A Review of the Nigerian Energy Industry

Nigeria earns N11.9bn from solid minerals export

tin-mining-joss-nigeria17 August 2014, Sweetcrude, Lagos – Nigeria earned a total N11.9 billion from the export of 7.1 million metric tonnes of solid minerals in 2011, according to the Nigeria Extractive Industries Transparency Initiative, NEITI.

NEITI findings showed that “Nigeria exported a total of 7,115,088.50 metric tonnes of solid minerals valued at N11.9 billion during the period under review,” Executive Secretary of NEITI, Mrs. Zainab Ahmed, said at the public presentation of the 2011 Solid Minerals Industry Audit Report in Abuja.

Mrs Ahmed, however, spoke of the existence of a disparity between the Central Bank of Nigeria and the Nigeria Customs as to the value of solid minerals exported and the companies involved.

An additional N26.8 billion came into government’s purse from companies during the period as taxes, levies and royalty, the NEITI executive secretary stated.

The audit report, according to her, indicated that besides the revenue from exports and what the companies paid in taxes, levies, and royalty, government’s actual receipt from solid minerals during the period amounted to N33.1 million.

She said the revenue for 2011 represented a major increase over the figures for the previous years, ascribing the significant increase in earnings to government’s growing attention to the sector and increased awareness resulting from the activities of NEITI, especially following its last audit cycle.

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