The Nigerian Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria’s solid minerals sector contributed N1.137 trillion to federal, state, and local governments over a 16-year period from 2007 to 2023. This announcement was made during the presentation of NEITI’s 2023 Solid Minerals Audit Report in Abuja, marking the 16th audit cycle for the sector.
NEITI’s Executive Secretary highlighted the report’s significance in tracking the sector’s contributions to Nigeria’s revenue, noting steady growth and identifying areas for reform to enhance economic diversification. He stated that the sector’s revenue has dramatically increased from N7.59 billion in 2007 to N341.27 billion in 2022, showcasing a remarkable 44-fold rise.
The comprehensive audit report, conducted by the firm Haruna Yahaya and Co., provides valuable insights into the sector’s economic impact, revenue streams, and export data.
These findings underscore the potential of Nigeria’s solid minerals sector to play a critical role in the nation’s economy and revenue generation.
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