Extractive industries: Prof Fuh Calistus assures boost in contribution to national dev’t.

The Interim Minister of Mines, Industries and Technological Development, Prof Fuh Calistus Gentry, has assured Cameroonians of a boost in revenues from the extractive industries sector to drive national development.

Minister Fuh Calistus made the assertion during the presentation of the 2021 Extractive Industries Transparency Initiative, EITI-Cameroon, country report in Yaounde Friday, September 15.

He disclosed that extractive industries generated some 776.09 billion FCFA during the 2021 business year, out of which some 589.35 billion FCFA went into state coffers. 

As at the 2020 activity year, the amount was lower by almost 60 billion FCFA, as the sector contributed 535.18 billion FCFA into state coffers.

Statistically, the report shows that the extractive industries contribution to the national economy represents 3.93% of the Gross Domestic Product, GDP in 2021; 16.34% of budget resources and 31.15% of exportations.

In 2020, it represented 2.2% of the GDP; 16.61% of budget resources and 23.59% of exportations. In 2019, it represented 3.75% of the GDP; 19.3% of budget resources and 32% of exportations.

The minister explained that the progressive rise in revenue is attributable to a hike in the price of oil in the international market. 

Equally important, he added, is the fact that extractive industries operators consider their commitment to contribute to the national economy vital. 

He said they are being provided with a more favourable legal framework and attractive investment environment despite the worldwide decrease of investment in the sector, with the increasing migration towards renewable energy sources.

Minister Fuh Calistus said the published 2021 report forms the basis for Cameroon to get its EITI-International validation scheduled for scrutiny in October without a hitch.

He said unlike in the past where the hydrocarbons sector alone contributed a preponderant amount of revenues entering state coffers from the sector, modalities have been put in place to change the trend by ensuring that other minerals also fetch substantial revenue into State coffers.

Companies in the sector, he also said, have all been identified and have pledged their commitment to transparency both in declaring revenues and making sure what is due the state in form of taxes is paid regularly.

 

Government’s commitment saluted

For representatives of extractive industries lauded government´s commitment to meet the global transparency standards in the sector and as required by the EITI international body.

They disclosed that government had incorporated civil society organisations into the EITI-Cameroon Management Committee; with the latter giving a push to ensure that international transparency standards in the sector are respected in Cameroon.

Government has not only sought to capture all stakeholder engagements, but has consistently published newsletters and organized public debates all geared towards seeking best ways for the Management Committee to adopt best practices in the extractive sector.

Representatives of extractive industries also called on government and public administrators to be more active and contribute in providing solutions to the activities that are being carried out for the enhancement of standards.

 

 

about author About author : Cyprian Ntiamba Obi Ntui

See my other articles

Related Articles

Comments

    No comment availaible !

Leave a comment