Nigeria earned N69.2bn from solid minerals in 2015, representing an increase of 24 per cent on the N55.8bn generated from the sector in 2014, the Nigeria Extractive Industries Transparency Initiative announced on Sunday.

In its latest independent audit report, NEITI stated that the total production of solid minerals in the country stood at 39.27 million tonnes in 2015, representing a reduction of 17 per cent from the 47.1 million tonnes produced a year earlier.

It said the drop in the 2015 production figure was attributable to insecurity in parts of the country and more stringent approval process for explosives used in mining.

The report indicated that while the mineral production reduced, government’s revenues went up in the same year.

“This increase in revenue was due to the growth in taxes collected from the sector and review of royalty rates paid by companies, which came into effect within the year under review,” the report stated.

NElTl’s previous solid minerals audit reports had recommended an upward review of Nigeria’s royalty rates to align with the current industry realities.

The report also indicated that the value of solid minerals’ exports in 2015 stood at $9.733m, which was 1.45 per cent of the non-oil exports for the year.

Lead and zinc topped the chart with 79 per cent, valued at $7.7m; while 175 ounces of gold, valued at only $122,000, were exported during the period.

It stated that the solid minerals sector contributed 0.12 per cent to the country’s Gross Domestic Product in 2015, a marginal increase of 0.01 per cent on the 0.11 per cent contributed by the sector in 2014.

“This report shows evidence that the contribution of the solid minerals sector to government revenues and macro-economic indicators is beginning to improve, even if marginally,” the Executive Secretary, NEITI, Waziri Adio, said.

The report highlighted the specific contributions by companies and states to the sector’s revenue growth and development.

Cement manufacturing companies were the major revenue contributors to the sector, accounting for over 60 per cent; while construction companies and real mining companies contributed about 31 per cent and eight per cent, respectively.

The report stated that three states, Ogun, Kogi and Cross River, and the Federal Capital Territory accounted for about 70 per cent of the production volumes in 2015, with Ogun State topping the table with 36 per cent.

According to the report, a total of 4,305 mineral titles were valid in 2015. Of this figure, 204 titles were mining leases; 657 were for small-scale mining; 1,865 for quarrying licences, while exploration licences accounted for the remaining 1,579.

It noted that 1,220 of the 4,305 mining titles were issued in 2015 alone.

The agency also stated that the NEITI 2015 oil and gas report would be released next month.

The solid minerals audit report recognised the progress being made by the government towards repositioning the sector to be a major driver of the economic and revenue diversification agenda of the present administration.

To sustain this growth and further enhance the capacity of the sector to contribute to the economy, the report called for the speedy release of the N30bn Solid Minerals Development Fund recently approved by the Federal Executive Council to the intended beneficiaries in order to support some of the activities already stipulated in the road map for the sector.

The report suggested that a ban should be placed on the importation of some minerals such as gypsum, barite and kaolin, which Nigeria had in good quality and quantity.

NEITI stated that its first intervention in the solid minerals sector began with the conduct of a study in 2011, followed by an independent audit of the sector in 2012, which covered 2007-2010.

The six cycles of audit so far conducted by NEITI in the sector show that Nigeria earned a total of N271.77bn between 2007 and 2015.

http://investorsking.com/nigeria-earned-n69-2bn-solid-minerals-one-year/

Didn't know it should be news thanks for posting OP.

Now I know how Nigeria became the

Largest economy in Africa.. No be by exporting only crude oil...

Glo why?

Money wey Access Bank go make in one quarter naim a whole federal ministry dey boast of earning in one year. APC!!!! Shame!!!

N

The bench mark is that Nigeria is still borrowing.

They keep telling us Nigeria earn this and that without telling us how the money is been looted, sorry been spent.

superstar1:
What exactly is SE adding to Nigeria apart from spoiling the image of Nigeria, unlimited crime and iPod terrorists?

This early morning? Why not let them have their independent then?

Alexomania:
Where all the money kan enter?.

Abi, in Trump's voice "sounds good doesn't work" the money that would have been looted.

Wo, I create awesome mock-ups o

.

Where all the money kan enter?.

This shouldn't be news again. 2016 report would have been more like it. Why give us 2015 report in 2017?

Ask them to show us the money now,. They will start looking confused.

money wey suppose be 1trillion naira, thanks to illegal mining and inconsistent government policies

One politician money in a year.

Is this why Fayemi is using almost N800 million to upgrade a website in their padded budget corruption?
Why is presidiot bubu still keeping him as a minister despite his theft and corruption?

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Alexomania:
Where all the money kan enter?.

Stolen by bubu and his 40 thieves cabal.
See above, bro.

Telling us another story again.

GideonIdaboh:
Money wey Access Bank go make in one quarter naim a whole federal ministry dey boast of earning in one year. APC!!!! Shame!!!

They are not boasting about it.. they are just telling the government with style style to start looking their way

Please stop saying Nigeria.. Just say " The Politicians Earned N69.2bn From Solid Minerals In One Year’.

We dey read money everyday but still one of the most under-developed countries of the world.

Gypsum always imported

Didn't know we have it

superstar1:
What exactly is SE adding to Nigeria apart from spoiling the image of Nigeria, unlimited crime, sabotaging the economy of the nation by importing all sorts of junks and thereby depleting our national reserves and iPod terrorists?


Oil -- they only have Eva Bottle quantity of Oil. Even Ondo produces more Oil than the entire SE.

Accommodation -- No they are not accommodating. Foreigners are not allowed to own shops n their market and their land is gully eroded with red mud.

Solid Minerals --- oh Gawd!!!!!

Food production -- who will plant inside red mud?

mumu comment we know them sha

Ijaya123:
This shouldn't be news again. 2016 report would have been more like it. Why give us 2015 report in 2017?

It is time to serenade us with lies and propaganda by the All Poverty Congress. APC as 2019 is getting close.
That has always been the stock-in-trade of these useless people who have nothing to offer except FAKE promises in order to steal, to loot and to kill us off.


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Why is no one asking why we are in recession despite budgets as follows:

2015 - N4.5 trillion
2015 - N2.1 trillion supplementary requested / N575 billion approved
2016 - N6.06 trillion
2017 - N7.3 trillion


Sources: http://www.reuters.com/article/nigeria-budget-idUSL5N0YB49M20150520
http://dailypost.ng/2015/11/18/buhari-seeks-n2-1trn-supplementary-budget-for-2015/
http://www.vanguardngr.com/2015/12/senate-approves-n575bn-supplementary-budget-for-buhari/
http://www.vanguardngr.com/2016/05/buhari-signs-n6-06trn-2016-budget-change/

Fayemi has lied again

nigeria earn this Nigeria earn that at the end we will still borrow to fund budget

nice...

Timiblanko:
yet they still suffer us for what we deserve. Their is God

........who has given you a brain for sorting out your challenges without whining and complaining to him, not so


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Fake news.

GideonIdaboh:
Money wey Access Bank go make in one quarter naim a whole federal ministry dey boast of earning in one year. APC!!!! Shame!!!

I am sure you never read the news you just posted from your hatred brain against Apc. if shame for Apc then what is it for Pdp that has been earning less than that even with more quntity of solid mineral sold?

superstar1:
What exactly is SE adding to Nigeria apart from spoiling the image of Nigeria, unlimited crime and iPod terrorists?

They said they are industrious though i feel they dont really know the meaning of that because they import virtually everything they sell even innoson motors is an assembling plant .with them our balance of payment can never be favourable rather it will be deficit .
Even the imported goods are not of quality product rather it is fake
i believe when they eventually actualised thier dream their country will be worse than that of zimbabwe