Economy
Abuja Hosts Nigeria Mining Week October
By Dipo Olowookere
Minister of Solid Minerals Development, Mr Kayode Fayemi, will deliver the welcome address at the much anticipated launch of the Nigeria Mining Week taking place in Abuja from October 25-28, 2016 at Sheraton Hotel.
The event is coming following the enthusiastic response from the mining community and the Nigerian government to the inaugural iPAD Nigeria Mining Forum in partnership with PwC Nigeria last year.
The organisers have joined forces with the Miners Association of Nigeria to create an all-encompassing meeting place for the sector.
“Diversifying the Nigerian economy is currently in the spotlight,” says Cyril Azobu, PwC Nigeria’s Mining Sector Leader and Head Consulting, “and the new Government has highlighted the potential of the solid minerals sector in achieving this.”
Mr Azobu adds: “The Nigeria Mining Week will be hosted by the Ministry of Solid Minerals Development and provide the opportunity for the government to unveil the next phase for the growth of the mining industry leading to the industrialisation of Nigeria. It will also open the door to an exclusive investment and networking opportunity for mining stakeholders towards propelling the mineral sector reform, and deliver key information for the creation of new business ventures and partnerships.”
The Nigeria Mining Week will comprise a grand opening, the iPAD Nigeria Mining and Quarrying Forum in partnership with PwC conference and exhibition, as well as a workshop for artisanal and small scale miners and a grand closing.
The event will welcome the entire mining ecosystem comprising of artisanal and small scale miners, junior mining operators, exploration companies, local and international investors, financial institutions, traders, solution providers as well as government bodies, to meet and discuss the current state of the market.
Nigeria’s economy was valued at $510billion in 2014 (The Economist), and is considered the largest economy in Africa and one of the fastest growing economies in the world with a long-term average growth of 7.7%. Nigeria’s vastly underexploited natural resources include about 44 varieties of minerals in over 500 locations.
In March 2016, the Roadmap for the Development of the Solid Minerals Sector was launched and following the inaugural iPAD Nigeria Mining Forum in partnership with PwC in 2015, recommendations were given to Government and the private sector.
Programme highlights will include:
* Keynote and opening session – Ministerial address and leaders panel
Theme: “Towards a new paradigm in natural resource management”
Chairperson: Uyi Akpata, Country Senior Partner and Regional Senior Partner West Africa, PwC Nigeria, Nigeria
Confirmed keynote speakers:
Mr Kayode Fayemi, Minister of Solid Minerals Development, Nigeria
The King of the Royal Bafokeng Nation, Kgosi Leruo Molotlegi, South Africa
Dr Toni Aubynn, Chief Executive Officer, Minerals Commission, Ghana
Dr Frank Udemba Jacobs, President, Manufacturers Association of Nigeria (MAN), Nigeria
Other programme highlights during the iPAD Nigeria Mining & Quarrying Forum include:
* Key Nigerian mining projects showcase
This session aims to provide stakeholders with an update on viable projects that Nigeria can in order to attract investment.
Chairperson: Nere Teriba, Managing Director, Kian Smith Trade, Nigeria
Why Nigeria, why now? A brief overview of the mining sector’s potential
Prof. Ibrahim Garba, Vice Chancellor of Amadou Bello University, Nigeria
Investor showcase – snapshot of some key Nigerian projects:
– Symbol Base Metal: Carmie Olowoyo, General Manager – Corporate, Australia
– Promethean Resources: Demola Gbadegesin, Managing Director, Nigeria
– Kogi Iron: Kevin Joseph, Chief Executive Officer, KCM Mining, Nigeria
– ETA Zuma: Dr. Innocent Ezuma, Chief Executive Officer, Nigeria
* Licence to mine – interactive panel to understand Nigeria’s geology and how to access permits
Chair: Prof. Gbenga Okunlola, President of the Nigerian Mining & Geosciences Association, Nigeria
The panellists are:
– Alhaji Mohamed Amate, Director General, Mining Cadastral Office, Nigeria
– Alex Nwegbu, Director General, Geological Survey Agency, Nigeria
– Nere Teriba, Managing Director, Kian Smith Trade, Nigeria
– Prof. Muhammed Tawfiq Ladan, Department of Public Law of the Faculty of Law, Ahmadu Bello University, Nigeria
– Olubukola Ashaolu Shopeju, Director, Bukabella Global Services, Nigeria
The country’s mining industry is showing its buy-in again with Akabogu & Associates, Nigachem Nigeria Ltd, Advocaat, Kian Smith Trade & Co, Palladium Mining Ltd and SBOG already confirmed as sponsors.
The Nigeria Mining Week is organised by Spintelligent in partnership with PwC and the Miners Association of Nigeria. Spintelligent is a well-known trade conference and expo organiser on the continent.
The company has particular expertise and experience in mining and infrastructure development events; including the long running flagship shows such as the iPAD series, the DRC Mining Week, CBM-TEC in Zambia, the Kenya Mining Forum in Nairobi and African Utility Week in Cape Town.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.
Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.
The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.
For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.
There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.
Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The domestic stock market crashed by 0.37 per cent on Thursday as a result of the decline in the price of shares of McNichols, Eterna, Aradel Holdings, and others.
Business Post reports that investor sentiment remained weak after the Nigerian Exchange (NGX) Limited ended the session with 25 price gainers and 31 price losers, indicating a negative market breadth index.
McNichols lost 10.00 per cent to trade at N7.74, ABC Transport slipped by 9.88 per cent to N6.20, Eterna shrank by 9.85 per cent to N29.75, Aradel Holdings depreciated by 9.51 per cent to N1,749.90, and NPF Microfinance Bank contracted by 8.45 per cent to N5.20.
On the flip side, International Energy Insurance gained 10.00 per cent to close at N6.60, Omatek improved by 9.73 per cent to N2.03, Abbey Mortgage Bank surged by 9.68 per cent to N8.50, Cutix expanded by 9.66 per cent to N3.18, and John Holt grew by 7.79 per cent to N14.90.
As for the sectorial performance, the industrial goods and banking indices chalked up 0.54 per cent and 0.31 per cent, respectively. But the energy sector depleted by 4.90 per cent, the insurance counter tumbled by 0.58 per cent, and the consumer goods index slumped by 0.03 per cent.
As a result, the All-Share Index (ASI) dipped by 905.30 points to 242,227.31 points from 243,132.61 points, and the market capitalisation stumbled by N581 billion to N155.359 trillion from N155.940 trillion.
During the session, investors traded 588.5 million equities valued at N27.9 billion in 57,352 deals compared with the 923.0 million equities worth N42.3 billion transacted in 69,332 deals on Wednesday, showing a drop in the trading volume, value, and number of deals by 36.24 per cent, 34.04 per cent, and 17.28 per cent, respectively.
The most active equity yesterday was Access Holdings with 109.7 million units sold for N2.6 billion, FCMB traded 35.6 million units valued at N384.2 million, NGX Group transacted 28.1 million units worth N3.9 billion, Zenith Bank exchanged 26.9 million units for N3.3 billion, and Sterling Holdings recorded a turnover of 22.5 million units worth N176.1 million.
By Adedapo Adesanya
A 0.1 per cent or N1,49 loss was recorded by the Nigerian Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, June 4, closing at N1,358.75/$1 compared with the previous day’s N1,347.26/$1.
In the same vein, the Naira depreciated against the Pound Sterling in the official FX market during the session by N5.39 to trade at N1,828.06/£1 versus Wednesday’s closing rate of N1,822.67/£1, but gained N6.75 against the Euro to sell at N1,574.83/€1 versus the preceding session’s N1,584.39/€1.
At the black market and GTBank FX desk, the local currency traded flat against the Dollar during the session at N1,375/$1 and N1,372/$1, respectively.
Data from the Central Bank of Nigeria (CBN) showed that NFEM interbank FX turnover contracted to $128.117 million in 121 deals on Thursday from $133.731 million the previous day.
On the positive side, Nigeria’s external reserves moved closer to a 2009 high of $50 billion, enhancing analysts’ confidence about the local currency outlook in the second half of 2026.
This improvement has been helped by heightened global uncertainty, which has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices extended steep weekly losses as the broader artificial-intelligence trade that has driven global risk assets since 2026 faltered.
The sell-off was led by equity and currency markets, with semiconductor stocks, Asian indexes and several regional currencies sliding in a broad risk-off shift.
Persistent outflows from US spot Bitcoin ETFs and a rare BTC sale by Strategy have removed a key source of support, leaving markets focused on Friday’s US jobs report for clues on Federal Reserve policy and the fate of the AI trade. The most valued coin slipped 3.6 per cent to $61,914.58.
Cardano (ADA) plunged by 17.6 per cent to $0.1630, Solana (SOL) declined by 7.0 per cent to $65.69, Ethereum (ETH) slipped by 6.9 per cent to $1,666.13, Dogecoin (DOGE) went down by 6.5 per cent to $0.8445, and Ripple (XRP) crashed by 6.5 per cent to $1.11.
Further, Binance Coin (BNB) slumped by 4.3 per cent to $581.45, and TRON (TRX) dropped 1.9 per cent to sell at $0.3261, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) gained 0.01 per cent each to sell at $0.9990 and $0.9998, respectively.
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