• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    Eastern and Southern Africa Regional Business Councils on the AfCFTA Approved… rhetoric to action in carrying out the Trade Deal
    Zimbabwe’s President Emmerson Mnangagwa’s Government is hovered to Establish a Currency Board Subsidizing all Units of Domestic Currency in Circulation
    New Innovation Emerging in Africa- Report
    Ghana to Invest into Yam Production
    Africa Cloud Ecosystem Project: Phase one Launched
    Reserve Bank of Zimbabwe has Initiated Gold Coins to be Sold to the Public in a bid to Repress Uncontrolled Inflation
    Dangote Industries Completes Issuance of $452 Million Bond
    Over $1 billion Approved by the African Development Bank to Fast Track Food Production Plan
    Travel and Tourism Industry in Nigeria to Grow Exponentially Over the Next Decade, Report
    Foundation Improves Agricultural Productivity in West African Sub-Region

    Dangote wins Solid Mineral Industry Royalty payment with N635.52 Million in 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed

    Posted On 16 Jul 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 8

    By Abdul Rahman Bangura–

    Photo Credit: iStock

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The (NEITI), on July 13th, 2021 in Lagos divulged that, Dangote Cement Plc donated 25.40% of the Royalties obtained from Nigeria’s solid mineral sector with a payment of N635.52 million, in the year 2019.

    NEITI, said overall, Nigeria earned a total of N79.9 billion from the solid minerals its latest audit report indicated. The announcement was related to the Media and Civil Society Organizations by Dr. Dieter Bassi, Director – Technical, NEITI on Tuesday July 13th, 2021in Lagos.

    The news proved that, the dividend was 13.02% higher than the N69.5 billion acknowledged in 2018 and that the royalties obtained improved from N1.96 billion in 2018 to N2.50 billion in 2019.

    According to NEITI, the 2019 report encompassed 74 entities, an improvement from the 69 caught in 2018, while production volume rose to 59.83 million tons in 2019 correlated to the 40.7 million tons taped in 2018. Research incorporated in the statement, revealed that Export Volume production in 2019 was 7.09 million tons, a decline of 124.75 million tons from the 2018 figure.

    Limestone, Granite and Laterite were the most produced minerals in 2019 reckoning for 55.03 million tons, with three states, Ogun, Kogi and Cross River computation for 37.92 million tons with Ogun recording 18.65 million tons; Kogi, 12.77 million tons; and Cross River, 6.50 million tons, respectively.

    Moreover, the report exhibited that 61 corporations sent abroad solid minerals in 2019 with China being the principal destination and accounting for 95% of the solid minerals exported. It said the Solid Minerals Sector subscribed a total of N368.99 billion, exemplifying 0.26% to Nigeria’s Gross Domestic Product (GDP), which was N144.210 trillion in 2019. It further expanded that, the sector had provided N917.02 billion to the economy in the last five years.

    It, however, observed some challenges in the sector in the period under review such as under payment of royalties and non-payment of taxes by some companies. The report also identified lack of productive monitoring and supervision and restrict momentum in growth of metallic minerals as effecting potential penalties in dividend to the
    administration.

    Dr. Ogbonnaya Orji – Executive Secretary, NEITI, explained the statute of NEITI was to enhance transparency and accountability in the Extractive Industry for the advantage of Nigerians. He remarked that, though the NEITI Act of 2007 was concentrated on the Oil and Gas Industry, the agency was now striding toward solid minerals which were
    sufficient in the nation.

    And asserted that, the 2020 report of the Solid Minerals Sector would be published in September, 2021adding that NEITI was being moved for efficiency to have its desired consequence in the country.

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    €61,526,000 being endorsed by the 74th Session of the Board of Directors of the ECOWAS for Investment and Development for projects in Benin, Burkina Faso and Cote D’Ivoire

    Next Story

    The 55-Member Pan-African bloc shoves Continental Integration to navigate Africa’s Economic rehab

    8 Comments

    1. Ken July 16, 2021 at 4:47 am Reply

      Exporting minerals are good, is not the volume exported, however, is the price sold for. Time to sell our natural resources for good price. Ken in Lagos Nigeria

      • New Africa Business News, Staff Correspondent July 16, 2021 at 5:04 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Lucy July 16, 2021 at 4:50 am Reply

      Thank you very much my favorite African Journalist, Bangura. Luanda in Angola. Lucy

      • New Africa Business News, Staff Correspondent July 16, 2021 at 5:04 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Mellisa July 16, 2021 at 4:58 am Reply

      Our Leaders in Africa should stop selling our great natural resources for nothing. Let save it for the future generation. Gaborone in Botswana. Melissa

      • New Africa Business News, Staff Correspondent July 16, 2021 at 5:04 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Flora July 16, 2021 at 5:02 am Reply

      Like to thank Journalist Bangura too and thank you new Africa news for the newsletters. Flora in Windhoek NAMIBIA

      • New Africa Business News, Staff Correspondent July 16, 2021 at 5:03 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    Eastern and Southern Africa Regional Business Councils on the AfCFTA Approved… rhetoric to action in carrying out the Trade Deal

    Posted On 16 Aug 2022

    Zimbabwe’s President Emmerson Mnangagwa’s Government is hovered to Establish a Currency Board Subsidizing all Units of Domestic Currency in Circulation

    Posted On 14 Aug 2022

    New Innovation Emerging in Africa- Report

    Posted On 12 Aug 2022

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Facebook

    Latest Posts

    Eastern and Southern Africa Regional Business Councils on the AfCFTA Approved… rhetoric to action in carrying out the Trade Deal

    Zimbabwe’s President Emmerson Mnangagwa’s Government is hovered to Establish a Currency Board Subsidizing all Units of Domestic Currency in Circulation

    New Innovation Emerging in Africa- Report

    Recent Posts

    • Eastern and Southern Africa Regional Business Councils on the AfCFTA Approved… rhetoric to action in carrying out the Trade Deal
    • Zimbabwe’s President Emmerson Mnangagwa’s Government is hovered to Establish a Currency Board Subsidizing all Units of Domestic Currency in Circulation
    • New Innovation Emerging in Africa- Report
    • Ghana to Invest into Yam Production
    • Africa Cloud Ecosystem Project: Phase one Launched

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.