Nigeria Collects 40% Of Natural Resources Revenue  

The World Bank has disclosed that Nigeria and other metals and mineral resource-rich countries in Sub-Saharan Africa can double revenues from natural resources such as minerals, oil, and gas. <br />The World Bank noted that these countries could achieve double revenue by adopting a better set of policies, implementing reforms, investing in better fiscal administration and promoting good governance. <br />The Washington-based bank noted that on average, countries capture only about 40 per cent of the revenue they could potentially collect from natural resources. <br />The bank also recommended full taxation of natural resources to charge the full cost of environmental and social impacts, which are not always fully covered by producers, including petroleum resources. <br />It warned that failing to tax natural resources could act as an implicit production subsidy and raise carbon emissions.