Nigeria earns n400b from solid minerals in 12 years
That's a significant amount of revenue! Nigeria earning N400 billion from solid minerals over a period of 12 years is a notable achievement. Here's a breakdown of the numbers:
- N400 billion is approximately $1.07 billion USD, based on the current exchange rate.
- Over a period of 12 years, that's an average annual revenue of around N33.3 billion ($89.5 million USD).
To put this into perspective, the Nigerian government's budget for 2022 is around N13.6 trillion ($36.5 billion USD). So, the revenue from solid minerals over the past 12 years is roughly 2.9% of the government's annual budget.
It's worth noting that the revenue from solid minerals is a significant contributor to Nigeria's economy, particularly in the face of declining oil revenues. The country has been diversifying its economy, and the mining sector has been identified as a key area for growth.
Some of the solid minerals that Nigeria has been extracting and exporting include:
- Iron ore
- Coal
- Limestone
- Bitumen
- Tin
- Columbite
- Tantalite
- Gold
- Gemstones (such as diamonds, rubies, and sapphires)
The revenue from solid minerals has the potential to create jobs, stimulate local economies, and contribute to the country's overall development. However, it's essential to ensure that the revenue is managed effectively and that the benefits are shared equitably among all stakeholders.