The Nigerian Federal Government has expressed concern over the underperformance of the solid minerals sector in contributing to the country's Gross Domestic Product (GDP) and revenue generation. According to the Nigeria Extractive Industries Transparency Initiative (NEITI), revenues from oil and gas exceeded revenues from solid minerals by over $392.6 billion.

Over a period of 13 years, the solid minerals sector generated approximately $1.4 billion (N624.6 billion) for Nigeria, whereas the oil and gas sector generated $394 billion in just 10 years, surpassing the solid minerals sector by a significant margin.

NEITI's recently released Strategic Plan for 2022-2026 emphasizes the need to prioritize the solid minerals sector. The plan highlights the potential for the sector to contribute over 60% to Nigeria's GDP if it is opened up to investments, compared to its current contribution of only 1.8%.

Specific revenue figures from the solid minerals sector indicate that Nigeria earned N7.6 billion, N10.6 billion, N19.2 billion, N17.1 billion, and N27 billion in the years 2007, 2008, 2009, 2010, and 2011, respectively. In the subsequent years from 2012 to 2016, the country earned N25.6 billion, N30.3 billion, N49.2 billion, N64.5 billion, and N43.2 billion, respectively, from the sector.

The NEITI's focus on the solid minerals sector aims to enhance its contribution to Nigeria's economy and address the significant disparity in revenue generation between the oil and gas sector and the solid minerals sector.

source; punchng.com
https://punchng.com/oil-revenue-surpasses-solid-minerals-earnings-by-393bn-fg/