Economy
Nigeria Hikes Mining Rates to Boost Earnings
By Adedapo Adesanya
Nigeria has increased the rates and charges for all activities in the mining sector.
The Minister of Solid Minerals Development, Mr Dele Alake, expressed concerns over non-remittance by some operators, saying they were making huge amounts of money but refused to remit to the federal government.
“Today, we are taking a major step in the efforts to implement the seven-point agenda.
“This is to position the sector for economic consolidation by announcing a new regime of rates and charges for various services of the department and agencies of the ministry.’’
The minister said the development was in view of the introduction of qualitative measures being implemented in recent times.
He added that it would raise the level of the services; improve traffic of the transaction and develop infrastructure.
“For instance, we supervised the successful implementation and conclusion of the mineral sector support for economic diversification mind diver project.’’
He said the mining sector involved the Mining Cadastral Office (MCO)–the agency responsible for licencing which acquired the new mining information system, Electronic Mining Cadastre System (EMC+) portal.
“This enables a 24-hour application and administration system that accelerated the rate of application and access of applicants to MCO, adding that the system had improved transparency.
Mr Alake said the system would also encourage more interest and boost participation in the sector; thereby giving the stakeholders confidence to invest in the sector.
He also said that the Nigerian Geological Survey Agency (NGSA) had acquired an integrated base of data accessible to the public.
“The stakeholders have been enjoying the mining sector; it is therefore equitable that those who invest in the mining sector and make profits from it should be on the front lines of government’s efforts to recoup rather than pass it to poor Nigerians.’’
Mr Alake said that there were about 268 items in the rates regime, adding that it would be difficult to mention all the items.
“The major highlights are as follows: under the new regime, investors applying for a mining lease license will pay N3 million, while Small Scale Mining Lease (SSML) applicants will pay N300,000 for the first two cadastral units.
“The cost to obtain an Exploration Licence (EL) is N600,000 for the first 100 cadastral units.’’
He listed others as a quarry lease and reconnaissance permit which attracted N300,000.
“The aim is to discourage speculation and address the paucity of funds, limiting the Federal Government’s capacity to improve ease of doing business in the sector.
“The new rate, which affects 268 items in the industry, includes an annual service fee of N31,500 for the first time.
“Also, N260,000 for a Small Scale Mining License (SSML), N500,000 for a Quarry Lease, and N1,250,000 for firms operating with a Mining Lease.
“Following the renewal of licenses, the rates for the respective categories will be N42,000,” he said.
Alake said also listed an exploration licence, N420,000, for an SSML N1.5 million for a mining Lease and N1 million for a quarry lease.
“Other services affected by the new regulations include mineral title applications of the MCO, alongside the transfer, enlargement, surrender, and consolidation of mineral titles.’’
According to Mr Alake, the new regulations seek to maximise royalties from critical minerals like lithium and gold to boost the nation’s revenue base and contribute significantly to economic development.
“In the new rates regime, lithium ore lepidolite at the current market value of N600,000 per tonne attracts an N18,000 royalty per tonne.
“Kunzite with a current market value of N3 million per tonne, attracts a N90, 000 royalty per tonne, while lithium ore spodumene with a current market value of N316,667 per tonne, attracts a N9,500 royalty per tonne,’’ he said.
He said that the rates review also affected services rendered by the MCO and the NGSA.
According to the minister, the new rates regime takes immediate effect.
By Aduragbemi Omiyale
In the first quarter of its financial year ended June 30, 2026, Airtel Africa Plc showed resilience in the midst of challenging operating environments, churning out strong operating performance with accelerating customer base growth across all segments.
It was observed that the total customer base in Q1 2027 increased by 11.6 per cent to 189 million, with data customers rising by 15.5 per cent to 87.3 million.
In addition, data usage per customer continued its upward trajectory, rising from 7.8 GB to 10.6 GB per month over the past year, translating into a 56.3 per cent increase in data traffic across the network, underpinning a 10.3 per cent growth in constant currency data ARPU. Smartphone penetration was the key enabler of this increased traffic as penetration increased to 51.0 per cent as digital adoption of our services continues.
A look at the financial performance indicated that revenue in reported currency grew by 31.0 per cent to $1.85 billion, reflecting constant currency growth of 21.1 per cent and macroeconomic tailwinds supporting currency appreciation.
All segments continued to see double-digit constant currency revenue growth, with mobile services revenue growing by 19.1 per cent, and mobile money growing by 25.8 per cent.
Across mobile services, voice continued to see strong constant currency growth of 11.2 per cent and data revenue grew by 27.2 per cent.
In East Africa and Francophone Africa, constant currency revenues grew by 17.8 per cent and 18.0 per cent, respectively, while Nigerian revenues grew by 29.8 per cent, fully reflecting the lapping effect of the tariff adjustments which were implemented in the fourth quarter of 2025.
Constant currency EBITDA went up by 24.4 per cent, with reported currency EBITDA of $928 million growing by 36.6 per cent. The Q1’27 EBITDA margin of 50.1 per cent, an increase of 206bps year-on-year, continues to reflect the success of the company’s ongoing cost optimisation programme, despite the recent energy cost inflation arising from geopolitical developments.
The post-tax profit improved to $198 million from $156 million in the prior period, with higher profit after tax in the current period driven by elevated operating profit partially offset by derivative and foreign exchange losses of $6 million in the current period compared to $22 million derivative and foreign exchange gains in the prior period.
Furthermore, Profit after tax was impacted by the recognition of an exceptional finance cost of $37 million following an in-principle settlement reached during the quarter in respect of a commercial dispute in one of the group’s subsidiaries.
Commenting on the results, the chief executive of Airtel Africa, Mr Sunil Taldar, said, “We have started this year with another pleasing performance. Our continued focus on the customer experience translated into accelerating customer base growth across all business segments.
“As we continue to digitise our business, we are streamlining customer journeys, increasing digital adoption and harnessing data and AI to improve service delivery and support a strong, sustainable growth profile.”
By Aduragbemi Omiyale
One of the nation’s top brewers, Guinness Nigeria Plc, is paying an interim dividend of N7 per share to its shareholders for the period ended June 30, 2026.
The funds should, on August 10, 2026, hit the bank accounts of investors whose names appear in the Register of Members as of the close of business on Wednesday, July 29, 2026, a regulatory note from the organisation disclosed.
The firm has informed shareholders who have yet to complete the e-dividend registration to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on its website, so as not to be left out of the cash reward for the first half of this year.
In the first six months of 2026, Guinness Nigeria grew its net profit by 53.33 per cent to N25.3 billion from N16.5 billion in the same period of 2025, amid improved top line and better management of administrative, marketing and distribution costs.
The revenue for the period under consideration rose to N265.0 billion from N237.0 billion, boosted by domestic sales of its products, which accounted for N260.9 billion compared with N237.0 billion a year earlier. The balance was from its export sales. This showed that over 98 per cent of the company’s earnings are from sales in Nigeria.
In the first half of the year, Guinness Nigeria improved its gross profit to N97.5 billion from N89.4 billion in the same period of 2025, as its finance income, arising from financial assets and others, stood at N1.2 billion compared with N110.7 million in H1 of 2026.
By Adedapo Adesanya
The federal government has reaffirmed its commitment to mobilising domestic capital to finance Nigeria’s long-term development, saying stronger local investment will be critical to accelerating economic transformation and attracting private sector participation.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated this while speaking at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) in Abuja on Thursday.
The Minister’s remarks were contained in a statement on Friday, July 24, by his Senior Special Assistant on Communications and Press Secretary, Mrs Maryann Duke.
Addressing the conference with the theme, Unlocking Domestic Capital for Development Financing, Mr Oyedele said Nigeria must harness its domestic financial resources and strengthen institutions that can channel capital into productive sectors of the economy.
He noted that despite increasingly difficult global financing conditions, the country possesses substantial domestic savings, institutional assets and private capital that can be leveraged to fund infrastructure, industrialisation, agriculture, housing, innovation and other critical sectors.
According to the minister, domestic capital should not be viewed as an alternative to foreign investment but as the foundation for attracting sustainable international investment.
“Our focus is to build an economy where confidence leads capital. By strengthening macroeconomic stability, deepening our financial markets and empowering development finance institutions to catalyse private investment, we are unlocking Nigeria’s enormous domestic potential to finance inclusive and sustainable growth,” Mr Oyedele said.
He said the federal government’s ongoing economic reforms under the Renewed Hope Agenda are beginning to deliver positive outcomes, including improved investor confidence, stronger external reserves, enhanced revenue generation and renewed international confidence in Nigeria’s economy.
The Minister identified five priority areas for unlocking domestic capital, including expanding investment opportunities for households, deepening institutional capital through pension and insurance assets, strengthening credit enhancement mechanisms, broadening local currency financing through the capital market, and building stronger development finance institutions capable of attracting larger volumes of private investment.
Mr Oyedele also called on development finance institutions to move beyond conventional lending by helping to structure bankable projects, reduce investment risks, support policy reforms and create financing ecosystems that encourage greater private sector participation.
He reaffirmed the Federal Government’s commitment to working with development finance institutions, financial regulators, investors and development partners to develop a financing framework that will support businesses, create jobs, accelerate industrialisation and promote inclusive economic growth across the country.
