The Nigeria Extractive Industries Transparency Initiative NEITI has released its independent audit report on governance and revenue management of the Nigeria solid minerals sector for the year 2012.
The Solid Minerals Audit report revealed that Nigeria earned a total of 31.449 billion Naira in 2012 as against 26.925Billion Naira in 2011, showing an increase of 17%.
According to the Audit report, the Solid Minerals sector is still a “minor productive sector with low contributions to the main macro-economic areas of the economy”. For instance, the sector accounted for a meager 0.02% of total exports earnings and 0.14% of new employments in the country by the end of 2012. However, out of the 17,000 jobs created by the Solid minerals sector in 2012, 96% were Nigerian hires.
Sixty five (65) companies drawn from construction, quarrying and cement manufacturing were covered by the Audit based on the materiality threshold of N2million while from the government side, the Federal Inland Revenue Service, Mining Cadastral Office, Nigeria Customs Service, Central Bank of Nigeria, Federal Ministry of Finance as well as Mines Inspectorate Department of the Ministry of Mines and Steel Development were also covered.
NEITI has by the release of the 2012 Solid Minerals Industry Audit Report complied fully with the EITI global requirements of regular reporting. The 2013 Solid Minerals Industry Audit Report has also been completed and would be released by the end of January, 2015.