The Nigerian Extractive Industries Transparency Initiative (NEITI) announced that Nigeria’s solid minerals sector has generated N1.137 trillion for the government between 2007 and 2023. This is outlined in NEITI’s latest audit, marking the 16th cycle.
During the report presentation in Abuja, NEITI’s Executive Secretary highlighted the sector’s revenue growth and potential for further diversification.
The audit reveals that annual revenue climbed from N7.59 billion in 2007 to N341.27 billion in 2022. In 2023, revenue contributions hit N401.87 billion, boosted by VAT, FIRS-collected taxes, Education Tax, CIT, and royalties.
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Production data shows that Nigeria produced 95.07 million tonnes of minerals in 2023, exporting 4.32 million metric tonnes valued at N117.29 billion. Ogun, Kogi, and Rivers are top producers, while Osun, Ogun, and Kogi lead in revenue contributions.
Despite growth, the sector contributed only 0.83% to Nigeria’s GDP in 2022, slightly decreasing to 0.75% in 2023. NEITI underscores the sector’s untapped potential, urging policy reforms for economic diversification.
