Economy
NCMMRD Will Accelerate Growth in Nigeria’s Mining Sector—Fayemi
By Dipo Olowookere
Minister of Mines and Steel Development, Dr Kayode Fayemi, has disclosed that the newly inaugurated National Council on Mining and Mineral Resources Development (NCMMRD), will help accelerate growth in the sector through adequate oversight and guidance as well as strategic input from states and host communities.
Mr Fayemi made this known on Thursday in Abuja while speaking at the inaugural meeting of the council members.
The Minister noted that the sector had witnessed an unprecedented consistent growth in the last two years, adding however that the growth would be accelerated with the emergence of the National Council.
He charged the council members, majorly state commissioners and Permanent Secretaries in the Ministries of Mining and Minerals, on the need to be alive to the responsibility of wealth and job creation.
He further said with their dedication, the sector would take a major leap in the quest to make Nigeria a mining nation.
The inaugural meeting was also attended by the Governor of Kebbi State, Abubakar Atiku Bagudu; Minister of FCT, Mohammed Bello; Minister of State for Mines and Steel Development, Abubakar Bawa Bawari; Minister of State for Works, Power and Housing, Mustapha Baba Shehuri; Gwom Gwom Jos, Da Jacob Gyang Buba; the Ohinoyi of Ebiraland, Alhaji Dr Abdul Rahman Ado Ibrahim, members of the National Assembly and representatives of international agencies.
Mr Fayemi said the sector was primed to experience massive growth over the long term through a robust institutional and governance framework that provides adequate oversight and guidance, stronger participation and shared responsibility from the states and communities as well as building a solid archive and database of geo-sciences research and data that actively encourages investor participation.
He added that through the council, the sector would enjoy a thriving enabling environment that provides the key support infrastructure and services that enables the industry to flourish.
“I am convinced that Nigeria’s Mineral Resource endowments can be optimally exploited for the benefit of Nigerians through collaborative governance of the Mining Sector by governments and communities at all levels – this event is a huge step in that direction and we appreciate you for being a part of it,” the Minister said.
Speaking further, the Minister noted that the ministry had recorded a major breakthrough in funding and in providing access to capital and financing to artisanal and small scale miners.
“Already, we achieved a 300 percent increase in revenue (royalties and fees) between 2015 and 2016, and as at July of this year, the sector had already surpassed the entire revenue of N2 billion generated for the whole of 2016.” he said.
Mr Fayemi identified the signing of a ‘Modified Concession Agreement’ between the Federal Government and Global Infrastructure Nigeria Limited, which resolved the protracted litigations surrounding the ownership of Ajaokuta and NIOMCO, as one of the major achievements of the ministry.
“The implication of the signing is that ownership of Ajaokuta Steel Company Limited has now reverted to the FGN, and we can now proceed to engage a new core investor with the financial and technical capacity to run the steel complex.
The operationalisation of ASC will provide the needed inputs to support the infrastructure requirements of the country and lead to import substitution, and save the country about 3.3 billion dollars annually spent on the importation of steel products.
“To stem the illegal trading of minerals, the ministry has registered over thirty Mineral Buying Centers, and enacted the Revenue and Reporting Compliance Agreement with the Nigeria Customs Service, which has improved the policing of mineral exports.
“With the successful hosting of the inaugural edition of the NCMMRD, we have covered a major milestone in the implementation of the Roadmap for the sector, and at the same time set in motion a chain of positive outcomes. As we look to the future, we remain focused on working with stakeholders to deliver on all other provisions of the Roadmap. He added.
Earlier in his welcome address, the Minister of FCT, Mallam Mohammed Bello, had lauded the ministry for the recorded growth in the mining sector, adding that he was optimistic that the sector would witness greater growth with the coming of the Mining Council.
Kebbi State Governor Abubakar Atiku Bagudu, said the necessary ingredients of growth were being put in place in the sector, adding that Kebbi State, though noted for its rice cultivation in recent time, is keen on making maximum gain from abundant gold deposit in parts of the state.
Also speaking the Chairman of Plateau State Council of Chiefs and Gwom Gwom Jos, Da Jacob Gyang Buba, urged government to show more concern for the environmental issues and impact on communities arising from years of mining
By Adedapo Adesanya
Despite signs that Nigeria’s headline inflation is easing, rising food prices continue to threaten the country’s inflation outlook, the chief executive of the Centre for the Promotion of Private Enterprise (CPPE), Mr Muda Yusuf, has warned.
He noted that structural inflationary pressures in the real economy remain pronounced despite improving macroeconomic stability.
In a policy brief released following the inflation report, he noted that headline inflation eased marginally, while month-on-month change moderated from 1.75 per cent to 1.66 per cent, indicating that headline inflation has largely plateaued.
According to him, the dominant concern in the latest inflation report is the renewed acceleration in food inflation.
This growth, he said, suggested that food prices have resumed an upward trajectory after a brief period of moderation.
Warning that a renewed increase in food inflation has significant economic and social implications, he stressed that food inflation remained the biggest driver of Nigeria’s cost-of-living crisis, stressing that rising food prices continue to erode household purchasing power, worsen poverty and food insecurity while weakening the inclusiveness of the current reform programme.
He maintained that sustained moderation in food prices is critical to improving citizens’ welfare and strengthening public confidence in the ongoing economic reforms.
Acknowledging the easing of core inflation as encouraging, he drew attention to the persistence of urban inflation.
At 16.08 per cent, urban inflation exceeded the national headline inflation rate of 15.91 per cent, while month-on-month urban inflation increased from 1.99 per cent to 2.13 per cent.
According to Mr Yusuf, the figures indicated that inflationary pressures remained particularly intense across urban centres.
He attributed the rising urban inflation partly to increasing population displacement from rural communities affected by insecurity, expressing worry that as more households migrate to urban areas, demand for housing, transportation, utilities and other essential services would increase, adding to inflationary pressures and creating additional urbanisation challenges.
Addressing insecurity in farming communities, he said, was important not only for protecting lives and property and boosting agricultural output but also for easing cost pressures in urban centres, adding that the June CPI data reinforced the view that Nigeria’s inflation challenge is predominantly structural rather than monetary.
On the monetary policy outlook, he said the data do not justify further monetary tightening, arguing that headline inflation has largely stabilised.
The CPPE chief expected the Monetary Policy Committee (MPC) to retain the current monetary policy rate at its next meeting, adding that the priority is for monetary and fiscal authorities to work together to accelerate structural reforms to expand food supply, improve logistics, reduce energy and production costs, lower debt service costs, as well as strengthen domestic value chains.
By Aduragbemi Omiyale
Additional shares of Sterling Financial Holdings Company Plc have been listed on the Nigerian Exchange (NGX) Limited.
The new equities were added to the company’s existing stocks on Customs Street on Thursday, July 16, 2026, a notice from the bourse confirmed.
Business Post reports the total new ordinary shares of Sterling Holdings listed yesterday were 13,812,239,000 units.
They were from the offer for subscription of 12,581,000,000 ordinary shares of 50 Kobo each sold for N7.00 per share, which was oversubscribed by investors.
The financial institution brought the new shares to the stock exchange to increase its total issued and fully paid-up shares to 65,929,251,414 ordinary shares of 50 Kobo each from 52,117,012,414 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 13,812,239,000 ordinary shares of 50 Kobo each of Sterling Financial Holdings Company Plc were on Thursday, July 16, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s offer for subscription of 12,581,000,000 ordinary shares of 50 Kobo each at N7.00 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of Sterling Financial Holdings Company Plc have now increased from 52,117,012,414 to 65,929,251,414 ordinary shares of 50 Kobo each,” the notice read.
By Adedapo Adesanya
President Bola Tinubu has signed a Presidential Executive Order on Virtual Assets Coordination, establishing a new framework to coordinate the regulation of virtual assets across government agencies as Nigeria seeks to curb fraud while supporting innovation in the digital economy.
The Executive Order, which takes immediate effect, creates a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN) to harmonise oversight of cryptocurrencies, tokenised assets, stablecoins, and other digital assets without creating a new regulator.
As part of the new framework, the CBN will establish a regulatory sandbox that will allow eligible firms to test virtual asset products, blockchain solutions, and related services under regulatory supervision before they are introduced to the wider market.
The development was disclosed in a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Mr Bayo Onanuga.
According to the presidency, the Executive Order responds to the growing complexity of virtual assets, which increasingly cut across the traditional boundaries of currencies, securities, commodities, and payment systems.
The fragmented regulatory environment has left gaps that have exposed Nigeria to money laundering, terrorism financing, cybersecurity and data privacy risks, fraud, and revenue losses.
The government said some unregistered operators have exploited these regulatory gaps to defraud unsuspecting Nigerians, resulting in significant financial losses.
“The Order is designed to close these gaps through supervisory coordination, without introducing new layers of regulation or displacing the mandates of existing agencies,” the statement read.
Under the new framework, the Virtual Asset Council will be chaired by the CBN, with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA).
The Council will provide policy direction, improve cooperation among participating agencies, and work with the Attorney General of the Federation to develop a harmonised legal and institutional framework for the sector.
The Executive Order also establishes a Virtual Asset Office, which will serve as the Council’s operational arm. The office will be domiciled at the CBN and will coordinate information sharing, applications, and reporting among the participating agencies through a shared supervisory technology platform.
The presidency stressed that the Executive Order does not create a new regulator or transfer statutory powers from existing agencies, clarifying that instead, each institution will continue to exercise its existing mandate while working within a coordinated framework.
Under the arrangement, registration of virtual asset businesses will depend on the nature of the service being offered.
Activities classified as securities will continue to be regulated by the SEC, while payment, settlement, custody, and other services involving non-security virtual assets will fall under the CBN.
Where there is uncertainty over regulatory jurisdiction, the Virtual Asset Council will determine the appropriate supervising agency.
“The sandbox will provide a controlled environment in which eligible operators can test and operate virtual asset products, services, and blockchain-based solutions under close supervision, enabling the participating agencies to assess the implications for monetary sovereignty, financial stability, market integrity, consumer protection, financial inclusion, and revenue administration before products reach the wider market,” the statement added.
According to the presidency, the sandbox will enable regulators to evaluate the implications of emerging products for financial stability, monetary sovereignty, consumer protection, financial inclusion, market integrity, and revenue administration.
The central bank is expected to announce further details of the sandbox.
