About two-thirds of Nigeria’s mineral exports in 2017 went to China, a recent report on solid minerals shows.
The audit report by the Nigeria Extractive Industries Transparency Initiative (NEITI) also showed that three of the 26 minerals exported in 2017 accounted for 73.81 per cent of total exports.
The three commodities are Zinc ores and concentrate, Lead ores and concentrate, and Silica Sands and Quartz.
China was the major destination of Nigeria’s export during the year under review, followed by Malaysia and Vietnam.
While China accounted for 68 per cent of the total export value during the year, Malaysia and Vietnam accounted for 6.5 per cent and 4.4 per cent respectively.
The total value of mineral exports, however, decreased by 26.95 per cent in 2017 in comparison with 2016.
The large volume of export to China may be based on demand but also based on the increasing trade and partnership between China and Nigeria.
Nigeria has obtained 17 Chinese loans of about $6.5 billion to fund projects across sectors since 2002.
Limestone dominates
In terms of volume, limestone was the most produced and sold mineral in Nigeria during the year.
Over 19.4 million tonnes of limestone was used/sold in Nigeria in 2017, attracting a market value of over N11.6 billion.
The mineral also attracted over N583 million as payment for royalty and constituted 55 per cent of Nigeria’s mineral production in the year under review.
Limestone, the major constituent in cement production, is found in substantial deposits across Nigeria. It is being exploited in some states, but some are still untouched or not discovered yet.
Amongst other things, limestone can be crushed to provide a base for roads and can also be found in paper, paint, plastics, tiles and even toothpaste.
It is found in a commercial deposit in Abia, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Edo, Enugu, Imo, Ogun, Ondo, and Sokoto states.
