Economy
World Bank Reaffirms Support for Nigeria’s Mining Sector
By Modupe Gbadeyanka
Senior Mining Specialist, Energy and Extractive Industries (GEEDR) at the World Bank, Francisco Igualada, has reaffirmed the global bank’s support for the mining industry in Nigeria.
“In Nigeria, we have managed to develop a real ‘partnership’ with the Federal Government of Nigeria and we are still working along with some of the States that have higher mining potentials,” Igualada declared.
As a featured speaker at the upcoming Nigeria Mining Week in October in Abuja, he will address the high-level industry gathering on ‘Establishing a strong foundation for mining sector development: Enhancing competitiveness and fostering domestic investment in Nigeria.’
In an exclusive interview with the organisers, Mr Igualada says, “The World Bank follows a kind of value chain that bring those countries we support from non-renewable resources to a stage in which sustainable development may take place. Each country has its own idiosyncrasy and characteristics.
“I am particularly excited about two projects; our critical involvement in DRC in support of the rationalization of the sector through nearly five years as well as my responsibility in managing our recently approved 150 million loan project (MinDiver) for developing the Nigerian mineral sector and diversifying it from its dependency on other sectors like oil & gas as President Buhari has clearly indicated in his inaugural speech; two sectors need continuous development in Nigeria, that are agriculture and mining.
“This is the reason why the Minister Dr Kayode Fayemi with his drive and strong determination has led the initiative to put Nigeria ‘on the African mining map again’ as, in my opinion, the country deserves.”
He adds, “from the Bank’s side, I am really looking forward to contribute to transforming their potential resources into some tangible exploration and exploitation mineral projects bringing economic prosperity and jobs. Nigeria is the first African economy and really needs the employment that mining and all types of value-chain including local content can bring.”
Mr Igualada says his message at Nigeria Mining Week in October in Abuja is “rather straightforward: ‘we need to get it right’ once for all and this means that a strong sector foundation is a must.
Afterwards facilitating downstream sector developments and the enhancement of competitiveness need to happen as a logical result. This cannot and should not be improvised and built on a piece-meal basis. Consequently, the only way to bring competitiveness… that obviously comes from competing with our external environment – is by building an integrated approach that would facilitate sharing information and resources with other development donors that are betting on Nigeria as well. Competing should be both internal and external even if nowadays such distinction is a bit blurred due to globalisation of economies.”
The upcoming Nigeria Mining Week, which is taking place again in Abuja from 16-19 October, is a successful partnership between PwC, the Miners Association of Nigeria (MAN) and event organisers Spintelligent.
This high-level, strategic mining investment platform will link investors, project developers, financiers, technology providers and government to share best practices and demonstrate the latest strategies to evolve the sector successfully.
The programme at Nigeria Mining Week 2017, including new features, includes B2B International Expo: Featuring leading technology and innovative services covering the value chain of the mining industry.
In addition, it features Strategic Conference: Providing strategic insights into hot legal and regulatory issues, investment, finance as well as market access and community involvement; free Technical Workshops: Enhancing practical expertise to grow artisanal and small-scale operations with an A to Z mining toolkit; CEO Roundtable: Deep diving into the key challenges facing the private stakeholders, driven by MAN and PwC – new; investor Breakfast: Delivering all the necessary information and contacts required to invest in mining in Nigeria – new; – Dragons’ Den: Enabling project financing by pitching mining business plans to a panel of selected financiers – new; and Site Visit: Discovering first-hand the reality and best practice of a world-class operation – new.
As with previous years, the Nigeria Mining Week is enjoying strong support from the industry with confirmed sponsorships from Palladium Mining Limited, SBOG, Aelex, AG Vision Mining, Congo Energy Solutions, Kian Smith Trade & Co, Mantrac, Minelab, SMT and Wilbahi.
The Nigeria Mining Week organiser Spintelligent is a well-known trade conference and expo organiser on the continent. The company has particular expertise and experience in mining and infrastructure development events; including the long running flagship shows such as DRC Mining Week in Lubumbashi, the Kenya Mining Forum in Nairobi and African Utility Week in Cape Town.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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