Economy
Bill to Increase Investments in Mining Passes Second Reading at Senate
By Adedapo Adesanya
The Senate on Tuesday gave clearance to a bill for an Act seeking to establish the Nigerian Mineral Development Corporation (NMDC) to pass its second reading.
The bill, sponsored by Mr Umaru Tanko Al-Makura, a member of the ruling All Progressives Congress (APC) from Nasarawa South, is aimed at increasing investments in the mining sector.
In his lead debate, Mr Al-Makura said next to agriculture, the solid mineral has the potential to help Nigeria diversify its economy away from its current monolithic nature if effectively managed.
”As part of this administration’s effort towards the diversification of the Nigerian economy, one of nine priority areas is stabilising the macroeconomy by strategically diversifying Nigeria’s economy from being a mono-product economy to the productive development of various sectors of the economy,” he argued.
“Next to agriculture, the solid mineral sector has been identified as one with the potential to compete and eventually replace crude oil as a major source of foreign exchange earnings,” the former Governor of Nasarawa State submitted.
He said despite being blessed with an array of precious minerals including gold, bitumen, coal, uranium, ruby, metallic ore; all the resources remain largely untapped.
The Senator argued strongly that the establishment of the Nigerian Solid Mineral Development Corporation (NSMDC) will help Nigeria address the infrastructure deficit, tackle the challenges of Internally Generated Revenue (IGR) and also create job opportunities.
“It is expected that the establishment of the NMDC will urgently address the challenges of Internally Generated Revenue (IGR) currently facing state Government in Nigeria, as it would provide the much-needed revenue to deliver on the administration’s priority areas of infrastructure development; social inclusion and poverty reduction, industrialization and job creation for the citizens of Nigeria”.
The Bill
According to the bill, the initial take-off grant for the corporation is to be drawn by way of a sovereign guarantee covering the sum of Five billion Naira. This will cover all operation including all initial capital and operating expenditure.
The Federal Government will pay 70 per cent equity contribution while the institutional investors shall pay their respective equity participation to the corporation to make up the remaining 30 per cent.
“Subsequent funding of the NMDC will then be through the Nigerian Mineral Development Fund (NMDF) to be managed by the corporation strictly in accordance with international best practices.
The bill enjoyed overwhelming support and across political divide from the Federal lawmakers.
In his contribution, the Senate Leader, Mr Abubakar Yusuf noted that the bill is very important to the actualization of a major item on the legislative agenda of the 9th Senate.
Mr Ibikunle Amosun (APC, Ogun Central) also backed the establishment of the Corporation describing it as a bold move and the missing link in the management of Nigeria’s solid mineral resources.
Mr Muhammad Sani Musa (APC, Niger East) also supported the bill, stressing that apart from expanding the Nigerian economy, it will check illegal mining and tackle insecurity in the country.
According to Mr Musa, miners are responsible for many of the attacks in the country.
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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