Assessment of Mining Sector Contribution to Federal Government of Nigeria Revenue From 2012 to 2020

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• September 1, 2023
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Onekpe, Sunday Amedu, Nwachukwu, Chinedu Chidinma & Iyi, Edmund Amuezuoke
Department of Geography and Meteorology, Enugu State University of Science and Technology (ESUT), Enugu

This study aims to assess the contribution of the Mining Sector to the revenue of the Federal Government of Nigeria. The mining sector is a significant component of Nigeria’s economy, rich in substantial mineral resources. The primary objective of this study is to evaluate the mining sector’s contribution to the revenue of Nigeria. The specific objectives are to identify the factors responsible for the decline in the mining sector’s revenue to the federal government and to make recommendations for enhancing the mining sector’s contribution to the federal government’s revenue. The population of this study comprises companies and government institutions in Nigeria’s mining sector from 2012 to 2020. This study employs a quantitative method. The study utilizes inferential statistics, employing tools such as Simple Linear Regression analysis, including p-value, t-statistics, F-statistics, and R-square, to test the hypotheses. The findings reveal that the negligible contribution to the mining sector of the Federal Government of Nigeria can be attributed to various factors, including global commodity price fluctuations, economic downturn, regulatory and policy challenges. Unauthorized mining and smuggling, infrastructure deficiencies, as well as environmental concerns and regulations, are among the contributing factors. Enhancing the mining sector’s revenue for the Federal Government of Nigeria necessitates strengthening regulatory and policy reforms, promoting local content development, investing in critical infrastructure, fostering robust community engagement and social responsibility, and enforcing strict environmental regulations to ensure responsible mining practices. Additionally, there is a need to develop educational and training programs to cultivate a skilled workforce capable of effectively managing and operating mining activities.

ABSTRACT

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Onekpe, Nwachukwu, & Iyi (2023). Assessment of Mining Sector Contribution to Federal Government of Nigeria Revenue From 2012 to 2020. International Journal of Engineering and Environmental Sciences, 6(2), 40-49. DOI: https://doi.org/10.5281/zenodo.8307999