Nigeria Earns N199b from Solid Minerals in 7 Years

By Modupe Gbadeyanka

A total of N199.4 billion was generated from the solid minerals industry by the Federal Government from 2007 to 2014.

This information was made known by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its report published on its website.

The agency saddled with the responsibility of ensuring transparency and accountability in the country’s extractive industries stated that a bulk of the amount was earned in 2014.

From the graph released by NEITI, a total of N55.8 billion was made from the solid minerals sector in 2014, while the least amount, N8.2 billion, was made in 2007.

The mining industry in Nigeria has remained largely untapped due to over reliance on crude oil, but the present administration has been working hard to change the tide by exploring other sectors of the economy.

From the report, N9.6 billion was made from the industry in 2008, while it increased to N19.4 billion in 2009, and dropped to N17.4 billion in 2010.

However, in 2011, a total of N23.7 billion was generated from the sector, and in 2012, it was N31.5 billion, and N33.9 billion in 2013.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

more recommended stories

%d bloggers like this: