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Nigeria to deploy satellite technology for mining surveillance

Published

5 months ago

June 3, 2024

The Nigerian government will employ satellite technology to monitor mining sites around the country, according to a statement by Dele Alake, Minister of Solid Minerals Development.

Alake stated that this technology will support the 2,220 members of the Mining Marshal Corps—who are recruited from the Nigeria Security and Civil Defence Corps (NSCDC)—in their efforts to combat illicit mining in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

To safeguard Nigeria’s natural riches, these corps members—who are dispersed throughout the 36 states and the Federal Capital Territory (FCT)—have additionally undergone modern combat training from the military.

He said, We are introducing some technology, we are not just relying on men and materials alone. The satellite surveillance gadgets we are putting in there is to enable us to see in real-time in all mining sites in Nigeria.”

“So that when we notice any infraction, very quickly we can deploy the mining marshals to go there so we don’t even have to wait for any interpersonal communication. That reduces the time of knowledge and action.”

“Right now, we depend on people passing intelligence to us but when the satellite surveillance gadget is working, we will be able to see it ourselves. Which is a step forward on the right direction.

He pointed out that the solid mineral industry is rife with security issues that President Bola Tinubu’s administration inherited, like as banditry, kidnapping, and terrorism. Most mining operations take place in woods, which are hotbeds of these crimes.

The Tinubu administration is dedicated to cleaning up the industry and shifting its role so that it makes a major contribution to the GDP (gross domestic product) of Nigeria.

The minister claims that to quickly address these problems, cooperative efforts are being undertaken with other government agencies, including the Nigerian Army, the Police, and the Economic and Financial Crimes Commission (EFCC).

According to Alake, the ministry is committed to ensuring that the GDP (gross domestic product) of Nigeria is contributed by the solid minerals sector rather than oil. He emphasized that the administration of President Bola Tinubu is putting policies and efforts into place to diversify the economy and soon bring in more money than oil. This change is essential, particularly in light of the worldwide movement toward energy transition, which will lower the oil demand.

To facilitate the energy transition, he said, Nigeria possesses essential minerals in commercial quantities in all of its states. To draw significant investors to the industry, the government is actively marketing these resources.

Mineral production in Nigeria reached 121,204,122,000 metric tons in December 2021. The mining industry has seen a steady decline in share, from 5.6% in 1980 to a little under 1% presently. In Q3 2022, the mining sector in Nigeria contributed 0.3% to the country’s GDP, which was less than the 0.2% it had in the same period the previous year.

The mining sectors of Botswana, Ghana, and South Africa, on the other hand, contribute 16%, 12.6%, and 7.3% of their respective economies, making them far more significant.

Related Topics:Dele Alake Featured Mining Nigeria

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IMF assessing implications of Senegal financial audit

Published

13 hours ago

October 17, 2024

Ifeoluwa Dada

The International Monetary Fund (IMF) has revealed that a staff team has travelled to Senegal to begin evaluating the ramifications of data adjustments that emerged from a government audit of previous and ongoing initiatives that the IMF had sponsored.

IMF staff will continue to collaborate closely with the authorities in the upcoming weeks to assess the macroeconomic impact and lay out the next measures, the Fund said in a statement, even though the government’s findings have not yet been certified.

Last month, an audit of Senegal’s finances, commissioned by recently elected President Bassirou Diomaye Faye, revealed that the country’s deficit at the end of 2023 was over 10% of GDP, as opposed to the 5% that the previous administration had estimated.

Following the Fund’s evaluation in June, the government announced that it had chosen not to proceed with Senegal’s request for an IMF disbursement in July. Since then, the West African nation has been in talks with the IMF about corrective action.

From October 9 to October 16, an IMF staff team travelled to Senegal to examine the preliminary audit findings.

The next steps “will include assessing whether any misreporting occurred during previous and current IMF-supported programs”, the statement said.

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Namibia central bank drops key rate again to boost growth

Published

14 hours ago

October 17, 2024

Ifeoluwa Dada

The Monetary Policy Committee (MPC) of Namibia’s central bank unanimously decided to cut the repo rate by 25 basis points to 7.25%, the same size of cut as at the August meeting.

The central bank cited the country’s economy’s need for additional support and the unexpectedly rapid decline in inflation as reasons for the second consecutive meeting of its main interest rate cut.

“The MPC noted the growing momentum in the international monetary policy easing cycle, the retreat in domestic inflation over the medium term, along with the recent downside surprise in the September 2024 inflation print,” Bank of Namibia Governor Johannes Gawaxab said in a statement accompanying the decision.

The nation in southern Africa saw its annual inflation decline sharply from 4.4% in August to 3.4% in September.

The central bank’s most recent meeting on Wednesday downgraded the average inflation forecast for this year from 4.7% to 4.3%.

The revision was ascribed to a more optimistic outlook for global oil prices as well as a more robust domestic currency rate.

According to the bank, credit extension to the private sector is still muted, indicating that more assistance for the home economy is necessary.
“The domestic economy, while growing at a moderate pace, was operating below full capacity,” Gawaxab said.

In 2024, growth is expected to drop to 3.1% from 4.2% in 2023.

Regarding a $750 million redemption of Eurobonds that is scheduled for late 2025, Namibia’s governor of the central bank stated that 82% of the $500 million it wishes to retire at maturity has already been put aside.

The government is still hoping to refinance the $250 million that is left! stated Gawaxab.In 2024, growth is expected to drop to 3.1% from 4.2% in 2023.