Economie

Extractive Industries: FCFA 842 Billion Generated In 2014

Par Le délégué régional de la Sûreté nationale du Centre, (é) NGAH Didier, Commissaire divisionnaire
03 janv. 2017 16:10
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The 2014 report of the Extractive Industries Transparency Initiative, EITI was released in Yaounde on December 29, 2016.

Revenue from the extractive industries in Cameroon increased by two per cent from 2013 to 2014. The 2014 reconciliation report of the Extractive Industries Transparency Initiative, EITI, indicates that extractive industries generated FCFA 842 billion, with over FCFA 782, about 93 per cent of total income allocated to the State. The gas sector is reportedly fetching the State considerably, with the report revealing that contributions from hydrocarbons amounted to FCFA 752.5 billion, more than 80 per cent of revenue from the extractive industries, given that the oil and mining sectors could only fetch FCFA 29.9 billion. It’s evident that from the report, about 37 per cent of exports from Cameroon were from the extractive industries sector, generating about 26 per cent of national revenue. Of the amount, only seven per cent was used for public investment.

Presenting the report in Yaounde on December 29, 2016, Karin Lourimi of the Moore Stephens consulting firm, said though revenue from the extractive industries increased, the drop in oil prices in the international market greatly affected revenue from gas and oil. He said revenue from the transportation sector rose by 50 per cent due to the revision of transportation prices as well as the volume transported by COTCO between Chad and Cameroon. He revealed that oil production in 2014 stood at about 29.9 billion barrels with exports evaluated at 25 billion barrels.

The Minister of Finance, Chairman of the Extractive Industries, Alamine Ousmane Mey, said the report affirmed Cameroon’s transparency in the sector. He expressed the desire to see the sector contribute in terms of job creation which is currently at less than 1 per cent. The 2014 and 2015 reports are expected to serve for the validation process in 2017.