• Business - Economy
  • Updated: September 05, 2023

Mining Sector Records 51 Per Cent Increase In Revenue

Mining Sector Records 51 Per Cent Increase In Revenue

The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that mining revenue has increased by 51 per cent to hit N193.5 billion.

This was disclosed in their recently published 2021 Solid Minerals Industry Report, titled “Impactful Revenue Growth through Leakages Mitigation."

Furthermore, the report highlights the sector’s remarkable journey, indicating that it has contributed a cumulative total of N814.59 billion to Nigeria’s revenue between 2007 and 2021, with 2021 marking a historic high point in earnings.

Speaking on the report, Dr. Ogbonnaya Orji, the Executive Secretary of NEITI, said the figure showed an increase of  N60.32 billion or 51.89 per cent growth when compared to the 2020 revenue flows of N116.82 billion. 

"This contribution, though a significant increase over past years, is still abysmal considering the potentials of the sector to the Nigerian economy. 

“The 2021 Solid Minerals report reviewed, ascertained, reconciled and reported all revenues and investment flows to and from the government in the solid minerals sector", he said.

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