Solid Minerals Sector Contributed N1.137 trillion to 3-tiers of Nigerian Government in 16 Years
NEITI announced this during the presentation of its 2023 Solid Minerals Audit Report in Abuja, marking the 16th audit cycle for the sector.
From N7.59b in 2007, the sector has shown a remarkable 44-fold revenue increase, reaching N341.27b in 2022
The report highlights a consistent upward trend in the sector’s revenue generation, showing substantial government receipts growth, which has now surpassed ₦1 trillion in cumulative contributions.
In 2022 alone, the solid minerals sector generated N345.41b, with a reconciled final revenue of N329.92b. NEITI explained that this growth underscores the sector’s evolution into a key contributor to Nigeria’s economy.
“Company payments analysis indicates that government revenue, including reconciled and unilaterally disclosed figures, reached N401.87 billion in 2023,” the report noted.
Key revenue streams within this total included VAT (N128.32 billion), taxes collected by the Federal Inland Revenue Service (N370.09 billion), Education Tax (38.64%), Company Income Tax (10.64%), and royalties amounting to N9.06 billion.
The audit report also covered production and export data, revealing that Nigeria produced 95.07 million tonnes of minerals in 2023. Of this, 4.32 million metric tonnes were exported, with a total export value of N117.29 billion.
Top mineral-producing states were identified as Ogun, Kogi, and Rivers, with Ogun taking the lead in production volume. Meanwhile, Osun, Ogun, and Kogi states contributed revenue to the sector.
In terms of the Gross Domestic Product (GDP), NEITI’s report disclosed that the solid minerals sector accounted for 0.83% of Nigeria’s GDP in 2022, slightly decreasing to 0.75% in 2023.
The report reiterates the importance of policy measures and sector reforms to enable the solid minerals industry to make a more significant contribution to Nigeria’s economy.