Just like there are 60 minutes in 1 hour, there are 60 minutes in 1 degree of latitude. Note that a minute in regards to latitude is a distance rather than a time.
Locations on Earth are measured using a system of longitudes and latitudes. Latitudes consist of parallel lines that run west and east, while longitudes run through the north and south pole and are not parallel to each other. The distance between lines of latitude is approximately 60 nautical miles from the equator, but this distance shrinks towards the two poles. This means that a minute near the equator is equal to roughly 1 mile, but this can change.