Nigeria Loses $9bn to Illegal Mining in Two Years

23 November 2017

Abuja — Nigeria lost a whopping $9 billion to the export of proceeds of illegal mining activities between 2014 and 2015, the federal government disclosed yesterday.

Making this disclosure at the end of weekly Federal Executive Council (FEC) meeting which was held in the conference room of the Office of the First Lady in the Presidential Villa, Abuja, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, said the $9 billion loss in the sector was contained in a recent report by the Nigeria Extractive Industry Transparency Initiative (NEITI).

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