The Nigerian Mining Cadastre Office (NMCO) achieved a remarkable revenue of ₦8.2 billion in October 2024, underscoring its pivotal role in the country’s economic diversification strategy. Engr. Obadiah Nkom, the Director General, reported this during a Senate Committee visit, highlighting a significant revenue increase driven by improved regulatory frameworks, transparency, and digitalisation in mining operations. Since its inception, NMCO has generated over ₦36 billion, with 100% remitted to the Federal Treasury. The agency also faces operational challenges, including staffing, power supply issues, and inadequate resources for efficient workflow. The Senate Committee emphasised the need for ongoing reforms to bolster the mining sector’s contribution to Nigeria’s economy.

The Nigerian Mining Cadastre Agency is pivotal in streamlining the mining sector by issuing licenses and monitoring revenue collection. Recent years have seen an increasing trend in revenue generation linked to improved systems and enforcement measures. As Nigeria seeks to diversify its economy beyond oil, the mining sector plays a crucial role, necessitating regulatory enhancements and increased operational efficiency within the NMCO’s framework.

In summary, the NMCO has achieved a record revenue collection, reflecting its strengthened operational capacities and commitment to transparency. However, the agency’s performance is hindered by several operational challenges that need addressing. The Senate Committee’s engagement highlights the ongoing reforms necessary to enhance the effectiveness of the mining sector and ensure its significant contribution to Nigeria’s economic landscape.

Original Source: von.gov.ng

The post Nigerian Mining Cadastre Agency Reports ₦8.2 Billion Revenue in 2024 first appeared on Nigerian Mining News.

The Nigerian Mining Cadastre Office (MCO) has reported a significant revenue achievement, reaching N8.19 billion in October 2024, marking a record high for the agency. This achievement reflects Nigeria’s commitment to economic diversification through the solid minerals sector. Engr. Obadiah Simon Nkom, the MCO’s director-general, highlighted that ongoing initiatives like enhanced transparency and digitalisation of processes contributed to this robust financial performance. Nkom shared a comparative revenue analysis showing a steady increase over recent years. For instance, revenues grew from N2.37 billion in 2019 to N8.19 billion in October 2024. These improvements were driven by stringent enforcement measures and efficiency in licensing and revenue collection. The director-general emphasised that all revenue is directed to the federal government’s Treasury Single Account (TSA). During an oversight visit by the Senate Committee on Solid Minerals, chaired by Senator Sampson Ekong, Nkom detailed the NMCO’s responsibilities in issuing mining licenses and improving industry efficiency. He noted that revenue generated from 2019 to October 2024 was N26.23 billion, confirming a 63% increase compared to the previous reporting period. Senator Ekong affirmed the importance of the committee’s visit in promoting transparency and accountability in mining operations. He concluded that collaboration and reforms are crucial for the mining sector’s growth, and pledged to support the MCO’s initiatives aimed at maximising Nigeria’s mining potential.

The Nigerian Mining Cadastre Office is responsible for managing and regulating the country’s mining activities through licensing and revenue collection. The agency plays a vital role in facilitating economic growth by enhancing the solid minerals sector. Recent efforts to modernise their processes and improve transparency are aimed at increasing revenue and operational efficiency, showcasing the government’s strategy to harness the mining industry’s full potential. The significant revenue growth reflects broader efforts to diversify Nigeria’s economy away from oil dependence, focusing instead on sustainable mineral extraction.

The Nigerian Mining Cadastre Office achieved a remarkable N8.19 billion in revenue in October 2024, showcasing progress in the country’s mining sector. Driven by transparency and digital advancements, this achievement aligns with Nigeria’s goal to diversify its economy. The Senate Committee on Solid Minerals emphasised the need for corporate responsibility and supported collaboration across regulatory bodies for continued improvement and growth within the industry.

Original Source: leadership.ng

The post Nigerian Mining Cadastre Reports Record N8.19bn Revenue in October 2024 first appeared on Nigerian Mining News.