Nigeria’s Minister of Mines announced the immediate revocation of 924 dormant mining titles, urging investors to apply for the affected licenses under a “first come, first served” basis, as part of ongoing efforts to streamline the country’s mining sector.
The revoked titles consist of 528 exploration licenses, 20 mining leases, 101 quarry licenses, and 273 small-scale mining licenses, according to Mines Minister Dele Alake.
This move follows the revocation of over 1,600 mining titles in November for non-payment of statutory fees, forming part of broader reforms aimed at enhancing transparency and curbing license racketeering.
Alake highlighted that the revocation aims to address the practice of companies or individuals hoarding mineral-rich licenses and then selling them to the highest bidder, creating a black market scenario that hinders genuine investment.
The Nigerian government seeks to attract investors to its underdeveloped mining industry by offering incentives like tax waivers and full profit repatriation.
However, challenges in extracting value from the country’s abundant mineral resources persist due to historical neglect and insufficient investments.
As part of its efforts to promote local value addition, Nigeria has tightened licensing regulations for foreign companies, requiring mining firms to process minerals domestically to qualify for mining licenses.
