Nigeria earned N69.2bn from solid minerals in 2015, speaking to an expansion of 24 percent on the N55.8bn produced from the sector in 2014, the Nigeria Extractive Industries Transparency Initiative declared on Sunday.

In its most recent independent audit report, NEITI expressed that the aggregate generation of strong minerals in the nation remained at 39.27 million tons 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 showed that while the mineral production reduced ,government’s incomes went up around the same time.

“This expansion in income was because of the development in charges gathered from the sector and audit of eminence rates paid by organizations, which happened inside the year under survey,” the report expressed.

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 additionally demonstrated that the estimation of strong minerals’ fares in 2015 remained at $9.733m, which was 1.45 per cent of the non-oil sends out for the year.

Lead and zinc finished the diagram with per cent, esteemed at $7.7m; while 175 ounces of gold, esteemed at just $122,000, were sent out amid the period.

It expressed that the strong minerals sector contributed 0.12 per cent to the nation’s Gross Domestic Prodion in 2015, a minimal increment 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.

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