The Nigerian government has announced a significant increase in royalties, fees, and levies for operators in the country’s minerals and mining industry.

This update was disclosed by the Minister of Solid Minerals Development, Oladedele Alake, during a media briefing in Abuja on Thursday.

Alake explained that the previous rates were outdated and did not reflect the substantial technological and infrastructural investments the country has made in recent years to support and enhance mining operations.

“The increase is not arbitrary. We ensured that all stakeholders were involved in the process,” he stated.

The new rates represent an increase ranging from 50% to 100% of the previous fees. Alake noted that the adjustment aims to align the fees with current economic realities and ensure the sector’s growth and profitability are sustained.