Nigeria Cancels 1,263 Mineral Licences, Moves to End Speculation in Mining Sector

Nigeria’s government cancels over 1,200 dormant licences, warning speculators to make way for capable investors in Nigeria’s solid minerals sector.

Not less than 1,263 mineral licenses will be deleted from the portal of the Electronic Mining Cadastral System of the Nigerian Mining Cadastral Office, MCO following their revocation by the federal government.

These include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.

By opening up the areas formerly covered by these licenses, the revocation is expected to spur fresh applications by investors looking for fresh opportunities.

Approving the revocation following the recommendation of the MCO, the Minister of Solid Minerals Development, Dr. Dele Alake, said applying the law to keep speculators and unserious investors away from the mining sector would make way for diligent investors and grow the sector.

“The era of obtaining licences and keeping them in drawers for the highest bidder while financially capable and industrious businessmen are complaining of access to good sites.