The report, produced with funding support from the United Kingdom government, said illegal trading networks involving foreign buyers, shell companies and armed criminal groups were contributing to major revenue losses in the sector.
A joint report by the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Africa Network for Environment and Economic Justice (ANEEJ) has raised concerns over the growing impact of illegal mining and illicit financial flows on Nigeria’s solid minerals sector.
The report, produced with funding support from the United Kingdom government, said illegal trading networks involving foreign buyers, shell companies and armed criminal groups were contributing to major revenue losses in the sector.
According to the report, illicit financial flows in the mining industry occur through commercial manipulation, illegal mining, corruption among officials and cross-border smuggling.
It noted that despite Nigeria possessing at least 44 commercially viable minerals, the mining sector contributed only 0.72 per cent to the country’s Gross Domestic Product in 2023.
