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Nigerian govt talks tough on illegal mining by foreigners

Published

1 year ago

September 30, 2023

Nigeria’s Ministry of Solid Minerals Development has warned “unscrupulous foreign operators” sponsoring illegal mining in the country to desist or risk “firm” punitive action from the government.

The warning was given by the Minister, Dr. Oladele Alake, after receiving a courtesy visit in his office at the Ministry’s Abuja headquarters from a group of members of the Nigeria-China Chamber of Mines, led by Dr. Olugbenga Ajala, the National President.

“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,” Alake said.

According to Alake, the ministry is committed to forming a multi-agency task force to put an end to the operations of illegal miners and those who assist them. He emphasised that the government had given illegal miners 30 days to change their status and resume their line of work.

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

The artisanal and small-scale gold mining industry in Africa has growth potential. However, criminals who take advantage of vulnerable populations to make a profit from the sector threaten these prospects.

Some Chinese firms have been accused of illegal mining, which observers have linked to rural banditry and violent local conflicts in some parts of Nigeria. This includes the North West, North Central and, to some extent, South West regions.

Related Topics:Featured Illegal mining Mining Nigeria

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IMF mission concludes 4th loan program assessment in Egypt

Published

4 hours ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

2 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.