Nigeria Revokes 924 Dormant Mining Titles, Invites New Investors

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ABUJA, April 24 – Nigeria has taken immediate action to revoke 924 dormant mining titles and is inviting investors to apply for the affected licences, which will be allocated on a “first come, first served” basis, announced Mines Minister Dele Alake on Wednesday.

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The affected titles comprise 528 exploration licences, 20 mining leases, 101 quarry licences, and 273 small-scale mining licences, Alake stated in a release. This move follows the revocation of over 1,600 mining titles in November for non-payment of statutory fees, as part of broader reforms in the sector.

Alake explained that the decision aims to combat “licence racketeering,” where individuals or companies hoard licences holding minerals of commercial value and then sell them to the highest bidder, creating a secondary black market. This practice misleads investors and discourages genuine investment in the sector.

Nigeria, endowed with abundant mineral resources such as lithium, gold, and limestone, seeks to attract investors to its underdeveloped mining industry. The country offers incentives like tax waivers and full repatriation of profits to investors. Additionally, Nigeria now requires mining companies to process minerals locally, tightening licensing rules for foreign entities in the sector.


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Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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