The Nigerian Extractive Industries Transparency Initiative (NEITI) has reported that the solid minerals sector contributed N1.137 trillion to the federation account revenue from 2007 to 2023.
NEITI gave these figures on Wednesday in the ‘2023 Solid Minerals Audit Report – The 16th Audit Cycle’, which provided a comprehensive overview of the sector’s contributions during the 16-year period.
The survey conducted by Haruna Yahaya and Co. covered the solid minerals industry’s economic contributions, revenue streams, and exports as well as recommendations for sector reforms.
According to the figures in the report, the sector’s revenue collection grew from N7.59 billion in 2007 to N341.27 billion in 2022, representing about 44% surge and indicating sustainable growth of the sector over the past years.
The 2023 report showed that in 2022, the sector generated N345.41 billion, with a reconciled final revenue of N329.92 billion.
It clarified: “Company payments analysis indicated that total government revenue, including reconciled and unilaterally disclosed figures, reached N401.87 billion in 2023.
“Discrepancies initially amounted to N301.6 billion but were reconciled down to N100 million, demonstrating NEITI’s transparency commitment,” the report added.
While listing the top mineral-producing states as including Ogun, Kogi, and Rivers, with Ogun leading production chart, the report reflected that the production and export data stood at 95.07 million tonnes of minerals produced in 2023, with a significant export volume of 4.32 million metric tonnes, valued at N117.29 billion.
According to the report, the solid minerals sector’s contribution to Nigeria’s Gross Domestic Product (GDP) in 2022 stood at 0.83 per cent, and 0.75 per cent in 2023, underscoring the need to further explore the potential of the sector for improved revenue and job creation.
To achieve this, the report publishers reiterated the need for policy measures and reforms to unlock the sector’s output for improved contribution to the current drive towards Nigeria’s economic diversification and sustainable economic growth.
