NEITI raises alarm over illicit financial flows in solid minerals sector

The Nigeria Extractive Industries Transparency Initiative (NEITI) has raised concerns over rising illicit financial flows in Nigeria’s solid minerals sector. In a report, NEITI identified weak regulation, illegal mining, and opaque ownership structures as major drivers of these flows. Despite significant resource deposits, the mining sector contributed only 0.72% to the country's GDP in 2023, highlighting revenue leakages and criminal activities linked to corruption and money laundering.