By Chris Udochukwu
ABUJA – Minister of Solid Minerals, Dele Alake on Thursday announced new rates for the mining sector aimed at enhancing ease of doing business and consolidating ongoing reforms.
The Minister who disclosed this on his personal X account @AlakeDele said the rate review aims to increase revenue to improve service delivery and boost mining’s contribution to economic development.
According to him, under the new rate, investors applying for a Mining Lease license will now pay N3 million, while Small Scale Mining Lease (SSML) applicants will be required to pay N300,000 for the first two cadastral units. The cost to obtain an Exploration Licence (EL) will be N600,000 for the first 100 cadastral units. A Quarry lease will now attract N300,000, and a reconnaissance permit will be set at N300,000.
“These new regulations, developed in consultation with industry stakeholders, aim to discourage speculation and address the lack of funds that have been limiting the federal government’s capacity to improve the ease of doing business in the sector,” Alake said.
He further stated that other services impacted by the new regulations include mineral title applications of the Mining Cadastral Office (MCO), as well as the transfer, enlargement, surrender, and consolidation of mineral titles.
The Minister said he believe these new regulations will help maximize royalties from critical minerals such as lithium and gold, boosting the nation’s revenue base and significantly contributing to economic development.
Alake added that these rate revisions also impact services provided by the Mining Cadastral Office (MCO) and the Nigeria Geological Survey Agency (NGSA).
