VenturesNow

Nigeria’s $700bn mining potential attracts investors worldwide

Published

1 month ago

November 17, 2024

Diplomatic sources cited in a local report have claimed that global investors are interested in Nigeria’s mining sector reforms under President Bola Tinubu’s government to unleash $700 billion in undiscovered mineral riches.

The Nigerian solid minerals sector sought $500m in foreign investment during a four-day mining investment roadshow in South Africa last week.

At the Sandton Convention Centre in Johannesburg, Nigeria’s High Commission and Rosebank Capital hosted an event for investors interested in Nigeria’s gold, tantalite, limestone, and lithium deposits.

“We know that several ambassadors from Western and African countries have sent diplomatic notes back to their capitals, questioning why Chinese firms should be the only ones benefiting from Nigeria’s vast solid mineral reserves,” a source in Abuja, who pleaded anonymity, said in a note to The PUNCH.

“These ambassadors are citing the steady pace and substance of the reforms in Nigeria’s mining sector over the past year.”

Minister of Solid Minerals Development Dele Alake oversaw the measures to diversify Nigeria’s economy and minimise oil reliance. President Tinubu has tasked Alake with promoting this agenda because of his experience and dedication to outcomes.

At the occasion, Alake urged South African investors and global mining companies to take advantage of Nigeria’s mining sector reforms and better business climate.

According to sources, the World Bank has expanded assistance for these changes since their pace and breadth correspond with its recommendations for economic stability and diversification, which highlight lowering Nigeria’s oil dependence.

Over the next decade, Nigeria’s mining sector may add $25bn to the GDP and create over three million jobs, according to experts.

The Nigerian government sees solid minerals as a means to diversify the economy and improve foreign profits. As part of this strategy, President Tinubu allegedly recruited loyal friend Alake to head sector restructuring.

Nigeria’s mining sector might become a major economic engine with these changes and investment possibilities. The country wants Glencore, Rio Tinto, Intro-Africa Mining & Exploration, and Rainbow Mines to identify its significant mineral riches and work with them to boost economic growth.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

3 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.

VenturesNow

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

Published

4 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.”