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Nairaland Forum / Nairaland / General / Business / ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ (5827 Views)
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‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by Truth234(m): 5:11am On Nov 20, 2017 |
Nigeria earned N69.2bn from solid minerals in 2015, representing an increase of 24 per cent on the N55.8bn generated from the sector in 2014, the Nigeria Extractive Industries Transparency Initiative announced on Sunday. In its latest independent audit report, NEITI stated that the total production of solid minerals in the country stood at 39.27 million tonnes in 2015, representing a reduction of 17 per cent from the 47.1 million tonnes produced a year earlier. It said the drop in the 2015 production figure was attributable to insecurity in parts of the country and more stringent approval process for explosives used in mining. The report indicated that while the mineral production reduced, government’s revenues went up in the same year. “This increase in revenue was due to the growth in taxes collected from the sector and review of royalty rates paid by companies, which came into effect within the year under review,” the report stated. NElTl’s previous solid minerals audit reports had recommended an upward review of Nigeria’s royalty rates to align with the current industry realities. The report also indicated that the value of solid minerals’ exports in 2015 stood at $9.733m, which was 1.45 per cent of the non-oil exports for the year. Lead and zinc topped the chart with 79 per cent, valued at $7.7m; while 175 ounces of gold, valued at only $122,000, were exported during the period. It stated that the solid minerals sector contributed 0.12 per cent to the country’s Gross Domestic Product in 2015, a marginal increase of 0.01 per cent on the 0.11 per cent contributed by the sector in 2014. “This report shows evidence that the contribution of the solid minerals sector to government revenues and macro-economic indicators is beginning to improve, even if marginally,” the Executive Secretary, NEITI, Waziri Adio, said. The report highlighted the specific contributions by companies and states to the sector’s revenue growth and development. Cement manufacturing companies were the major revenue contributors to the sector, accounting for over 60 per cent; while construction companies and real mining companies contributed about 31 per cent and eight per cent, respectively. The report stated that three states, Ogun, Kogi and Cross River, and the Federal Capital Territory accounted for about 70 per cent of the production volumes in 2015, with Ogun State topping the table with 36 per cent. According to the report, a total of 4,305 mineral titles were valid in 2015. Of this figure, 204 titles were mining leases; 657 were for small-scale mining; 1,865 for quarrying licences, while exploration licences accounted for the remaining 1,579. It noted that 1,220 of the 4,305 mining titles were issued in 2015 alone. The agency also stated that the NEITI 2015 oil and gas report would be released next month. The solid minerals audit report recognised the progress being made by the government towards repositioning the sector to be a major driver of the economic and revenue diversification agenda of the present administration. To sustain this growth and further enhance the capacity of the sector to contribute to the economy, the report called for the speedy release of the N30bn Solid Minerals Development Fund recently approved by the Federal Executive Council to the intended beneficiaries in order to support some of the activities already stipulated in the road map for the sector. The report suggested that a ban should be placed on the importation of some minerals such as gypsum, barite and kaolin, which Nigeria had in good quality and quantity. NEITI stated that its first intervention in the solid minerals sector began with the conduct of a study in 2011, followed by an independent audit of the sector in 2012, which covered 2007-2010. The six cycles of audit so far conducted by NEITI in the sector show that Nigeria earned a total of N271.77bn between 2007 and 2015. http://investorsking.com/nigeria-earned-n69-2bn-solid-minerals-one-year/ 1 Like 1 Share |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by BruncleZuma: 7:40am On Nov 20, 2017 |
![]() ![]() ![]() ![]() Didn't know it should be news thanks for posting OP. 1 Like |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by Nobody: 7:40am On Nov 20, 2017 |
1 Like |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by rejosom(m): 7:40am On Nov 20, 2017 |
Glo why? |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by GideonIdaboh(f): 7:41am On Nov 20, 2017 |
Money wey Access Bank go make in one quarter naim a whole federal ministry dey boast of earning in one year. APC!!!! Shame!!! 2 Likes |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by nony43(m): 7:42am On Nov 20, 2017 |
N |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by Ezechionye: 7:43am On Nov 20, 2017 |
The bench mark is that Nigeria is still borrowing. They keep telling us Nigeria earn this and that without telling us how the money is been looted, sorry been spent. 4 Likes |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by massinola(m): 7:44am On Nov 20, 2017 |
superstar1:This early morning? Why not let them have their independent then? 10 Likes
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Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by originalKsp(m): 7:44am On Nov 20, 2017 |
Alexomania: Abi, in Trump's voice "sounds good doesn't work" the money that would have been looted. ![]() Wo, I create awesome mock-ups o ![]() 1 Like
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Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by romoruyi(m): 7:44am On Nov 20, 2017 |
. |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by Alexomania: 7:44am On Nov 20, 2017 |
Where all the money kan enter?. |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by Ijaya123: 7:44am On Nov 20, 2017 |
This shouldn't be news again. 2016 report would have been more like it. Why give us 2015 report in 2017? 2 Likes |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by dadavivo: 7:45am On Nov 20, 2017 |
Ask them to show us the money now,. They will start looking confused. 2 Likes 1 Share |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by RealAdewole(m): 7:45am On Nov 20, 2017 |
money wey suppose be 1trillion naira, thanks to illegal mining and inconsistent government policies
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Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by kullozone(m): 7:45am On Nov 20, 2017 |
One politician money in a year. |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by anonimi: 7:45am On Nov 20, 2017 |
Is this why Fayemi is using almost N800 million to upgrade a website in their padded budget corruption? Why is presidiot bubu still keeping him as a minister despite his theft and corruption? www.nairaland.com/attachments/3366293_12592702433304193542547353995524183236234n2_jpeg62599ae10f52a4c44d2b9b7e4e55e5b9 www.nairaland.com/attachments/3295492_budgetitem01_jpeg1498d1e2da06ded1e5d4fddf01786905 www.nairaland.com/attachments/3295717_budgetitem02_jpegdb6e442d298434dc2c96280a8d30cd31 ![]() www.nairaland.com/attachments/6234473_fayemin700million_jpeg48313e7ff63c61af43464e17e987321c Alexomania: Stolen by bubu and his 40 thieves cabal. See above, bro. ![]() ![]() 2 Likes |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by johnjay4u2u(m): 7:45am On Nov 20, 2017 |
Telling us another story again. 2 Likes 1 Share |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by Nobody: 7:46am On Nov 20, 2017 |
GideonIdaboh:They are not boasting about it.. they are just telling the government with style style to start looking their way 3 Likes |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by slapandfall(m): 7:48am On Nov 20, 2017 |
Please stop saying Nigeria.. Just say " The Politicians Earned N69.2bn From Solid Minerals In One Year’. We dey read money everyday but still one of the most under-developed countries of the world. 2 Likes |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by ken2baba(m): 7:48am On Nov 20, 2017 |
Gypsum always imported Didn't know we have it 2 Likes 1 Share |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by lordkush: 7:48am On Nov 20, 2017 |
superstar1:mumu comment we know them sha 5 Likes
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Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by Timiblanko(m): 7:48am On Nov 20, 2017 |
yet they still suffer us for what we deserve. Their is God |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by anonimi: 7:50am On Nov 20, 2017 |
Ijaya123: It is time to serenade us with lies and propaganda by the All Poverty Congress. APC as 2019 is getting close. That has always been the stock-in-trade of these useless people who have nothing to offer except FAKE promises in order to steal, to loot and to kill us off. www.nairaland.com/attachments/3356469_screenshot20160131120000_jpeg639beaec46d4ced684f639998a489af2 www.nairaland.com/attachments/3220187_img11010123498002_jpeg_jpeg62c874903b6f8a5c196c046ea4a90862 Why is no one asking why we are in recession despite budgets as follows: 2 Likes |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by emeijeh(m): 7:50am On Nov 20, 2017 |
Fayemi has lied again 4 Likes 2 Shares |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by Abfinest007(m): 7:51am On Nov 20, 2017 |
nigeria earn this Nigeria earn that at the end we will still borrow to fund budget |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by DONADAMS(m): 7:51am On Nov 20, 2017 |
nice... |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by anonimi: 7:52am On Nov 20, 2017 |
Timiblanko: ........who has given you a brain for sorting out your challenges without whining and complaining to him, not so ![]() www.nairaland.com/attachments/4160988_image_jpeg_jpeg6f95b5e7a24ad4fc0808d6698fd37362 www.nairaland.com/attachments/4138528_fbimg1471362711749_jpeg32428b294a57b4debde63e3fd7301227 4 Likes |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by juman(m): 7:52am On Nov 20, 2017 |
Fake news. |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by slurity1: 7:52am On Nov 20, 2017 |
GideonIdaboh:I am sure you never read the news you just posted from your hatred brain against Apc. if shame for Apc then what is it for Pdp that has been earning less than that even with more quntity of solid mineral sold? |
Re: ‘Nigeria Earned N69.2bn From Solid Minerals In One Year’ by skedman(m): 7:52am On Nov 20, 2017 |
superstar1:They said they are industrious though i feel they dont really know the meaning of that because they import virtually everything they sell even innoson motors is an assembling plant .with them our balance of payment can never be favourable rather it will be deficit . Even the imported goods are not of quality product rather it is fake i believe when they eventually actualised thier dream their country will be worse than that of zimbabwe 1 Like |
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