The Ministry of Mines and Steel Development said it generated only N2.08 billion in 2015 when minerals were exported without due process and permit from the country.
Alhaji Abubakar Bwari, the Minister of State of the ministry, made this known in a document made available to newsmen in Abuja on Sunday.
Bwari said that the amount represented 0.03 per cent contribution to the Gross Domestic products (GDP) in 2015 which increased to 0. 6 per cent in 2016.
The minister added that the revenue increased to N3.92 billion in 2017 while the sector’s revenue reached N2.97 billion by October 2018.
He said limestone mining led in royalty payments, while the Mining Cadestre Office realised N5.2 billion through processing fees and other licensing fees.
He said that the ministry had addressed royalty valuation among others to move the sector forward.
Bwari said that prior to assumption of office of the outgoing administration, minerals were exported without going through due process and permit.
He noted that there were also no due inspections on pre-shipment agents and that low revenues were made from solid minerals exploitation and exports at the time.
The minister of state said as at 2015, the sector encountered several challenges such as lack of investment – grade data and a lack of sufficient budgetary allocation.
He said that the sector was dominated by artisanal mining enterprises which made it to suffer from low productivity and illegal mining activities leading to leakages in government revenue.
According to him, infrastructure deficit within Nigeria such as power supply and access roads to mining sites also hindered the growth of the sector.
However, he said that under the present administration, the ministry developed a robust Roadmap for the growth and development of the Nigeria Mining Industry which contained various strategic interventions to surmount those challenges.
He said that under the direction and support of President, Muhammadu Buhari, funding for the ministry had improved tremendously. ===NAN
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