Nigeria: Dangote majority contributor to solid mineral revenues

Nigeria: Dangote majority contributor to solid mineral revenues
Published: 26 May 2016

Tagged Under: tax Dangote Cement Nigeria 

The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Dangote paid NGN15.9bn (US$80m) in taxes on solid minerals in 2013, more than the rest of the industry combined, Vanguard reports.

The NEITI report showed that in 2013 the government of Nigeria received revenues of NGN33.86bn (US$170m) in taxes on solid minerals, to which Dangote paid 53 per cent. In all, five cement companies – Dangote, CCNN, Ashaka, Unicem and WAPCO (the last three all owned by LafargeHolcim) – account for 93 per cent of the total.

Limestone comprised the majority of solid mineral extraction in Nigeria at 52 per cent of production by mass. NEITI observed that limestone production had increased 33 per cent between 2012 and 2013, reaching 24Mt in the latter year.

The report also found the production data to be inaccurate and advised the government of Nigeria to develop procedures to verify the information released by companies.