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Abuja Hosts Nigeria Mining Week October

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mining industry nigeria

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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

Investors Gain N1.09bn as NASD Share Price Rises 9.1%

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NASD Exchange

By Adedapo Adesanya

The unlisted securities market closed the last trading session of the week on a positive note after it appreciated by 0.18 per cent on the back of growth in the share price of NASD Plc.

Business Post reports that the NASD Over-the-Counter (OTC) Securities Exchange returned to the bulls’ territory on Friday after it closed flat on Thursday.

NASD Plc was the major driver of the return of the bourse to the green region as its value went up during the session by N2.45 or 9.1 per cent to close at N26.99 per unit in contrast to N24.54 per unit it closed at the previous session.

As a result of this, the NASD unlisted security index (NSI) moved up by 1.32 points to 745.44 points from 744.12 points, while the market capitalisation gained N1.09 billion to wrap the day at N615.86 billion in contrast to the previous day’s N614.77 billion.

On the activity chart, there was an improvement as the trading volume surged by 34,985.6 per cent because of the 2.3 million units of shares exchanged by market participants compared with the 6,688 units transacted at the previous session.

In the same vein, the trading value rose by 17,680.6 per cent to N63.4 million from the previous day’s N356,563.60, while the number of deals witnessed a 100 per cent rise as investors carried out 12 deals compared to the six deals executed at the previous session.

At the close of trades, Food Concepts Plc was the most traded stock by volume (year-to-date) with 11.4 billion units of its shares worth N14.4 billion, Lighthouse Financial Service Plc followed with 1.1 billion units valued at N546.2 million, while Geo Fluids Plc was in third place with 1.0 billion units worth N700.1 million.

Food Concepts Plc was also the most traded stock by value on a year-to-date basis with 11.4 billion units worth N14.4 billion, trailed by Nigerian Exchange (NGX) Group Plc with 456.4 million units valued at N9.2 billion, VFD Group Plc with 10.4 million units valued at N3.5 billion.

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Economy

Naira Trades N414.73/$1 as Cryptos Bleed Heavily

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Cryptos

By Adedapo Adesanya

The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 0.02 per cent or 7 kobo on Friday, December 4.

Data showed that the local currency was sold for N414.73/$1 at the investors’ window yesterday compared with the N414.80/$1 it traded on Thursday.

At the final trading session of the week, the turnover was $103.01 million as against $139.67 million achieved at the preceding session, indicating a $36.66 million or 26.62 per cent decline.

Also, the exchange rate of the Naira to the United States currency recorded a movement on Friday, though downward as the Nigerian currency depreciated by 4 kobo as it closed at N411.74/$1 versus the preceding day’s N411.70/$1.

The local currency, however, appreciated by N2.17 against the British Pound Sterling to settle at N546.26/£1 compared to N548.43/£1 it traded at the previous trading session and 57 kobo against the Euro to trade at N465.68/€1 compared to the preceding day’s N466.25/€1.

At the cryptocurrency market, investors counted a heavy loss as the new variant of the coronavirus called Omicron and hawkish comments by the US Federal Reserve that it could raise interest rates have raised serious concerns, causing cryptos to bleed heavily.

The heaviest loss was suffered by Dash (DASH), which plunged by 35.3 per cent to sell for N66,595.85. Ripple (XRP) depreciated 30.6 per cent to trade at N381.85, while Litecoin (LTC) sold for N66,595.85 after declining by 24.1 per cent.

Dogecoin (DOGE) went down by 22.7 per cent to sell at N90.29, Cardano (ADA) depreciated by 20.8 per cent to N652.82, Bitcoin (BTC) depleted by 16.9 per cent to quote at N26,800,504.20, Ethereum (ETH) equally saw a 16.9 per cent depreciation to trade at N2,100,100.39, Binance Coin (BNB) recorded a 12.9 per cent depreciation to trade at N218,577.24, Tron (TRX) went down by 12.7 per cent to trade at N48.00, while the US Dollar Tether (USDT) recorded a 0.1 per cent marginal loss to sell for N554.76.

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Economy

Crude Mixed as Market Remains Unsettled by Omicron Jitters

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Crude Oil Prices

By Adedapo Adesanya

Crude prices closed mixed on Friday, December 3 after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand.

Brent crude gained 21 cents or 0.3 per cent to trade at $69.88 per barrel while on the other hand, the United States West Texas Intermediate (WTI) crude lost 24 cents or 0.36 per cent to sell at $66.26 per barrel.

Both benchmarks declined for a sixth week in a row for the first time since November 2018.

Oil prices had witnessed one of the most troubled weeks as the market reeled from the fear brought about by the Omicron variant of the coronavirus with speculations that it could spark new lockdowns and dent fuel demand.

The World Health Organization (WHO) urged countries to vaccinate their people to fight the virus, saying travel curbs were not the answer.

Even with this, the Organisation of the Petroleum Exporting Countries and allies (OPEC+) surprised the market on Thursday when it stuck to its plans to add 400,000 barrels per day supply in January.

However, it said it will continue to monitor the market and this could make it change course if demand suffered from measures to contain the spread of the Omicron coronavirus variant.

The alliance said they could meet again before their next scheduled meeting on January 4.

Analysts noted that with the coronavirus cases rising, the US jobs report for November also didn’t help demand outlook even as the unemployment rate plunged to a 21-month low of 4.2 per cent, suggesting the country’s labour market was rapidly tightening.

US employment growth slowed considerably in November amid job losses at retailers and in local government education.

Meanwhile, in Vienna, diplomats attempting to restore the nuclear deal between Iran and world powers face substantial challenges that need urgent solutions, the top European envoy said Friday. Talks are set to resume next week.

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