ASHON Calls for Full Utilisation of Nigeria’s Solid Minerals Sector

Image

By Adedapo Adesanya

The federal government has once again been charged to focus on the solid minerals sector as it can provide much-needed revenue and stop leakages going to people taking advantage of low oversight by the government.

This call was made by the Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, in a statement, as part of efforts to improve the state of the economy.

“Solid minerals is a cash cow,” he alluded, saying, “The government should direct its searchlight to the sector to take control of the revenue and protect the revenue from going into private pockets.”

Speaking further, Mr Onukwue added that ASHON has at several times urged the FG to tap into “investment in the commodities space to generate employment opportunities, boost export trade and grow the Gross Domestic Product.”

The Minister of Solid Minerals Development, Mr Dele Alake, has noted that the sector was one of the top priorities of his principal, President Bola Tinubu.

In September, during a meeting with the Governor of Nasarawa State, Mr Abdullahi Sule, he said his ministry would work with state governors to harness mineral resources for maximum socio-economic development of the country as the federal government seeks to explore all alternative revenue sources away from oil and borrowing.

He noted that the ministry was determined and committed to harnessing the nation’s mineral resources, emphasising states across the country will soon witness rapid development that will enhance the living standards of the citizenry under the renewed hope agenda of the present administration.

Mr Alake affirmed that it is imperative to cooperate, synergise and coordinate all the dynamics surrounding mineral exploration-exploitation and judicious spending of the resources.

According to available data, as of 2021, the solid minerals sector to Nigeria’s GDP stood at 0.63 per cent. The performance was an improvement compared to previous years where it contributed 0.45 per cent in 2020 and 0.26 per cent in 2019.

Despite this relative improvement, the contributions of the industry to the nation’s economy are still negligible and disappointing considering its humongous potential.

The low output in the industry is because over 90 per cent of the activities of the mining industry are dominated by artisanal operators. The MuhammadubBuhari-led administration had set the target of increasing the output to 5 per cent by 2025.

Share
Related Stories
Image
29-February-2024

NGX Falls by 1.27% as Traders ‘Protest’ CBN Rate Hike

By Dipo Olowookere The decision of the Central Bank of Nigeria (CBN) to push the anchor interest rate higher by 4.00 per cent to 22.75 per cent from 18.75 per cent on Tuesday had a toll on the Nigerian Exchange (NGX) Limited on Wednesday. Yesterday, the stock market lost 1.27 per cent after investors cut down their exposure to equities in reaction to the monetary policy announcement of the apex bank a day earlier. The bourse suffered selling pressure during the session, seeing all the major sectors closing in the red territory, with the banking index falling by 6.90 per

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
29-February-2024

Naira Gains as Binance, Others Halt USDT, USDC Exchanges Amid Crackdown

By Adedapo Adesanya The Naira appreciated against the US Dollar in the foreign exchange (FX) market on Wednesday, February 28 as crypto exchanges like Binance, will no longer allow users to buy the US Dollar Tether (USDT) and US Dollar Coin (USDC) stablecoins with Naira after renewed scrutiny from the Nigerian government. The regulatory crackdown continued in the Nigerian FX market as the country moved to aggressively suppress the activities of spectators and traders across digital platforms. On Wednesday, the Nigerian government tricked two executives of Binance – an American and a British Pakistani into the country for a meeting

More Stories
Image
05-April-2017

Saheed Ibile Calls for Caution over Ife/Hausa Crisis

**Blasts Ooni of Ife By Dipo Olowookere A frontline Lagos socialite, Alhaji Audullah Saheed Mosadoluwa, otherwise known as Saheed Ibile, has urged the media, security operatives and every Nigerians to be careful of how they handle the recent violent clash that broke out in Ile-Ife, Osun State, between the Yorubas and Hausas. Mr Ibile, speaking through his media aide, appealed to every aggrieved party to “sheath their sword and desist from inimical activities” that could bring disrepute to Ile-Ife, the origin of the Yorubas. The philanthropist, who celebrates his birthday today, Wednesday, April 05, 2017, warned the Nigeria Police to

Image
11-December-2016

FG Reveals 10-Point Roadmap To Save Economy

**To Return Toll Gates By Modupe Gbadeyanka Federal Government has revealed steps it hopes to take to salvage the country’s economy, which has been battling with recession for months. Minister of Finance, Mrs Kemi Adeosun, who spoke at an event in Lagos, disclosed that the FG would focus on 10 points to help Nigeria out of the economic downturn. Mrs Adeosun, who represented the Vice President, Mr Yemi Osinbajo, at the annual dinner of the Lagos Business School, noted that the 10-point roadmap would address the major problems dragging the economy backward. According to her, the Federal Government’s Fiscal Roadmap

Image
25-July-2021

NURTW Chairman in NDLEA Custody for Drug Trafficking

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has arrested the Chairman of the National Union of Road Transport Workers (NURTW) in the Ijero local government area of Ekiti State, Mr Babatunde Babade, for allegedly trafficking illicit drugs in neighbouring Ondo State. This was made known in a statement issued on Sunday by the Director, Media and Advocacy of the NDLEA, Mr Femi Babafemi, detailing that the transport union leader was apprehended along with two others; Messrs Ilesanmi Shola and Babajide Johnson. He was caught with 52.5 kilograms of skunk in Akure, the state capital, following intelligence that

Image
24-August-2019

Rejecting Ethnic Profiling Against Fulanis in Enugu by Social Media

By Brown Justice The latest report in the media alleging that Fulani herdsmen were responsible for the abduction of a couple who were traveling from Anambra State to Enugu State and were kidnapped along Awka-Enugu road can best be described as ethic biased report targeted against the Fulanis living in Enugu State. According to the report, one Chief Earnest Otugo, a Nnewi-based business man and his wife and children as well as his friend better known as Chief Reuben were travelling from Nnewi to Enugu to attend a social function, but were kidnapped by unknown gunmen around Amokwe area of

Image
29-April-2019

Universities Deserve Special Funds for Research—Dangote

By Modupe Gbadeyanka Federal government has been urged to consider allocating special funds to universities in the country to assist them with research and infrastructural upgrade. This appeal was made by Africa’s foremost businessman and Chairman of Aliko Dangote Foundation, Mr Aliko Dangote, during the 41st convocation of the Ahmadu Bello University, Zaria at the weekend. At the convocation, Mr Dangote made yet another critical intervention in the educational sector by donating a fully equipped 2,160 bed space hostel complex to the institution. The students’ halls of residence comprising of 10 blocks of 360 rooms built at the sum of

Image
29-October-2018

Stakeholders Brainstorm at Maiden MasterCard Africa Debit Forum

By Modupe Gbadeyanka A platform to ensure there is a stronger payment ecosystem across Africa has taken place in Barcelona, Spain. Called the African Debit Forum, it was put together MasterCard as part of its Connecting Tomorrow 2018 Forum in Barcelona. Topics discussed included the strategic role that current accounts and debit cards play in shaping consumer relationships, trends and insights into how African retail banking is evolving, as well as how digital and mobile channels are changing the habits of consumers and what this means for the banking industry. According to Raghav Prasad, MasterCard’s Division President for Sub-Saharan Africa,

Image
05-October-2021

Lagos Demands 1% Exclusive Revenue Allocation Formula

By Adedapo Adesanya The Lagos State Government has demanded a one per cent share in the revenue allocation formula, maintaining that the special status of the state and its prosperity directly or indirectly have multiplying effects on the country. The demand was made by the state governor, Mr Babajide Sanwo-Olu, on Monday at the opening of a two-day South-West Zonal Public hearing on the review of revenue allocation formula by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) held on Monday at Lagos Continental Hotel, Victoria Island. Speaking at the event, the Governor proposed that the revenue sharing formula should

Image
24-March-2022

CBN Sticks Script, NATO Summit in Focus

By Lukman Otunuga Central banks across the globe have waged war against soaring inflation. The Federal Reserve raised interest rates for the first time since 2018 last week, the Bank of England hiked rates for the third consecutive meeting in March while the SARB is expected to take action this afternoon. While central banks across the globe are armed and ready, the Central Bank of Nigeria (CBN) remains on the sidelines. As widely expected, interest rates in Nigeria were left unchanged at 11.5% as the CBN focused on boosting economic growth during a fragile period. Africa’s largest economy is currently

Ad
Ad
Recent Stories
Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,