Economy
Mining Council Begs FG to Compile List of Miners in Nigeria
**Seeks Urgent Revitalisation of Ajaokuta, ALSCON
By Dipo Olowookere
National Council on Mining and Mineral Resources Development (NCMMRD) has appealed to the Federal Government to urgently complete the revitalisation of the Ajaokuta Steel Company Ltd and Aluminium Smelting Company of Nigeria (ALSCON), as well as revive several moribund steel plants scattered across the country in a bid to grow the country’s steel sector and promote private sector participation in Steel development.
The council made this appeal in a communiqué issued at the end of its three-day maiden meeting held in Abuja between September 12 and 14.
NCMMRD also urged government to, as a matter of urgency, compile a nationwide inventory of miners, active mining sites, processing companies, personnel and machinery in order to create an all-encompassing data bank to be used in advising potential investors and for investment planning.
Also, the Ministry of Mines and Steel Development is to start forwarding the list of licence holders in every state of the Federation to their respective State government on quarterly basis for proper documentation.
The NCMMRD’s inaugural meeting was attended by Commissioners and Permanent Secretaries of Minerals and Mining ministries across the 36 states and was chaired by the Minister of Mines and Steel Development, Dr Kayode Fayemi.
According to the communiqué, the meeting which did a comprehensive review of the mining sector agreed that some major steps must be taken in order to increase the current growth being experienced in the sector.
The meeting also agreed that there must be synergy between the federal Government, States and Local governments to ensure that the country take full advantage of its vast mineral deposits.
Other decisions of the council include the establishment of a forum of Commissioners responsible for Mineral Resources Development. This, according to them, would encourage constant feedback engagement with the Federal Government and to monitor progress on areas that have been agreed.
The communiqué reads in part: “Current effort at bringing Ajaokuta Steel Company Ltd and Aluminium Smelting Company of Nigeria should be invigorated and every effort should be made by Government to revive Moribund Steel Plants and promote private sector participation in Steel development;
“A private sector driven Single Export Window Policy is recommended. Modalities should be put in place at every exit point and Ports in the country for Quantity and Quality analysis. This will monitor and record all mineral exports and ascertain appropriate royalties and certifications, including the installation of weigh bridges, credible international inspection outfits and the likes. This will also promptly address the mineral revenue leakage that occurs through the exit Ports.
“There should be synergy among Federal, State Governments & Local Government Areas through the instrumentality of Minerals Resources and Environmental Management Committee (MIREMCO) as provided for by Section 19 of Nigerian Minerals and Mining Act, 2007, the committee should be strengthened where it already exists and those dormant in every State should be reactivated.
“There should be synergy between the Ministry of Mines and Steel Development and the State Governments to improve operational collaboration and enhance communication for effective execution of the Roadmap for the growth and development of the mining industry.
“In issuance of the certificate of origin, the Federal and State Governments should collaborate through MIREMCO in analysing and tagging of minerals at source with a view of determining appropriate royalties.
“Adequate capacity building, funding and logistics support should be provided for the appropriate technical departments of the Ministry to ensure effective monitoring and enforcement in the mines fields.
“Improved data collation and recording of Minerals production should be emphasized. This implies that the target set in the Roadmap for 2025 to contribute 3% to the GDP could be surpassed.
“The curbing of illegal mining activities should be pursued continuously and existing framework to curb minerals smuggling should be activated by relevant agencies.
“Existing audit and control mechanisms for monitoring of mineral exports to curb under-declaration of mineral exports should be strengthened.
“The repatriation of proceeds, royalties and taxes accruing from exported minerals through the appropriate government procedures and channels should be vigorously pursued;
“Adequate capacity building, funding and logistics support should be provided for the appropriate technical departments of the Ministry to ensure effective monitoring and enforcement in the mines fields.
“Concrete effort should be made by the Ministry of Mines and Steel Development (MMSD), the Federal Ministry of Environment and State Ministries of Environment on issuance of Environmental Impact Assessment (EIA) reports.”
The next meeting of the council is scheduled for the first quarter of 2018 and it is to be hosted by one of the states.
By Aduragbemi Omiyale
The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.
A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.
It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.
The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.
To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.
He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.
The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.
Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.
Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.
The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.
This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.
At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.
However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.
At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.
At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.
By Dipo Olowookere
The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.
At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.
A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.
However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.
Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.
RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.
Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.
Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.
Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.
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