The Nigeria Extractive Industries Transparency Initiative (NEITI) released its 2013 audit reports on Monday, analysing the returns in solid minerals, oil and gas exploration in the country.

The reports, which were categorised into oil and gas, and solid minerals, had a number of interesting revelations for the Nigerian state and the state of her mining industry.

Here are five lessons learnt from NEITI’s reports:

FOCUSING MORE ON SAND THAN GOLD

Gold is one of the most expensive commodities on the international market. As at Tuesday afternoon, gold was trading at $1241.70 per ounce (28 grams).

Sand on the other hand sells around $70 for a truckload. But the NEITI results shows Nigeria is largely underutilising its gold reserves, and focusing on other minerals like limestone and sand.

According to its 2013 solid mineral audit report, 5.8 percent of solid minerals production came from sand, while about 0.0 percent to 0.4 percent came from gold.

Going by the value of royalties paid, Nigeria makes more money from sand, than it does from gold.

PRODUCING LIMESTONE THAN 51 OTHER MINERALS PUT TOGETHER

NEITI says Nigeria has about 52 solid mineral resource across all states of the federation, with every state possessing at least two mineral resources.

But of all 52, limestone was exploited more in 2013, than 51 others put together. Limestone, which is used for making cement, was responsible for 52 percent of solid mineral productions.

Granite, Laterite, and sand were responsible for 27.8, 11.3 and 5.8 percent respectively.

Forty-eight other minerals were responsible for only 3 percent of the country’s solid mineral productions.

DANGOTE’s SOLID MINERAL REVENUE HIGER THAN THE REST OF NIGERIA

Dangote Group, owned by Aliko Dangote, generates more mineral resource revenue for the government, more than the rest of the nation put together.

In 2013, the group was responsible for 53 percent of the government revenue, that is, N15.9 billion of the total N33.86 billion accrued that year.

WAPCO, Ashaka and UNICEM, which are cement making companies, were responsible for N5.6 billion N2.9 billion and N2.06 billion respectively.

Of the 619 registered companies in the sector, only five companies accounted for 93 percent of Nigeria’s earnings in solid minerals.

OGUN, KOGI LEADING IN ROYALTY PAYMENT

Ogun and Kogi states led the pack for housing companies that make the highest amount of royalty payment to the federal government, while Kebbi and Taraba states came in at the bottom of the table as shown below.

Ten states made no such royalty payment in the year under review.

NPDC STILL A BLACKHOLE

NEITI’s oil and gas report audit report shows that $12.9 billion was not remitted to the federation account, by NNPC from 2005 to 2013.

Beyond this, the report corroborates the National Reserves Governance Institute (NRGI) audit report, released earlier in the year, emphasising that the Nigerian Petroleum Development Company (NPDC) may be the opaque part of the NNPC.

NPDC has been reflected in most audit reports as a part of the NNPC, which controls some OMLs without necessarily remitting funds to the federation account.

The PwC report on the oil and gas industry, also indicted the NPDC.

The Cable.

Not surprised.

Ogun state, kogi and cross river should demand derivation from limestone.
When you include the 20% coming from Obajana in kogi, close to 50% of the N30 billion is coming from yorubaland.

SW leads again with a contribution of USD373.4million.

The land of Oduduwa is a blessing to this nation.

Haters can only hate and continue being envious of us.

We know them and they also know themselves.

oduastates:
Ogun state, kogi and cross river should demand derivation from limestone.

I am very impressed with Cross River.

Another fact for plantain chips boys to swallow

Their region no dey contribute shingbayn to this country

Oh! before y'all quote me and start telling me blah blah about how yorubas don't want you to go. Make sure you show me any evidences of how Nairaland comments have stopped you from achieving your druggiez Republic

God bless any of you call anyone parasites

Awon olosh

Ondo's cocoa, ogun's limestone

We don't need to talk about Lagos

see them.
make avengers just blow one pipe now,you see them go into delirium

overall90:
see them.
make avengers just blow one pipe now,you see them go into delirium

Avengers can even blow their father's house, na their headache.

Nigeria did not die under Abacha and it can't die bow.

The massive corruption in this sector is worst than customs, police and NNPC put together

Atleast I know the amount of sand and granites mined in Abia everyday and they pay only 2.2 million??
60% of the granite use in the construction of enugu Port Harcourt Road came from Abia and that's amounts to only 25 million??

Corruption has killed Nigeria

Darlingtonr1:
PROMO!!!PROMO!!!PROMO!!! THIS IS TO
INFORM THE GENERAL PUBLIC THAT
DANGOTE RICE AND FLOUR IS NOW
SOLD DIRECT FROM FACTORIES FOR PROMO
PRICES BAG OF RICE AT
#13,000, BAG OF DANGOTE CEMENT AT #1000 AND FLOUR AT #2500 PER BAG
BUYERS CAN ORDER A MINIMUM OF 100 BAGS
TRAILER LOAD OF 600 BAGS AND 900 BAGS
AND ABOVE,, CONTACT SALES MANAGER BELLO
TAOFIQ ON 09057687629 OR E-MAIL; dangotecompany.ng@gmail.com TO GET 50Kg RICE
AND FLOUR MINIMUM IS 20 BAG AND
ABOVE, Note DELIVRY IS TWO WORKING DAY
AND IS NATION...

This is our situation now.
Promo for bag of rice.
What is this country coming to?

Illegal minning deprives Nigeria of Solid Mineral earning.

omowolewa:
Illegal minning deprives Nigeria of Solid Mineral earning.

With the diversification of this Govt into Solid Minerals, less activities of the illegal miners shall be seen.