Economy

NCMMRD Will Accelerate Growth in Nigeria’s Mining Sector—Fayemi

Published

9 years ago

17/09/2017

By Dipo Olowookere

Minister of Mines and Steel Development, Dr Kayode Fayemi, has disclosed that the newly inaugurated National Council on Mining and Mineral Resources Development (NCMMRD), will help accelerate growth in the sector through adequate oversight and guidance as well as strategic input from states and host communities.

Mr Fayemi made this known on Thursday in Abuja while speaking at the inaugural meeting of the council members.

The Minister noted that the sector had witnessed an unprecedented consistent growth in the last two years, adding however that the growth would be accelerated with the emergence of the National Council.

He charged the council members, majorly state commissioners and Permanent Secretaries in the Ministries of Mining and Minerals, on the need to be alive to the responsibility of wealth and job creation.

He further said with their dedication, the sector would take a major leap in the quest to make Nigeria a mining nation.

The inaugural meeting was also attended by the Governor of Kebbi State, Abubakar Atiku Bagudu; Minister of FCT, Mohammed Bello; Minister of State for Mines and Steel Development, Abubakar Bawa Bawari; Minister of State for Works, Power and Housing, Mustapha Baba Shehuri; Gwom Gwom Jos, Da Jacob Gyang Buba; the Ohinoyi of Ebiraland, Alhaji Dr Abdul Rahman Ado Ibrahim, members of the National Assembly and representatives of international agencies.

Mr Fayemi said the sector was primed to experience massive growth over the long term through a robust institutional and governance framework that provides adequate oversight and guidance, stronger participation and shared responsibility from the states and communities as well as building a solid archive and database of geo-sciences research and data that actively encourages investor participation.

He added that through the council, the sector would enjoy a thriving enabling environment that provides the key support infrastructure and services that enables the industry to flourish.

“I am convinced that Nigeria’s Mineral Resource endowments can be optimally exploited for the benefit of Nigerians through collaborative governance of the Mining Sector by governments and communities at all levels – this event is a huge step in that direction and we appreciate you for being a part of it,” the Minister said.

Speaking further, the Minister noted that the ministry had recorded a major breakthrough in funding and in providing access to capital and financing to artisanal and small scale miners.

“Already, we achieved a 300 percent increase in revenue (royalties and fees) between 2015 and 2016, and as at July of this year, the sector had already surpassed the entire revenue of N2 billion generated for the whole of 2016.” he said.

Mr Fayemi identified the signing of a ‘Modified Concession Agreement’ between the Federal Government and Global Infrastructure Nigeria Limited, which resolved the protracted litigations surrounding the ownership of Ajaokuta and NIOMCO, as one of the major achievements of the ministry.

“The implication of the signing is that ownership of Ajaokuta Steel Company Limited has now reverted to the FGN, and we can now proceed to engage a new core investor with the financial and technical capacity to run the steel complex.

The operationalisation of ASC will provide the needed inputs to support the infrastructure requirements of the country and lead to import substitution, and save the country about 3.3 billion dollars annually spent on the importation of steel products.

“To stem the illegal trading of minerals, the ministry has registered over thirty Mineral Buying Centers, and enacted the Revenue and Reporting Compliance Agreement with the Nigeria Customs Service, which has improved the policing of mineral exports.

“With the successful hosting of the inaugural edition of the NCMMRD, we have covered a major milestone in the implementation of the Roadmap for the sector, and at the same time set in motion a chain of positive outcomes. As we look to the future, we remain focused on working with stakeholders to deliver on all other provisions of the Roadmap. He added.

Earlier in his welcome address, the Minister of FCT, Mallam Mohammed Bello, had lauded the ministry for the recorded growth in the mining sector, adding that he was optimistic that the sector would witness greater growth with the coming of the Mining Council.

Kebbi State Governor Abubakar Atiku Bagudu, said the necessary ingredients of growth were being put in place in the sector, adding that Kebbi State, though noted for its rice cultivation in recent time, is keen on making maximum gain from abundant gold deposit in parts of the state.

Also speaking the Chairman of Plateau State Council of Chiefs and Gwom Gwom Jos, Da Jacob Gyang Buba, urged government to show more concern for the environmental issues and impact on communities arising from years of mining

Economy

UAE to Leave OPEC May 1

Published

2 hours ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The United ‌Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.

This dealt ⁠a heavy ⁠blow to the oil-exporting group at a time when the US-Israel war on Iran had caused ⁠a historic energy shock and rattled the global economy.

The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.

“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”

The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united ⁠front despite internal disagreements over a range of issues from geopolitics to production quotas.

UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.

“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.

OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a ‌narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.

The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.

The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.

Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.

The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.

Economy

NASD OTC Exchange Inches Up 0.03% as CSCS Outshines Four Price Decliners

Published

14 hours ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Central Securities Clearing System (CSCS) Plc bested four price decliners on the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 27. The alternative stock market opened the week bullish during the session with a 0.03 per cent uptick.

According to data, the security depository company added N2.61 to its share price to close at N76.26 per unit compared with the preceding session’s N78.87 per unit.

As a result, the market capitalisation of the platform increased by N820 million to N2.425 trillion from N2.424 trillion, and the NASD Unlisted Security Index (NSI) gained 1.38 points to finish at 4,053.97 points compared with the 4,052.58 points it ended last Friday.

The four price losers were led by NASD Plc, which slumped by N3.80 to sell at N34.70 per share versus N38.50 per share. FrieslandCampina Wamco Nigeria Plc fell by N1.45 to N98.10 per unit from N99.55 per unit, Food Concepts Plc slid by 27 Kobo to N2.43 per share from N2.70 per share, and Geo-Fluids Plc dipped by 9 Kobo to N2.91 per unit from N3.00 per unit.

The value of securities transacted by market participants went down by 82.0 per cent to N7.4 million from N41.3 million units, the volume of securities declined by 28.5 per cent to 319,831 units from 447,403 units, and the number of deals dropped by 34.1 per cent to 29 deals from 44 deals.

Great Nigeria Insurance (GNI) Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 59.6 million units sold for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.

Also, GNI Plc was the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with a turnover of 400 million units worth N1.2 billion.

Economy

Naira Opens Week Weaker at N1,364/$ at NAFEX After N5.80 Loss

Published

15 hours ago

28/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The first trading day of the week in the currency market was bearish for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 27.

Yesterday, it lost N5.80 or 0.43 per cent against the United States Dollar to trade at N1,364.24/$1, in contrast to the N1,358.44/$1 it was traded last Friday.

In the same vein, the Nigerian currency depreciated against the Pound Sterling in the official market by N13.70 to close at N1,847.72/£1 versus the preceding session’s N1,834.02/£1, and slumped against the Euro by N11.56 to sell at N1,602.29/€1 versus N1,590.73/€1.

Also, the Nigerian Naira tumbled against the greenback during the trading day by N5 to quote at N1,385/$1 compared with the previous rate of N1,380/$1, and at the GTBank FX desk, it traded flat at N1,370/$1.

The poor performance of the domestic currency could be attributed to liquidity shortage at the official currency market on Monday, which came amid surging demand for international payments. At $76.50 million, interbank liquidity printed higher across 79 deals, up from the $43.572 million reported on Friday.

Nigeria’s gross external reserves declined to $48.45 billion amid a month-long decline in inflows, amid uncertainties in the global commodity market. The depletion of foreign reserves could be partly attributed to the Central Bank of Nigeria’s intervention in the FX market.

The market remains perturbed by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market, while boosters, including oil prices, continue to look rocky due to stalled discussions and unclear ceasefire negotiations between the US and Iran.

A look at the cryptocurrency market, Bitcoin (BTC) has been rejected near $79,000 three times in eight sessions, leaving the level as the de facto ceiling of its current trading range even as major cryptocurrencies trade lower over the past day. It lost 0.9 per cent to sell at $77,003.61.

Analysts say that upcoming US Federal Reserve policy decisions and top tech firms’ earnings this week could provide the catalyst to push bitcoin decisively above $80,000.

The market also continued to weigh Iran’s interim deal proposal to reopen the Strait of Hormuz, which failed to advance over the weekend. The White House said US officials were discussing the latest Iranian proposal but maintained “red lines” on any deal to end the eight-week war.

Solana (SOL) dropped 1.8 per cent to $84.25, Ripple (XRP) went down by 1.6 per cent to $1.39, Ethereum (ETH) depreciated by 1.3 per cent to $2,290.00, Binance Coin (BNB) declined by 0.5 per cent to $625.18, and Cardano (ADA) fell by 0.2 per cent to $0.2480.

However, Dogecoin (DOGE) rose by 2.0 per cent to $0.1002, and TRON (TRX) appreciated by 0.2 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.