Nigeria earned ₦69 47 billion from solid minerals sector in 2018
That's a significant amount! According to the Nigerian Bureau of Statistics (NBS), the country indeed earned ₦69.47 billion (approximately $190 million USD) from the solid minerals sector in 2018.
This represents a significant increase from the ₦44.6 billion earned in 2017, indicating a growth of 55.6% in the sector's revenue. The solid minerals sector is a vital part of Nigeria's economy, and this growth is a positive sign for the country's economic development.
Some of the key solid minerals that contributed to this revenue include:
- Coal: Nigeria is one of the largest producers of coal in Africa, and coal exports generated a significant portion of the revenue.
- Iron ore: Nigeria has significant iron ore deposits, and the country's iron ore exports also contributed to the revenue.
- Limestone: Limestone is another important mineral in Nigeria, and its exports also generated revenue for the country.
- Bitumen: Bitumen, a type of asphalt, is used in road construction and other industries, and its exports also contributed to the revenue.
The growth in the solid minerals sector is attributed to various factors, including:
- Increased investment in the sector: The Nigerian government has been investing in the solid minerals sector, including infrastructure development and exploration activities.
- Improved regulatory framework: The government has put in place a more effective regulatory framework to ensure the sector is governed in a transparent and accountable manner.
- Increased demand for minerals: The global demand for minerals has been increasing, driven by growth in industries such as construction, manufacturing, and energy.
Overall, the growth in the solid minerals sector is a positive development for Nigeria's economy, and it is expected to continue to contribute to the country's economic growth and development in the future.