The Nigeria Extractive Industries Transparency Initiative (NEITI) disclosed on Monday that Nigeria’s revenue from the solid minerals sector over a 15-year period from 2007 to 2021 amounted to N814.6 billion.
This revelation was made in NEITI’s latest 2021 industry report on the solid minerals sector, which was presented to stakeholders and lawmakers in Abuja.
Solid minerals sector sees 51.89% revenue increase in 2021
In its report, NEITI highlighted that Nigeria earned N193.6 billion from the solid minerals sector in 2021, reflecting a substantial increase of N60.32 billion or 51.89 percent compared to the N116.82 billion revenue generated in 2020.
NEITI observed that this positive trend marked a continuation of the sector’s upward trajectory over the past five years.
Despite the notable increase in contributions, NEITI emphasized that the sector’s revenue remained relatively low compared to its economic potential.
The report noted that of the total government revenue of N6.62 trillion in 2021, the solid minerals sector contributed just 2.6 percent.
NEITI’s Executive Secretary, Ogbonnaya Orji, presented the report in Abuja and highlighted its comprehensive review of revenues and investment flows in the solid minerals sector, covering payments by 1,214 companies, receipts by government agencies, mineral quantities produced, utilization, and exports.
The report also addressed financial balances, funds utilization, and the development of solid minerals in Nigeria.