Economy

World Bank Backs Nigeria’s Mining Sector with $150m

Published

9 years ago

22/12/2016

Dipo Olowookere

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.

Economy

BNB Price Reflects Changing Dynamics in the Digital Asset Market

Published

21 hours ago

25/04/2026

Dipo Olowookere

Digital asset markets have slowed, though not in a dramatic way. Things are still moving, just not with much urgency. The BNB price reflects that shift, sitting within a tighter range as broader conditions begin to shape behavior more than short bursts of demand.

It can feel uneventful at first. No strong push higher, no sharp drop either. But the movement is still there. It just does not travel far. A rise begins, then fades. A dip forms, then steadies again. It repeats more than you might expect.

That pattern tends to linger. Sometimes longer than people anticipate, especially when there is no clear reason for it to change quickly.

BNB Price Movement Reflects Exchange-Driven Demand

BNB does not behave like assets that rely purely on outside demand. Its connection to the Binance ecosystem changes that.

Usage matters here. Trading activity, transaction volume and general platform engagement all feed into how BNB is used. That connection is not always obvious in the short term, but it sits underneath everything.

Sometimes it shows up clearly. Other times it does not. The relationship is there either way.

When activity holds steady, price often follows that tone. It does not surge, but it does not weaken much either. It stays somewhere in the middle, supported without needing strong momentum. It reflects usage more than speculation in many cases.

Market Conditions Continue to Shape Price Behaviour

There is also the wider market to consider. Binance has pointed out that liquidity remains tight, with capital concentrating in a smaller number of assets.

Bitcoin still holds close to 59% of the market. Ethereum sits much lower, around 11.8%. After that, the drop-off becomes more noticeable. Smaller assets make up far less than they once did. That shift matters. It changes how everything moves.

When capital gathers like this, movement tends to compress. Prices still change, but not as freely. It becomes harder for assets to break away from the general pattern.

BNB is part of that. It does not sit outside these conditions. It moves with them more often than against them.

BNB Utility Remains Central to Its Value

There is also the question of utility, which tends to be discussed but not always fully understood.

BNB is used across the Binance ecosystem in practical ways. Fees, transactions, access to services. These are not abstract use cases. They happen regularly, even when markets feel quiet.

That kind of activity does not always push prices higher. But it does create a base level of demand. Something that holds, rather than drives.

Over time, that can matter more than short bursts of interest. It gives the asset a different kind of stability. Not fixed, but less reactive. That difference tends to show up more clearly over longer periods.

Institutional and Retail Activity Remain Balanced

Participation is mixed. Institutional involvement has increased, but it does not dominate. Retail activity is still there and often more visible in certain phases. Neither side controls the market on its own. That is part of why movement feels less defined.

At times, it can seem like different forces are pulling in slightly different directions. Not enough to create volatility, but enough to prevent a clear trend from forming.

So price moves, then pauses. Moves again, then settles. It continues like that, without fully committing to either direction.

Global Participation Continues to Expand

Outside of price, participation continues to grow. Estimates suggest global cryptocurrency users are now approaching 860 million, reflecting continued expansion across digital asset markets.

That kind of growth does not always appear in charts straight away. It builds slowly. People enter the space, others remain active and usage continues in ways that are not always easy to track day to day.

BNB sits within that broader expansion. As the ecosystem grows, so does the potential for continued use. It is not immediate. It rarely is. But it accumulates over time. That gradual build tends to matter more than short-term spikes.

Local Economic Conditions Add Perspective

Broader economic conditions still play a role. Inflation remains around the mid-teen range, which suggests the environment is stabilizing, though not completely settled.

That kind of backdrop tends to influence behavior. When conditions feel uncertain, decisions become more measured.

It does not directly control how BNB moves. But it helps explain the pace. Why do things feel slower, more contained? Markets do not exist in isolation, even when they seem separate. External factors tend to feed in gradually.

Right now, the market feels balanced more than anything else. The B&B price reflects that. Not pushing higher, not dropping away. Just holding.

There is still activity underneath. Usage continues. Participation grows. Liquidity shifts, even if it is not always visible.

For now, BNB is sitting in that middle space. Not doing too much, but not losing ground either. It might not stand out. But these phases tend to matter more than they first seem. Over time, they often shape what comes next, even if that is not immediately obvious.

Economy

NASD Unlisted Security Index Crosses 4,000-point Benchmark Again

Published

23 hours ago

25/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.

Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.

The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.

The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.

However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.

During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.

At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.

GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.

Economy

Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns

Published

23 hours ago

25/04/2026

Adedapo Adesanya

By Adedapo Adesanya

It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.

Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.

Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.

Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.

Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.

The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.

A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).

Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.

However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.