The Nigerian Extractive Industries Transparency Initiative has disclosed that Nigeria generated a total of N1.137 trillion in revenue from the solid minerals sector over a period stretching from 2007 to 2023.
New Agency of Nigeria reported that NEITI shared these insights on Wednesday in Abuja during the presentation of its 2023 Solid Minerals Audit Report.
The report highlights the top mineral-producing regions, with Ogun, Kogi, and Rivers States leading in mineral output. Meanwhile, Osun, Ogun, and Kogi States emerged as top contributors to the nation’s solid minerals revenue.
Reflecting the sector’s growth, government receipts have seen a substantial surge—from N7.59 billion in 2007 to an impressive N341.27 billion in 2022.
This steady increase points to solid sector growth, establishing the mining industry as a significant revenue source for Nigeria.
By 2023, cumulative contributions had exceeded the trillion-naira mark, underscoring the industry’s evolving economic importance.
In 2022, the solid minerals sector alone generated N345.41 billion, with a reconciled final revenue of N329.92 billion.
The latest findings reveal an upward trend, with NEITI’s analysis showing total government revenue from company payments reaching N401.87 billion in 2023, including both reconciled and unilaterally disclosed figures.
“Key revenue streams included VAT (N128.32 billion), FIRS taxes (N370.09 billion), education tax (38.64 percent), company income tax (10.64 percent), and royalties (N9.06 billion),” NEITI reported.
Notably, initial discrepancies of N301.6 billion were reduced to just N100 million, reflecting NEITI’s commitment to transparency and accuracy.
The audit also provided detailed production and export data, indicating that in 2023, Nigeria produced a total of 95.07 million metric tons of minerals.
Of this, 4.32 million metric tons were exported, generating a revenue value of N117.29 billion—a figure that emphasizes the sector’s growing export potential and its expanding role in Nigeria’s economy.
