By Adedapo Adesanya

Nigeria and South Africa have signed a Memorandum of Understanding (MoU) to boost mining cooperation, focusing on investment, knowledge exchange, and technology transfer.

The agreement was signed in Abuja by the Solid Minerals Development Minister, Mr Dele Alake, and South Africa’s Mineral Resources, Mr Gwede Mantashe.

A statement on Wednesday said the MoU was part of efforts to strengthen ties under the Nigeria–South Africa Bi-National Commission framework.

It noted that the deal sets out specific areas of collaboration alongside defined implementation timelines for joint activities and engagements in the mining sector.

“Both ministers pledged ongoing engagement to advance intra-African trade and implement practical steps outlined in the agreement,” it said.

The ministers also expressed optimism that the renewed partnership would significantly strengthen the mining industries of both countries through shared expertise and innovation.

Key highlights include capacity building in geological methods using UAVs and applying spectral remote sensing technologies for mineral exploration and mapping.

Other areas cover geoscientific data sharing via the Nigeria Geological Survey Agency, training in mineral processing, and value-addition initiatives.

The MoU also supports capacity building in elemental fingerprinting with LA-ICP-MS and joint exploration of agro and energy minerals within Nigeria.

Mr Alake restated that bilateral cooperation holds promise for industrialisation, employment generation, and sustainable economic development across the African continent.

“The agreement on geology, mining, and mineral processing will foster knowledge exchange, promote investment, and encourage regional integration,” Mr Alake stated.

He reiterated Nigeria’s focus on developing its mining sector, noting mutual benefits through mineral wealth and South Africa’s technological expertise.

According to Mr Alake, this synergy will attract investments, build skills, and help diversify Nigeria’s economy for long-term growth and stability.

Mr Mantashe, on his part lauded the agreement, noting that it will be crucial to South Africa, as well as promote cooperation between the two African nations.

By Modupe Gbadeyanka

About £10 million has been injected into ARM-Harith’s Climate and Transition Infrastructure Fund (ACT Fund) to unlock local institutional capital for climate infrastructure.

The leading African private equity firm received the financial support from the United Kingdom-backed FSD Africa Investments (FSDAi) to unlock nigerian pension funds and catalyse local capital for infrastructure.

It was gathered that 75 per cent of the FSDAi facility would be provided in local currency, a first-of-its- kind approach specifically designed to mitigate the impact of foreign exchange (FX) volatility for pension funds.

This structure is expected to unlock an additional £31 million in pension fund contributions, nearly five times the participation achieved in ARM- Harith’s first fund.

The investment from ARM-Harith and FSDAi introduces an innovative solution to allow Nigerian pension funds to address a longstanding challenge in infrastructure equity finance: the ability to invest while receiving early liquidity.

By enabling predictable interim distributions during the early phases of investment, this innovative facility directly addresses a key barrier that has historically deterred domestic institutional capital from entering the asset class.

“For too long, domestic pension funds have remained on the sidelines of infrastructure equity due to liquidity constraints and heightened perception of risk.

“We are proud to have collaborated with FSDAi to design a pioneering solution that reduces risk for pension funds while delivering both early liquidity and long-term capital growth.

“This is a global first—a groundbreaking private sector-led solution that could fundamentally change how infrastructure equity is financed—not just in Nigeria, but across Africa,” the chief executive of ARM-Harith, Ms Rachel Moré-Oshodi, said.

Also, the Chief Investment Officer of FSDAi, Ms Anne-Marie Chidzero, said, “We are thrilled to collaborate with ARM-Harith to showcase how risk- bearing capital from a market-building investor like FSDAi can be strategically structured to unlock domestic institutional capital. This approach strengthens Africa’s financial markets and facilitates capital allocation towards sustainable, green economic growth across the continent.”

On his part, the British Deputy High Commissioner in Lagos, Mr Jonny Baxter, said, “The UK government, through its bilateral and investment vehicles is committed to continue to support the country’s financial sector — developing domestic capital markets as a means of financing priority sectors and driving economic development.

“Local currency capital helps mitigate the impact of foreign exchange volatility, narrows the financing gap, supports diversification into new asset classes and into climate- related projects and social sectors – while providing long-term funds to growing businesses.”

By Adedapo Adesanya

The Nigeria Customs Service (NCS) has announced that it generated N190,569,212,397.42 from January to March 2025, at Onne port, Rivers State.

The Customs Comptroller for Area II Command, Onne, Mr Mohammed Babandede, revealed this during his first quarter media briefing in Onne on Wednesday, stating that the feat showed a remarkable improvement with an increase of N27,864,668,442.61 or 17.12 per cent when compared with the same period of 2024.

He said: “The sum of N190,569,212,397.42 was collected as revenue during the first quarter (January-March) of the year, 2025. During the first quarter of the year, 2024, a total of N162,705,313,561.48 was collected. This shows a remarkable improvement of N27,864,668,442.61 or 17.12 per cent against the first quarter of 2024.”

Speaking on export, Mr Babandede hinted that the Command exported 1.274, 695MTS comprising mostly agricultural products and solid minerals, adding that the total products exported stood at a value of N2,345,268,122.00.

The Customs Area Controller made further disclosure, that within the period under review, a total of 20 containers were seized for various offences.

He said the cumulative duty paid value of the seized goods presented was worth N10,293,677,040.00, saying, “It is important to know that importing illicit drugs and other prohibited wares into the country can have serious consequences for both the public and society.

“Worthy of note is the fact that perpetrating any act of illegal activity is criminal and remains punishable under the Nigeria Customs extant laws, with the legal consequence of being punishable with either a fine or imprisonment, or both, as the case may be.

“The impact of the influx of illicit drugs can lead to increased rates of crime, substance abuse, addiction, and health-related issues in the communities. Hence, there is a need to nip it in the bud.”

According to him, “these seizures are products of courage, bravery, high level of integrity, and the self-determined posture of the officers to be patriotic to their oath of allegiance; exhibited through objective and careful examination, meticulous documentary checks and professionalism.”

He added that the Nigeria Customs Service is making significant strides in trade facilitation through its modernization project, explaining that the initiative integrates various applications, platforms, and hardware into a comprehensive import and export management system.

“This Command leveraged this project with yielding remarkable results which includes the efficient release of containers. We trained stakeholders on the B’odogwu Unified Information Management System in order to understand the modality of its operation for efficiency in the clearing procedure and better revenue collection.”