China exports 80% of Nigeria’s minerals as 2,119 companies owe N2.76b

• Nigeria earns N624b from sector in 13 years
Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday, said about 80 per cent of solid minerals produced in the country was exported to China, even as over 2000 solid mineral companies operating in the country currently owe the federation about N2.76 billion.

But despite the huge solid mineral endowment of the country, including gold, the total money raised from the sector in 13 years is about 624.45 billion.

A new report released by NEITI, capturing how the sector performed in 2020, revealed that liabilities resulted from failure on the part of 2,119 companies to pay statutory yearly service fees for respective mineral titles.

According to the report, total minerals exports in 2020 were 32.99 million tons valued at $42.46 million.

China, with 80 per cent of the total exports, remained the major destination for Nigeria’s solid minerals exports.

The report stated that 6,010 existing solid mineral titles were valid as of December 31, 2020, while 7,605 mining titles were issued in the industry in the past five years.

NEITI Executive Secretary, Dr. Orji Ogbonnaya Orji, who presented the report in Abuja, said NEITI is determined to use its reports to disclose potential revenue recoveries that are awaiting immediate action by relevant government agencies.

He said: “It is of interest to NEITI that every kobo counts to reduce government financial burden, and our reports will continue to provide useful information and data on who owes what in the oil, gas and mining sector. This is another impact that our reports will pursue in line with our mandate.”