The Nigerian Extractive Industries Transparency Initiative (NEITI) revealed that Nigeria’s stable minerals sector has made a direct monetary contribution of N1.137 trillion to federal, state, and native governments over a 16-year interval from 2007 to 2023.
NEITI introduced this throughout the presentation of its 2023 Stable Minerals Audit Report in Abuja, marking the sixteenth audit cycle for the sector.
NEITI’s Government Secretary, who introduced the report, emphasised its function in monitoring the stable minerals sector’s contributions to Nigeria’s income.
He famous that the report’s findings replicate regular progress and spotlight areas for reform to bolster financial diversification.
“This report is pivotal in understanding the financial footprint of Nigeria’s stable minerals sector. From N7.59b in 2007, the sector has proven a outstanding 44-fold income improve, reaching N341.27b in 2022,” NEITI’s Government Secretary stated.
The great audit report performed by agency Haruna Yahaya and Co. supplies insights into the sector’s financial impression, income streams, and export information.
The report highlights a constant upward pattern within the sector’s income technology, displaying substantial authorities receipts progress, which has now surpassed ₦1 trillion in cumulative contributions.
NEITI emphasised its dedication to transparency by means of the reconciliation course of, which resolved discrepancies in firm funds initially totaling ₦301.6 billion, later lowered to ₦100 million. “The reconciliation down from ₦301.6 billion to ₦100 million displays NEITI’s dedication to selling transparency and accountability within the stable minerals sector,” NEITI defined.
When it comes to the Gross Home Product (GDP), NEITI’s report disclosed that the stable minerals sector accounted for 0.83% of Nigeria’s GDP in 2022, barely lowering to 0.75% in 2023.
The report reiterates the significance of coverage measures and sector reforms to allow the stable minerals business to make a extra important contribution to Nigeria’s financial system.
