FG generated N814.5bn from solid mineral sector in 14 years – report

A report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that the federal government raised N814.5bn in 14 years. The report stated that from 2007 to 2021, revenue rose to N128.1bn from the N8.5bn in 2007. While stating that the amount was little due to smuggling of minerals out of the country, it […]

A report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that the federal government raised N814.5bn in 14 years.

The report stated that from 2007 to 2021, revenue rose to N128.1bn from the N8.5bn in 2007.

While stating that the amount was little due to smuggling of minerals out of the country, it stated that 1,214 companies are active in the country as of 2021.

It revealed that limestone, granite and laterite are the top three minerals mined in the country while Dangote Cement, BUA Cement and Lafarge are the highest producers mined products during the period.

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It also showed that Ogun, Kogi and Edo states are the top three leading states for solid mineral production with a total of 142 million tons exported out of the country.

Speaking at the launch of the report, the Executive Secretary of NEITI, Orji Ogbonnaya Orji, said the report would provide information and data on Nigeria’s solid minerals sector with special attention on helping the government at all levels to shore up revenue, block leakages, support national development and poverty reduction through resource mobilisation.

Orji stated that the release of the report is a mandatory requirement in compliance with Nigeria’s national and global obligations of the EITI/NEITI process.

“The report extensively reviewed, ascertained, reconciled and identified all revenues and investments flows in the solid minerals sector in 2021,” he said.