The Nigeria Extractive Industries Transparency Initiative (NEITI), has stated that Nigeria’s earnings from the solid minerals sector between 2007 and 2021 was N814.6 billion.
The agency revealed this in its latest 2021 industry report of the solid minerals sector, which was unveiled to stakeholders and lawmakers in Abuja, by the Executive Secretary, Ogbonnaya Orji.
According to the report, Nigeria earned N193.6 billion from the solid minerals sector in 2021, indicating an increase of N60.32 billion or 51.89 per cent growth, compared to the 2020 revenue earning of N116.82 billion.
NEITI said the positive trend was reflective of a continuation of the upward positive trajectory observed in the sector over the past five years but noted that the contribution, though a significant increase over past years, was still abysmal considering the potentials of the sector to the Nigerian economy.
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 put the total revenue that accrued to the government during these years to N818.04 billion, but stated that this was significantly low compared to the economic potential of the sector.
According to the report, of the N6.62 trillion total government revenue in 2021, the solid minerals sector barely contributed 2.6 per cent.
According to Orji, the 2021 solid minerals report reviewed, ascertained, reconciled and reported all revenues and investment flows to and from government in the solid minerals sector.
“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,” he added.
He further explained that the NEITI report also covered balances payable/receivable from financial inflows and tracked the funds and utilisation meant for the development of solid minerals in Nigeria.
