1 week ago
Naira appreciates against dollar on the weekend
Economy

Naira appreciates against dollar on the weekend

1 week ago
Largest shea butter refinery in Africa begins operation in Niger State
Economy

Largest shea butter refinery in Africa begins operation in Niger State

2 weeks ago

E & P

The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
1 day ago
0

The quest to develop sports at the grassroots level in Nigeria necessitated the conversion of Government Sea School, Isaka, in...

KTF Launches Free Youth Tennis Clinic in Port Harcourt

KTF Launches Free Youth Tennis Clinic in Port Harcourt

1 week ago
‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

1 week ago
NPFL Suspends S’Eagles Goalkeeper Over Betting Allegations

NPFL Suspends S’Eagles Goalkeeper Over Betting Allegations

2 weeks ago
CAF Ranking: Rivers United Emerged Top club in Nigeria

CAF Ranking: Rivers United Emerged Top club in Nigeria

2 weeks ago
National Youth Games: NSC  Give Asaba Facilities  Pass Mark, Confirms Date

National Youth Games: NSC  Give Asaba Facilities  Pass Mark, Confirms Date

2 weeks ago

YOUR THOUGHT & HISTORY

The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
1 day ago
Tribute to Old Port Harcourt Boy (Peter Rufai)
Columns

Tribute to Old Port Harcourt Boy (Peter Rufai)

by Tammy Opoki
1 month ago
A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
1 month ago
El-Rufai Plans New Party as ADC Backup Against APC Interference
Columns

The Shadow Strategist: El-Rufai, the Illusion of Power, and 2027’s Looming Reckoning

by Odini Brains
2 months ago
Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

August 25, 2025
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

Declare emergency in Katsina, Zamfara over killings —ADC tells Tinubu

August 25, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address