‘Nigeria’s Earnings From Solid Minerals Hit N814 Billion In 15 Years’

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced that Nigeria’s earnings from the solid minerals sector between 2007 and 2021, a period of 15 years, was N814.6bn.

NEITI made this public in its latest 2021 industry report on the solid minerals sector, which was unveiled to stakeholders and lawmakers in Abuja on Monday.

In the report, the agency also stated that Nigeria N193.6bn from the solid minerals sector in 2021. The figure shows an increase of N60.32bn or 51.89 percent growth when compared to the 2020 revenue flows of N116.82bn.

“This positive trend reflects a continuation of the upward positive trajectory observed in the sector over the past five years.

“This contribution, though a significant increase over past years, is still abysmal considering the potentials of the sector to the Nigerian economy,” NEITI observed in its report.

The report, however, pointed out the consistent year-on-year increase in revenue to the federation account from the solid minerals sector in the past 15 years (2007-2021).

It puts the total revenue that accrued to the government during these years to N818.04bn but stated that this was significantly low compared to the economic potential of the sector.

It stated that of the N6.62tn total government revenue in 2021, the solid minerals sector barely contributed 2.6 percent.

Presenting the report in Abuja, the Executive Secretary of NEITI, Ogbonnaya Orji, said the 2021 solid minerals report reviewed, ascertained, reconciled, and reported all revenues and investment flows to and from the government in the solid minerals sector.

He said the NEITI report also covered balances payable/receivable from financial inflows and tracked the funds and utilization meant for the development of solid minerals in Nigeria.

The report, which is NEITI’s 12th, covered actual payments by 1,214 companies operating in the sector and receipts by three government agencies, the quantities of minerals that they produced, utilised and exported from the sector, reconciled the physical/financial transactions and undertook special verification on some processes,” Orji stated.

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