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Nigeria to deploy satellite technology for mining surveillance

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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.

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Moroccan annual inflation rises to 0.8% in November

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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

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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.”

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