Nigeria has cancelled 1,263 mineral licenses as part of a broader effort to improve transparency and boost investor confidence in the country’s solid minerals sector. The Ministry of Mines and Steel Development announced the move on Monday, emphasizing that the revocations target licenses that were inactive, improperly held, or not compliant with regulatory requirements.
A ministry spokesperson told Reuters that the exercise aims to ensure that mineral resources are developed efficiently and responsibly, creating a more attractive environment for both domestic and foreign investors. “We are committed to reforming the sector to unlock its full economic potential,” the official said.
Industry analysts speaking to Bloomberg noted that the move could help address longstanding concerns about illegal mining and underutilized permits, which have hindered sector growth and reduced government revenues. They added that clearing dormant licences may also streamline licensing procedures and attract serious investors.
The Nigerian government has been promoting the solid minerals sector as a key diversification strategy to reduce dependence on oil revenues, which historically account for over 90% of export earnings. The revocation exercise is expected to pave the way for new licensing rounds and partnerships with investors keen on exploring gold, lithium, tin, and other critical minerals.
Experts told Business Day that the success of this reform will depend on consistent enforcement and the government’s ability to maintain transparency in the reallocation of revoked licences, as well as broader policy support for infrastructure and financing in the sector.
