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This week, Nigeria will launch the Beneficial Ownership Register in the extractive industries in line with the global Extractive Industries Transparency Initiative (EITI) standards.
Last week, Nigeria Extractive Industries Transparency Initiative (NEITI), the government agency championing the promotion of transparency and accountability in the oil, gas and extractive industries, along with its partners, the Department of Petroleum Resources (DPR) and the Corporate Affairs Commission (CAC), spoke about how the register will work. It was at the Roundtable on Beneficial Ownership Register in Nigeria hosted by the Media Initiative on Transparency in Extractive Industries (MITEI) to sensitize Nigerians on the benefits and significance of the register to the Nigerian economy… More details through: https://www.premiumtimesng.com/business/business-news/367378-nigeria-set-to-open-extractive-industry-ownership-register-heres-how-it-will-work.html
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The Federal Government says it is putting measures in place to stop the export of over 35 million metric tonnes of unprocessed solid minerals per annum.
Special Adviser on Special Duties to the Minister of Mines and Steel Development, Sunny Ekozin, said this while addressing journalists ahead of the forthcoming Nigerian Solid Minerals Downstream Workshop. Ekozin described the indiscriminate export of solid minerals without any form of value addition as unpatriotic, unfortunate and an aberration… More details through: https://punchng.com/nigeria-exports-35mmt-unprocessed-minerals-annually/ The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the total financial inflows to Nigeria from solid minerals extraction between 2013 and 2017 amounted to N240 billion.
NEITI in its recent 2017 audit report of activities in the country’s solid minerals sector, stated that the trend analysis of revenue flow from the sector showed that there has been a remarkable increase in revenue accruing to the federation from the solid minerals. It explained that although revenue from sector in 2016 witnessed a decrease by 33 per cent when compared to the 2015 figures, it subsequently picked up in 2017. https://www.thisdaylive.com/index.php/2019/10/30/nigeria-earned-n240bn-from-solid-minerals-in-five-years/ Multiverse Mining and Exploration Plc, the only listed mining company on the Nigeria Stock Exchange, is investing $100m in Nasarawa State.
The Managing Director of the company, Mr. Ayedun Fasina, made this known when he led a delegation on a courtesy call on Nasarawa State Governor, Abdullahi Sule, on Tuesday. Fasina hinted that the company, which has been operating for over ten years in the state, had already invested over $70m and concluded plans to install a floatation plant worth $100m, in response to the call by the Federal Government for investors to add value to mineral resources before export… More details through: https://punchng.com/mining-firm-to-invest-100m-in-nasarawa/ The Federal Government has intensified efforts at ensuring that sections of the Ajaokuta Steel Company Limited start production before the end of 2019, Minister of Mines and Steel Development, Olamilekan Adegbite, has said.
Adegbite said this at a meeting with Russian Ambassador, Alexey Shebarshir, in Abuja on Tuesday. Russia is ready to partner the Federal Government to revamp the ailing company, the Russian envoy declared at the meeting… More details through: https://punchng.com/russia-to-help-nigeria-revamp-ajaokuta-steel/ A CHINESE company and a subsidiary of Globelink China Investment Group, Hudson Mining Limited, is set to invest $30 million in solid mineral processing in Nigeria. The company decided to invest an initial $3 million and subsequently increase it to $30 million during the first phase of the project. The Chief Executive Officer (CEO) of the company, Mr Solomon Cai, explained that the company intends to invest in tin and columbine in Jos, the Plateau State capital…
More details through: https://thenationonlineng.net/chinese-firm-to-invest-30m-in-mineral-processing/ Following the visit of President Muhammadu Buhari to Dubai, the United Arab Emirates (UAE) recently, Nigeria and Dubai have agreed to deepen their cooperation, especially as it concerns trade in gold.
At a subsequent meeting between Nigeria’s Minister of State for Mines and Steel Development, Abubakar Bawa Bwari, and the UAE Ministry of Economy’s Abdullah Al Saleh on the sideline of the Dubai Annual Investment Meeting, the ministers resolved to forge a closer cooperation considering the quantum of gold traded between both countries… More details through: https://www.dailytrust.com.ng/nigeria-uae-to-scale-up-gold-trade.html Nigeria produced a total of 55.85 million tonnes of solid minerals in the 2018 fiscal year, data released by the National Bureau of Statistics have revealed. The NBS, in its mining and quarrying data report, which was released on Thursday, said Ogun State produced the highest tonnes of solid minerals among the 36 states and the Federal Capital Territory.
The report stated that Ogun State produced 16.49 million tonnes of solid minerals… More details through: https://punchng.com/nigeria-produces-55-85-million-tons-of-solid-minerals-nbs/ Nigeria, which has struggled but failed to produce steel locally for about 40 years, may be inching its way closer to realising this dream, as a local company has announced its plans to invest into the industry…
More details through: https://businessday.ng/real-sector/article/nigerias-hope-to-produce-steel-brightens-as-anrml-set-to-invest-600m-in-local-plant/ The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and stakeholders in the mining industry have sought increased investments in Nigeria’s mining sector.
Indeed, the stakeholders lamented that despite the huge potential of the sector, it is yet to be given the attention it deserves to change the narrative of the Nigerian economy, adding that the volume of iron ore alone can generate over $60 billion on yearly basis if well managed… More details through: https://guardian.ng/business-services/nigerias-iron-ore-can-generate-60-billion-yearly/ |
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