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Nigeria to set up solid minerals corporation, mining police

Published

1 year ago

September 4, 2023

Nigeria’s minister of mineral resources, Dele Alake has revealed that the country plans to set up a solid minerals corporation as part of an attempt to help attract investments into the extraction industry.

The state-backed company would facilitate the exploration of gold, coal, iron ore, bitumen, lead, limestone and baryte, Alake said on Sunday.

“The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive foreign direct investment for the mining sector,” Alake said in a statement.

Alake did not specify when the new corporation would be established. Nigeria is well-endowed with a wide range of natural resources, including marble, barites, gypsum, different stones, and precious metals. The majority of these have not yet been exploited.

He, however, revealed that a mines policing framework would be incorporated to begin operation in October to identify illicit mining while existing ventures like the National Iron-Ore Corporation and the Bitumen Concessioning Programme would be assessed to fit into the new firm.

According to Alake, the new business would work with regional financial institutions to encourage investment. These institutions have hitherto avoided the mining industry due to a protracted project gestation period.

Nigeria’s mineral production was reported at 121,204,122.000 metric tons in Dec 2021. The contribution of the mining sector has steadily declined from 5.6 per cent in 1980 to about less than 1 per cent. Despite being larger than the GDP contribution recorded in Q3 of 2021, i.e., 0.2%, the Nigerian mining sector only made a measly 0.3% contribution to Nigeria’s GDP in Q3 of 2022.

In contrast, the mining industry makes a far larger contribution to the national economy in nations like Botswana, Ghana, and South Africa, at 16%, 12.6%, and 7.3%, respectively.

Related Topics:Featured Mineral resources Nigeria

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”