The Nigeria Extractive Industries Transparency Initiative (NEITI), has said considering the abundant minerals resources in the country, the low revenue from the solid minerals sector as contribution to the economy was unacceptable.
Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, had queried the contributions from the sector while playing host to members of Executive of the Miners Association of Nigeria (MAN) led by its President, Alhaji Kabiru Muhammed.
He said: “From findings of NEITI’s audits reports, mining sector currently contribute less than one percent to the country Gross Domestic Product (GDP). This is unacceptable, considering quantum and variety of minerals resource spread all over Nigeria.
“We are aware that the sector is dominated by artisanal and small scale miners, and we have advised government through recommendations contained in our reports to devise means to formalize operations of this category of miners to enable them contribute to the development of the sector and the economy.
“I am aware that this process has commenced by the Ministry of Mines and Steel Development. We need this to be hastened.”