Nigeria: Solid Mineral Revenue Hits N262 Billion in Nine Years

Analysis of data provided in the Nigeria Extractive Industries Transparency Initiative (NEITI) audit dashboard showed that the country`s revenue from the sector in 2008 stood at N9.5 billion and moved to N19.4 billion in 2009. In 2010, the figure declined to N17.3 billion but moved to N26.9 billion, N31.4 billion, N33.8 billion in 2011, 2012 and 2013 respectively. In 2014, the revenue went to N49.6 billion before hitting N65.7 billion in 2015.

data-para-word-count="46">However, while the total royalty earned for the period under review stood at N7.4 billion, the total metric tons of solid mineral produced in the country stood at about 330 million metric tons with contributions from limestones hovering at 54.5 per cent of the total production.

data-para-word-count="45">According to the report, production of solid mineral reached the peak in 2014, when the country produced about 47 million metric tons of solid mineral while the lowest production was recorded in 2007, when the country produced about 13 million metric tons of solid minerals.