Mining Sector Contributes Only 0.72% To GDP As Illicit Financial Flows Drain Gains – NEITI

Nigeria’s solid minerals sector contributed just 0.72 per cent to the country’s gross domestic product (GDP) in 2023, with revenue totaling N401 billion, as illicit financial flows (IFFs) significantly undermined its potential, the Nigeria Extractive Industries Transparency Initiative (NEITI) reported in a policy brief released Thursday.
The document, titled “Stemming the Scourge of Illicit Financial Flows in Nigeria’s Mining Sector,” described the sector as a cornerstone for economic diversification due to its deposits of gold, lithium, limestone, and gemstones.
However, NEITI stated that IFFs have eroded this potential through revenue leakages, tax evasion, illegal mining, smuggling...