Economy
World Bank Backs Nigeria’s Mining Sector with $150m
By Dipo Olowookere
Nigeria’s Ministry of Mines and Steel Development has secured a $150 million support from the World Bank for the Mineral Sector Support for Economic Diversification (MSSED or MinDiver) programme.
According to the Minister, Mr Kayode Fayemi, “We have secured support from the World Bank for the funding of $150 million Mineral Sector Support for Economic Diversification MSSED programme.”
He explained that a critical component of the support is to provide technical assistance for the restructuring and operationalisation of the Solid Minerals Development Mining Investment Fund, which would make finance available to ASM operators through development finance, micro-finance and leasing institutions.
Mr Fayemi, addressing newsmen in his 2016 end of year ministerial briefing and projections for 2017 in Abuja on Monday, said the Ministry was working with the Nigerian Sovereign Investment Authority, the Nigerian Stock Exchange and other institutions to assemble a $600 million investment fund for the sector by first quarter of 2017.
He spoke of plans for the mining sector new year, at the event which also featured the commissioning of 38 surveillance vehicles bought for mines officers, valued at about N322 million.
He said “The fund will also help to bring back on stream previously abandoned proven mining projects like tin ore, iron ore, coal, gold and lead-zinc among others.”
Mr Fayemi said the sector has witnessed some positive developments and productivity in the last one year, including a major improvement in the ministry’s contribution to the Federation Account to about N2 billion n in 2016, up from N700 million in 2015.
He added that increased productivity in the mining space had also led to significant discovery of mineral deposits, notably the large find of high-grade nickel a few months ago in Dangoma, Kaduna State by an Australian mining company operating in Nigeria.
The Minister further revealed that government had constructed 10 Prototype Mineral Buying Centres across the country for specific strategic industrial minerals.
“The centres are to serve as standardisation centres to enable ASM Cooperatives and operators receive fair premium for their labour. With renewed determination to strengthen collaborative efforts with State governments in natural resource governance, the PMBCs are being ceded to state governments,” he said
Mr Fayemi recalled that he had identified some challenges, including lack of geological data, weak institutional capacity and limited supporting infrastructure during his inaugural ministerial briefing on December 21, 2015, said he the ministry has recorded some remarkable achievements in tackling those challenges.
The Minister also inaugurated the Mining Implementation Strategy Team (MIST). Composition to be chaired by the Chairman, Nigerian Mining and Geosciences Society, Prof. Olugbenga Okunlola and Coordinated by the Special Adviser to the Minister on Policy and Strategy Prof. Okey Onyejekwe.
Presenting their Terms of Reference (TOR) the Minister said “these includes developing a logical framework matrix that spells out priorities, key performance indicators (KPIs),targets/benchmarks, time lines and result based action plans.
Others include developing a framework for monitoring and evaluating the implementation process and progress, developing resource base mobilisation, developing accountability framework and communication strategy for communicating the implementation process and progress.
While commissioning the surveillance vehicles, the Minister who remarked that that was the first time the ministry would procure such a large fleet of surveillance vehicles, urged the Mines Officers to use the vehicles and other surveillance gadgets to ensure effective inspection of mines activities.
The commissioning was witnessed by the Minister of State, Mr Abubakar Bawa Bwari, the Permanent Secretary of the Ministry, Mr Mohammed Abbas; the wife of Kebbi State Governor, Hajia Zainab Atiku Bagudu; and Commissioner for Commerce, Zamfara State, Hajia Fatima Umaru Shinkafi.
The Minister said: “The execution of this vehicle procurement project is therefore a clear demonstration of the commitment of this administration to our strategic goal of repositioning the Mining sector for greater productivity. One of our objectives is to strengthen our ministry with the requisite capacity and capabilities to deliver on our mandate to effectively regulate the sector”, he added.
Mr Fayemi stated that the fleet of vehicles cost Government about N322 million, which is no small expenditure in view of competing priorities.
He said the purchase of the vehicles has successfully addressed the challenge of the absence of logistical support for field operations of the technical departments of the Ministry. The progress will result in scaling up the capacity of the departments for effective discharge of their statutory duties and functions.
The Minister said beginning from January 2017, he expect to start seeing the positive impact of the investment in terms of increased revenue generation, reduction in number of illegal mining incidences, fewer cases of conflicts arising from mining activities, and timely rendering of periodic reports of mining activities from respective field stations.
He warned officers to use the vehicles strictly for the official duties they are meant for and on no reason should the vehicles be used for unofficial purposes except with express approval. He said to discourage arbitrary use of the vehicles other than the discharge of official duties, the vehicles have been installed with tracking devices that will enable the Ministry monitor their movements centrally from Abuja. That any officer that runs afoul of the ethical use of the vehicles shall be dealt with in accordance with relevant Civil Service Rules.
The Minister of State for Mines and Steel Development Mr Abubakar Bawa Bwari in a vote of thanks commended the Mr Fayemi for the passion shorn for the mining industry, the National Assembly for their understanding and cooperation for the industry, the Security Agencies for their cooperation and all stakeholders especially the International partners and Agencies and the Media for their support.
By Aduragbemi Omiyale
Between $30 billion and $50 billion in investments are anticipated from 22 major offshore projects by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from now till 2030.
Speaking at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Wednesday, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said since 2022, successive licensing rounds have opened access to some of Nigeria’s most prospective oil and gas acreages.
She made reference to the recent 2025 Licensing Round where 31 companies emerged successful bidders for 37 oil and gas blocks after progressing through a robust, data-driven and technology enabled evaluation process.
Mrs Eyesan said the 2026 Licensing Round, which is set to commence soon, is showing greater promise thanks to the transparency that has characterised licensing rounds.
“With preparations already underway for the 2026 Licensing Round, Nigeria is demonstrating that investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework,” the NUPRC boss stated.
The agency’s chief, who was represented at the event by the Executive Commissioner for Development and Production, Mr Enorense Amadasu, the expected investments are expected to increase production, create jobs and strengthen energy security.
“Since 2024, the NUPRC has approved over $57 billion in Field Development Plan (FDPs) some of which have translated to Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of $30–50 billion.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination,” she stated.
She noted that besides developing its proven reserves, Nigeria is building a resilient energy future by maintaining a strong pipeline of exploration opportunities that will sustain long-term growth and energy security.
Mrs Eyesan said infrastructure deficit continues to undermine Africa’s promising potential, stating that, Nigeria is, however, addressing this challenge through a series of strategies.
“We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production,” the NUPRC boss stated.
Besides these infrastructure strategies, Mrs Eyesan said stronger collaboration among government, security agencies, operators, host communities and private partners; as well as the Host Community Development Trust had led to an improvement in the protection of critical energy assets which had ultimately made Nigeria’s upstream sector more resilient.
By Adedapo Adesanya
Pathway Advisors Limited has launched a N25 billion Series 3 Commercial Paper (CP) issuance for Zeenab Foods Limited, with proceeds expected to strengthen the agro-processing company’s working capital and support its short-term funding needs.
The offer, which is being issued under Zeenab Foods’ N50 billion Commercial Paper Programme, opened for subscription on August 4 and will close on August 10, 2026. Issue and settlement are scheduled for August 11, while the commercial paper will mature on August 10, 2027.
Acting as the lead arranger and issuing house, Pathway Advisors structured the 364-day instrument at a discount rate of 19.69 per cent, translating to an effective yield of 24.50 per cent. The offer has a minimum subscription of N5 million, with additional investments accepted in multiples of N1,000.
Founded in 2011, Zeenab Foods operates across rice milling, the export of processed agricultural commodities, and the supply of food products to international donor organisations, including the United Nations World Food Programme (UN-WFP). The company runs processing facilities in Abuja and Kano, while maintaining export liaison offices in Changsha, Guangzhou and Shanghai in China, as well as Dubai in the United Arab Emirates.
The company has received strong investment-grade ratings from leading credit rating agencies. Agusto & Co. assigned it a short-term rating of A1 and a long-term rating of A-, while DataPro Limited rated it A1 for the short term and A+ for the long term.
According to the transaction details, Zeenab Foods has maintained a strong repayment record under both its previous N20 billion Commercial Paper Programme and the current N50 billion programme. Since 2024, the company has redeemed multiple commercial paper series ahead of maturity, reinforcing investor confidence in its financial position.
The firm has also continued to expand its production capacity to meet growing demand. Its rice milling facility now has an installed capacity of 180 metric tonnes per day following a 50 per cent expansion completed in 2025, with average capacity utilisation standing at about 85 per cent.
Zeenab Foods has also positioned itself to benefit from policy changes in Nigeria’s agricultural sector. Following the federal government’s ban on raw shea nut exports in August 2025, the company leased a shea butter processing facility in Ogun State with an initial capacity of 100 metric tonnes per day. It plans to expand the facility to 300 metric tonnes daily while diversifying into soya oil processing, edible oil refining and cocoa butter production.
The organisation also expects continued growth from its long-standing relationship with the UN-WFP, supported by sustained humanitarian food demand across the Sahel region.
Pathway Advisors Limited, a Securities and Exchange Commission-regulated issuing house and financial advisory firm, said it remains focused on facilitating access to capital for businesses and supporting sustainable economic growth across key sectors of the Nigerian economy through its capital-raising and advisory services.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
