A NEITI (Nigerian Extractive Industries Transparency Initiative) report reveals Nigeria’s solid minerals sector generated ₦1.137 trillion (about $3.86 billion) from 2007 to 2023, with government receipts rising from ₦7.59 billion in 2007 to ₦341.27 billion in 2022—a 44-fold increase.
Dr. Orji Ogbonnaya Orji, NEITI’s Executive Secretary, stressed the sector’s economic significance and the need for transparency and regulatory compliance to drive future growth.
In Nigeria, the solid minerals sector has undergone a remarkable transformation, generating ₦1.137 trillion (approximately $3.86 billion) in direct payments to various levels of government between 2007 and 2023, according to a report by the Nigerian Extractive Industries Transparency Initiative (NEITI).
Initially, the 2023 Solid Minerals Audit Report, unveiled in Abuja, revealed that government receipts skyrocketed from ₦7.59 billion in 2007 to ₦341.27 billion in 2022, marking a 44-fold increase and solidifying the sector’s role as a key revenue contributor for Nigeria.
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Moreover, Dr. Orji Ogbonnaya Orji, Executive Secretary of NEITI, emphasised that cumulative contributions now exceed ₦1 trillion, with ongoing improvements in regulatory compliance promising further growth.
Conducted by Haruna Yahaya and Co., the audit outlined the economic contributions of the solid minerals industry, revealing that in 2022, the sector generated ₦345.41 billion, with a reconciled final revenue of ₦329.92 billion.
In addition, the analysis showed that total government revenue reached ₦401.87 billion in 2023, driven by VAT, FIRS taxes, and company income taxes.
Despite this progress, initial discrepancies of ₦301.6 billion were reconciled to just ₦100 million by NEITI, demonstrating a commitment to transparency.
However, while the sector contributed only 0.83% to Nigeria’s GDP in 2022, the report highlighted significant untapped potential, calling for reforms to enhance its economic impact and contribute to Nigeria’s diversification efforts.
