The Nigeria Mining Cadastre Office (NMCO) has issued approximately 7,000 mining licences, yet fewer than 1,000 mines are active. This disparity highlights significant under-utilisation in the nation’s mining sector.
  
Nigeria and France, last week, in Saudi Arabia, drilled down the Memorandum of Understanding (MOU) signed last month in Paris, with concrete commitments by France to upgrade the laboratory, provide advanced technological equipment, and fund the exploration of geological data of the Nigerian Geological Survey Agency (NGSA).
  
Despite generating over N8 billion in revenue as of October 2024, NMCO continues to grapple with funding challenges that impede its ability to operate effectively.
  
The Minister of Solid Minerals Development, Dele Alake, faulted the N9 billion capital budget allocated to the mining sector in the 2025 budget, describing it as “unacceptable” and insufficient to unlock the nation’s mining potential.
  
He noted that reforms in 2024 created 45,000 new jobs, from the 30,000 of the previous year, and generated N38 billion, which nearly quadrupled its projected N11 billion revenue.

However, he warned that the proposed budget would hinder significant investment in exploration activities. Alake revealed that the ministry proposed over N531 billion for capital expenditure in the 2025 budget, but only N9 billion was allocated.
  
However, the Federal Government has reiterated its commitment to strengthening the nation’s economy through strategic global mining partnerships. This was disclosed in a statement issued by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga.
  
According to the statement, Minister of State for Finance, Doris Uzoka-Anite, outlined the vision during her presentation at the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.
  
She highlighted Nigeria’s vast resources and the government’s readiness to collaborate with international partners to drive economic growth, promote investment and encourage innovation to establish the country as a leader in the global minerals and energy landscape.
  
The minister reaffirmed that the efforts reflected the Federal Government’s determination to revitalise the economy and strengthen economic ties with global stakeholders, including Saudi Arabia.
  
She added, “With our rich resource base and a renewed focus on innovation, sustainability and investment, we are positioning Nigeria as a leader in the global minerals and energy landscape.” 

We invite global investors to partner with us as we unlock the immense opportunities in these sectors.” Alake and France’s Inter-ministerial Delegate for Strategic Minerals, Benjamin Gallezot, met on the sidelines of the FMF in Riyadh, with their teams and resolved to exchange information on the mining laws of both countries to compare notes on cadastral management and provisions on illegal mining.
  
This was disclosed in a statement by the Special Adviser to the Minister, Kehinde Bamigbetan. Gallezot announced that his department was screening a list of French companies that had applied to invest in the Nigerian mining sector and would forward the final list of verified serious investors to the Ministry of Solid Minerals Development.
  
Opening the talks, Alake appreciated Gallezot for working with him to produce the MOU despite the time constraints during the visit of President Bola Tinubu to French President Emmanuel Macron, adding that attempts by political opponents to misinform the public about the genuine objectives of the MOU had been sufficiently neutralised.
  
In his presentation, the Director-General of NGSA, Prof Olusegun Ige, highlighted the agency’s desire to acquire modern advanced technological equipment to enhance the exploration of geological data.
  
Harping on the need for training and skills transfer, Ige emphasised the need to develop local expertise with international exposure because mining is a global business.
  
Executive Secretary of the Nigerian Solid Minerals Fund, Fatima Shinkafi, proposed the co-funding of early-stage exploration projects by the agency and French financial institutions, informing that the SMDF acquired a lot of historical data and best practices from its collaboration with the Africa Finance Corporation (AFC) to support mining entrepreneurs seeking funding for exploration.
  
Replying to matters raised by NGSA, Deputy Director, Bureau de Recherches Geologiques et Minieres (BRGM), the French geological agency, Christophe Poinssot, promised to include Nigeria among the countries benefitting from funds managed by France to build the capacity of geologists in Africa.
  
Noting that over 1,000 African geologists have benefitted from the eight-year fund, he said the request for capacity building in line with the MOU came when the new phase of the funding project was about to start.