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

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