ABUJA – The Senate Committee on Solid Minerals has vowed to overhaul Nigeria’s mining industry to drive economic growth through enhanced values and stricter regulations.
The pledge was made by Senator Sampson Ekom, Chairman of the Committee, during an oversight visit to the Nigeria Mining Cadastral Office (NMCO) in Abuja, where he underscored the committee’s commitment to strengthening the sector’s impact on the nation’s economy.
“We are here in fulfillment of our mandate to ensure Nigeria gets the best through the mining industry,” Senator Ekom stated. “The Senate took a two-week break to prioritize this important oversight responsibility, assessing the agency’s activities before budget allocations are finalized.”
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Senator Ekom highlighted the essential role of NMCO in the country’s diversification efforts, noting that Nigeria is at a critical juncture where attention is focused on diversifying the economy beyond oil. “This agency is crucial in our journey of diversification. How can we successfully diversify without NMCO? This office plays a vital role in the mining sector and, by extension, in the economic resilience of our country,” he added.
He also called for increased collaboration among stakeholders to foster sustainable growth. “This visit will reveal opportunities to deepen reforms in the sector, and it’s vital that we strengthen collaboration across agencies and stakeholders,” he said.
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During the visit, NMCO’s Director-General, Engr. Simon Obadiah Nkom, provided a comprehensive report on the agency’s performance, disclosing a remarkable revenue achievement of ₦8.2 billion in October 2024 alone. This figure marks a significant revenue increase, demonstrating Nigeria’s commitment to enhancing the mining sector as part of its economic diversification agenda.
“The revenue generated in October 2024 is a milestone that reflects the sector’s growth and the agency’s dedication to regulatory improvement,” Engr. Nkom stated. He attributed the surge in revenue to improved transparency, digitalization, and streamlined licensing and revenue collection processes.
Nkom shared a historical overview of NMCO’s revenue growth, showcasing the upward trajectory since 2019: ₦2.38 billion in 2019, ₦2.56 billion in 2020, ₦4.3 billion in 2021, ₦3.79 billion in 2022, and ₦6.07 billion in 2023. With a cumulative revenue of ₦36.05 billion generated to date, NMCO has contributed significantly to Nigeria’s Treasury Single Account (TSA), ensuring all earnings directly support the nation’s financial infrastructure.
The Director-General further explained that NMCO’s revenues from 2019 to October 2024 amounted to ₦26.23 billion, representing 75% of the agency’s total revenue. From 2023 to October 2024, the agency generated ₦13.19 billion, a 63% increase over the corresponding period from 2021 to September 2022, when it recorded ₦8.1 billion.
Engr. Nkom elaborated on NMCO’s efforts to maintain industry transparency and efficiency, emphasizing the importance of reducing processing times for licenses and permits.
“Our initiatives ensure equitable mining rights distribution, which bolsters trust in the regulatory system and supports the industry’s sustainable growth,” he added.
The Senate Committee’s commitment and NMCO’s revenue record are poised to support Nigeria’s vision of becoming a diversified economy, using the solid minerals sector as a foundation for long-term growth and sustainability.
