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Mines Ministry, LCCI call for more investments in mining sector

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By Matthew Eloyi

The Lagos Chamber of Commerce and Industry (LCCI) and the Federal Ministry of Mines and Steel Development have both called for increased investment in the country’s mining sector in order to unlock non-oil economic potential and increase export capacity.

The Minister of Mines and Steel Development, Olamilekan Adegbite, speaking at a mining and solid minerals conference in Lagos with the theme “Solid Minerals: The Foreign Exchange Game Changer,” said the sector had been overlooked in discussions about reducing Nigeria’s reliance on oil and gas. He urged the financial sector to invest in the mining sector in order to positively impact the country’s economy, stressing that a sustainable and well-governed mining sector with good investment inflows was critical to a diversified economy beyond oil in the current economic environment.

Adegbite, however, noted that the success of the industry’s rebuilding to reach the transformational aim of shared mining prosperity hinged on the involvement of all stakeholders, particularly the lively financing community. He mentioned that the government’s National Integrated Mineral Exploration Program (NIMEP), which is nearing completion, will give trustworthy geo-data for investment decision-making.

The program, he claims, has revealed new investment potential in gold, lead, zinc, battery materials, barite, and iron ore.

The theme, according to LCCI President Dr Michael Olawale-Cole, was to encourage stakeholders’ interaction among federal regulatory authorities, financial institutions, and mining industry practitioners to address the sector’s untapped prospects.

This, he said, could elevate the sector to become a major foreign exchange earner for the government.

“A recent report by the Nigerian Extractive Industries Transparency Initiative (NEITI) indicates that revenue from the solid minerals sector to the Federation Account rose by 54 per cent in 2020 to N128 billion compared to N75 billion recorded in 2019.

“The fourth quarter (Q4) 2021 report on foreign trade by the National Bureau of Statistics (NBS) showed that the value of total trade in solid minerals in Q4, 2021 stood at N43.37 billion representing 0.37 per cent of total trade in Q4, 2021.

“Solid minerals exports in Q4, 2021 stood at N13.56billion, a decrease of 25.95 per cent compared to Q3, 2021 but increase by 201.41 per cent when compared to the corresponding quarter of 2020.

“These are confirmations about the potential in the solid minerals sector yet untapped,” he said.

Olawale-Cole recommended the need to address issues of fragmented legislative framework of the 1999 Constitution.

He also stressed the need to establish a robust fiscal framework for investors and address the bottlenecks due to the multi-agencies regulatory structure in the sector.

Chairman, Solid Minerals and Allied Services Group of LCCI, Otunba Babatunde Alatise, said: “I am deeply worried, but not surprised about the consistent and unrelenting activities of illegal miners across Nigeria.

“It must be a cause for great concern for any reasonable Nigerian, especially now that crude oil is hovering between zero Dollars and below cost price.

“Obviously, the diversification drive of the Federal Government is geared towards agriculture and solid minerals, and the recent upsurge in illegal mining activities is a threat to the N20 billion GDP target set out by the Minister of Mines and Steel Development, who is taking the bull by the horns.”

Alatise, who is also member of the ministerial committee on the optimisation of revenue from mineral resources by the Ministry of Mines and Steel Development in Nigeria, said he was very worried and concerned about the fact that his industry is being trivialised by lack of decisive action on the part of the Federal Government.

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Africa

Customs intercepts N30m worth of PMS in Operation Whirlwind

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The Nigerian Customs Service (NCS) on Friday said that it had intercepted 849 kegs of Premium Motor Spirit (PMS), worth over N30 million in retail price from Operation Whirlwind.

The Comptroller of Customs, Hussein Ejibunu, made this known during a news conference in Ikeja.

“Today, we have another seizure of 849 kegs of PMS containing 25 litres each. This translates to 30,225 litres with duty paid value at N30.225 million only at the NNPCL retail price.

“Today marks yet another success recorded by the operatives of Operation Whirlwind, Zone “A” Lagos/Ogun Axis.

“About five weeks ago, same PMS products were displayed before you here on the parade ground of the college where several seizures were made,” Ejibunu said.

“On this note, we wish to thank the National Security Adviser and the Comptroller-General of Customs for their unwavering support,” Ejibunu said.

The coordinator of the Operation Whirlwind said that two vehicles of means of conveyance were intercepted along with the seizures.

Ejibunu said that they evacuated 80 Jerry Cans each from a vehicle.

He assured the public that Operation Whirlwind remains steadfast in its efforts to clamp down on PMS smugglers, ensuring no room for their illegal activities nationwide.

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Africa

Ann-Kio Briggs Faults Tinubu for Scrapping Niger Delta Ministry

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Prominent Niger Delta human rights activist and environmentalist, Ann-Kio Briggs, has criticised President Bola Tinubu’s decision to scrap the Ministry of Niger Delta, describing it as ill-advised and detrimental to the oil-rich region.

Briggs expressed her concerns during an appearance on Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.

“The Ministry of Niger Delta was created by the late (President Umaru) Yar’Adua. There was a reason for the creation. So, just removing it because the president was advised. I want to believe that he was advised because if he did it by himself, that would be terribly wrong,” she stated.

President Tinubu, in October, dissolved the Ministry of Niger Delta and replaced it with the Ministry of Regional Development, which is tasked with overseeing all regional development commissions, including the Niger Delta Development Commission (NDDC), North-West Development Commission, and North-East Development Commission.

Briggs questioned the rationale behind the restructuring, expressing concerns about its feasibility and implications. “But that’s not going to be the solution because who is going to fund the commissions? Is it the regions because it is called the Regional Development Ministry? Is it the states in the regions? What are the regions because we don’t work with regions right now; we are working with geopolitical zones,” she remarked.

She added, “Are we going back to regionalism? If we are, we have to discuss it. The president can’t decide on his own to restructure Nigeria. If we are restructuring Nigeria, the president alone can’t restructure Nigeria, he has to take my opinion and your opinion into consideration.”

Briggs also decried the longstanding neglect of the Niger Delta despite its significant contributions to Nigeria’s economy since 1958. “The Niger Delta has been developing Nigeria since 1958. We want to use our resources to develop our region; let regions use their resources to develop themselves,” she asserted.

Reflecting on the various bodies established to address the region’s development, Briggs lamented their failure to deliver meaningful progress. She highlighted the Niger Delta Basin Authority, the Oil Mineral Producing Areas Development Commission (OMPADEC), and the NDDC as examples of ineffective interventions.

“NDDC was created by Olusegun Obasanjo…There was OMPADEC before NDDC. OMPADEC was an agency. Before OMPADEC, there was the Basin Authority…These authorities were created to help us. Were we helped by those authorities? No, we were not,” she said.

Briggs further described the NDDC as an “ATM for failed politicians, disgruntled politicians, and politicians that have had their electoral wins taken away from them and given to somebody else.”

Her remarks underscore the deep-seated frustrations in the Niger Delta, where residents continue to advocate for greater control over their resources and improved governance.

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FRSC warns truck drivers against speeding, reckless driving

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Mr Joshua Ibitomi, the Area Commander of Federal Road Safety Corps (FRSC),
Ibeju-Lekki, Epe Division, Lagos State, has warned truck drivers against speeding and reckless driving.

He gave the warning in an interview with the News Agency of Nigeria (NAN) in Ibeju-Lekki on Tuesday.

The FRSC official, who blamed speeding on the ghastly vehicle accident that occurred at Aiyetoro market in Epe
which claimed several lives and left some injured, said that with careful driving, such accident could be avoided.

He added that “the accident was as a result of speeding, reckless driving and loading of truck beyond its capacity.

“All these are factors responsible for accident when drivers are not conscious of the driving rules.

“Vehicle can develop technical fault at any time, therefore, speed limit and caution need to be applied while driving.”

He said FRSC had been sensitising drivers on the need to install speed limit device and be road conscious while driving, in line with the mandate to instill decent use of road.

Ibitomi also advised passers-by and the public to be safety conscious while walking on roadsides to avoid falling victim of accidents.

He attributed major road crashes on roads to speed limit violation, urging drivers to respect the sanctity of human life by obeying traffic rules.

He added that the FRSC had evolved measures to ensure accident-free yuletide and new year festivities in 2024

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