Economy

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

Published

8 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

Tinubu Okays Extension of Ban on Raw Shea Nut Export by One Year

Published

5 hours ago

26/02/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.

A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.

It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.

The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.

To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.

He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.

The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.

Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.

Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.

The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.

Economy

NASD Bourse Rebounds as Unlisted Security Index Rises 1.27%

Published

6 hours ago

26/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.

This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.

At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.

However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.

At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.

At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.

Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.

Economy

Investors Lose N73bn as Bears Tighten Grip on Stock Exchange

Published

7 hours ago

26/02/2026

Dipo Olowookere

By Dipo Olowookere

The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.

At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.

A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.

However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.

Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.

RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.

Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.

Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.

Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.