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Solid Minerals

10% mining contribution boosts economic potentials

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By Kunle Kalejaye
 
President Jonathan

President Jonathan

The Nigerian  Government has been urged to increase the mining sector contribution to the economy from its set target of five percent to more than 10 percent. 

 
This increased according to Professor Wale Omole, Board of Trustees CSR-in-Action will promote industrialisation, fast track development and create quality employment for the country. 
 
Professor Omole who gave the keynote address of the 3rd Sustainability in the Extractive I‎ndustry Conference in Lagos said the increase must be backed up through a more aggressive mineral and metal policy. 
 
He opined that the strangle hold on mineral and ‎metals by the central government must be unlocked, cognisant of the fact that these resources are located across the total geographic landscape of the country. 
 
He said that over 40 different types of minerals are spread across the country which has been identified for economic development. 
 
They  include gold, barite, bitumen, bentonite, limestone, coal, iron, ore, tantalise, lead, zinc, gemstones, granite, marble, gypsum, talc, lithium, silver
 
He added that 34 minerals of economic importance located across the six regional mining zones have been identified. 
 
Of these, professor Wole Omole said seven strategic minerals have been prioritised for development, namely coal, bitumen, limestone, iron, ore, barites, gold and lead/zinc.
 
Professor Omole ‎also noted that participation in the mining sector must include the people in every part of the nation where the deposit is situated. 
 
“Fossil fuel deposit (for oil and gas) are predominantly located along the coastal line Nigeria. In terms of local content participation, the picture is far less than rosy. 
 
“Since exploitation is in the crude, the content is also nearly totally in the crude form while the citizens around the oil region are treated in the crudest manner in terms of environmental degradation, unemployment and poverty. 
 
“Their attempt to establish their crude refineries was also frustrated,” he said.
 
Rather than study their local methods of refinery, technology, areas that require intervention for quality assurance, assist them to produce acceptable and regulatory compliant products; professor Omole stated that government functionaries threatened and chase them out. 
 
“What a great local content started by the people but driven into coma by the authority. 
 
“Where government, the oil majors and the private sector have collectively not succeeded in making fuel available through local refineries, the artisenals, micro and small entrepreneurs are being intimidated to submission. 
 
“Local content participation, accountability and transparency is this industry are all about people, the average Nigerians,’ professor Omole said.
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Business

Nigeria set to boost Naira value and foreign reserve with local gold production, as Tinubu receives gold bar

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IN  a significant move to strengthen Nigeria’s economy, President Bola Tinubu received a symbolic gold bar on Sunday from the Minister of Solid Minerals Development, Dele Alake.

This gesture marks the commencement of the National Gold Purchase Program (NGPP), aimed at boosting the naira’s value and enhancing the country’s foreign reserves.

Minister Alake expressed gratitude to President Tinubu for his support of reforms in the solid minerals sector.

He highlighted that the NGPP, which involves sourcing gold from artisanal and small-scale miners and refining it to meet the London Bullion Market Association’s Good Delivery Standard, will substantially contribute to Nigeria’s economic stability.

Alake stated “This initiative will significantly increase our foreign reserves and strengthen the naira. The refined gold will be supplied to the Central Bank of Nigeria, marking a crucial step in our economic strategy.”

The presentation also underscored the first commercial transaction under the NGPP, establishing a centralized gold purchasing system that integrates small-scale miners, cooperatives, and production units across the nation.

This program is expected to provide a structured market for gold, fostering economic growth and stability.

He said, The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness. It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy. This transaction has also underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.”

Alake added that the initial commercial transaction under the program resulted in a +US$5 million boost in Nigeria’s foreign reserve assets.

The transaction involved refining over 70 kilograms of gold to meet the London Bullion Market quality standard and aggregating locally mined gold, thereby infusing approximately NGN6 billion into the rural economy.

President Tinubu expressed appreciation for the Ministry’s accomplishment in advancing the government’s goal of economic diversification by acknowledging and displaying the symbolic gold bar

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Solid Minerals

FG Fingers Foreigners Sponsoring Banditry For Illegal Mining

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The Nigerian Government has threatened to come down heavily on foreigners sponsoring bandictory as a way of sustaining illegal mining activities in parts of the country.

The warning was handed down in Abuja by Minister, Solid Minerals Development, Dr Oladele Alake, while receiving a delegation of the Nigeria-China Chamber of Mines led by its National President, Dr. Olugbenga Ajala.

Details of these were contained in a statement released by Head, Press & PR, Ministry of Solid Minerals Development, Alaba Balogun over the weekend.

The statement cited, Dr Alake, thus, “The government will come down firmly on these unscrupulous foreign operators sponsoring banditry to perpetrate illegal mining: let me use this medium to appeal through you to tell those sponsors to desist or face the full wrath of the law.”

According to Dr Alake, the Ministry is committed to establishing a multi-agency task force that will end the activities of illegal miners and their collaborators.

The Minster made it clear that the FG had given illegal miners a 30-day-ultimatum to legitimise their businesses, quit Nigeria or incur the wrath of the law.

According to him, this will help “to streamline and structure the Small-Scale Artisanal Miners for maximum yield to the Federal Government.”

The delegation paid a courtesy call on the Minsiter at the Ministry’s headquarters in Abuja.

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Energy

Fuel Scarcity: Govt Yet to Increase Pump Prices – NMDPRA

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A long queue at an NNPC fuel station

By Edozie Obasi-Eze

 

Amidst heightening uncertainties in the domestic petroleum products market characterised by scarcity and irregular pricing, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has declared that there’s no intention to review pump prices upwards.

This was contained in an advisory issued by General Manager, Corporate Communications, NMDPRA, Kimchi Apollo.

He stated that the Nigerian National Petroleum Corporation Limited (NNPCL) had imported PMS with current stock levels sufficient for 34 days.

In an attempt to address panic buying and speculations which have seen price of Premium Motor Spirit (PMS) oscillate between N180-N250 in the Lagos area, Apollo assured that there was enough quantity of the product in the country already.

He said, “Consequently, marketers and the general public are advised to avoid panic buying, diversion of products and hoarding.

“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of petroleum products nationwide, especially during this holiday season.”

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