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“Despite being blessed with over 40 known types of solid minerals, the Nigerian mining industry is not contributing optimally to the country’s economy, accounting for only 0.26% of the country’s GDP” the report noted.
Nigeria Extractive Industries Transparency Initiative (NEITI) in its latest report said the solid minerals sector contributed ₦52.75 Billion to federation revenue in 2017. This represents a twenty-one (21) percent increase on the ₦43.22 Billion contributed by the sector in 2016. Also, payment to the Mines Inspectorate Department (MID) and Mining Cadastre Office (MCO) amounted to ₦1.59 Billion and ₦2.08 Billion or about three per cent and four per cent of the total revenue from the sector, respectively.
