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Steelmakers are sceptical about the planned concession of Ajaokuta Steel Company Limited after Nigeria imported iron, steel, and metals valued at ($2.00bn) N837.761bn in the third and the fourth quarters of 2021.
According to the National Bureau of Statistics, Africa’s most populous nation brought in basic metals, iron, and steel products with 6000mm in width, rolled, painted, varnished, and coated with plastics within the six-month period. The total value of basic metal products imported within the two quarters was N748.529bn, while that of iron and steel was N88.232bn… More details through: https://punchng.com/after-spending-over-8bn-on-ajaokuta-nigeria-imports-n837bn-steel/
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THE Federal Executive Council on Wednesday approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited and the National Iron Ore Mining Complex in Itakpe, Kogi State.
FEC also approved contracts worth N10.48bn and $27.09m respectively for the Federal Ministry of Power, for the purchase of several transmission equipment to stabilise power supply nationwide. The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents shortly after Wednesday’s hybrid FEC meeting Presided over by the President, Major General Muhammadu Buhari (retd.), at the council chambers of the State House, Abuja… More details through: https://punchng.com/consultant-to-get-n853m-for-ajaokuta-steel-firms-concessions-fg/ The Federal Government says its bitumen reserve of 42.74 billion metric tonnes will soon undergo concession to solve over- reliance on imported bitumen for domestic road construction.
Mr Olamilekan Adegbite, the Minister of Mines and Steel Development, made this known while briefing newsmen on the concession of delineated bitumen blocks on Monday in Abuja. Adegbite said that the concession of the bitumen became imperative as Nigeria ranks sixth in the world in terms of reserve size, but still depends on importation for the construction of its roads among others… More details through: https://www.sunnewsonline.com/fg-to-concession-42-74b-metric-tonnes-bitumen-minister/ https://guardian.ng/business-services/local-production-of-42-7-billion-mt-bitumen-deposit-begins/ https://www.premiumtimesng.com/news/headlines/526009-nigeria-to-grant-bitumen-concessions-sets-date-for-invitation-of-bids.html The mining and quarrying sector recorded a total contribution of $13bn (N5.37tn) to the Gross Domestic Product in 2021, according to the National Bureau of Statistics.
This was according to the data obtained from the Gross Domestic Product for the year under review. The N5.37tn was, however, a decline when compared to the N5.82tn recorded in 2020… More details through: https://punchng.com/mining-quarrying-sector-contributed-n5-37tn-to-gdp-in-2021/ There are indications that the Federal Government is set to attract local and foreign investors into the solid minerals sector of the economy. This, it was learnt, is in order to be able to increase the sector’s contributions to the country’s Gross Domestic Product ( GDP) from 0.1 per cent to five per cent by 2015.
This is as government, through the Ministry of Mines and and Steel Development, continue to shop for more investors in Africa and Europe, among others, in recent times… More details through: https://www.newtelegraphng.com/solid-minerals-fg-eyes-5-gdp-growth-by-2025/ The federal government has said it will build six solid minerals processing plants in the six geo-political zones of the country.
The Minister of State for Mines and Steel Development, Uchechukwu Sampson Ogah, disclosed this yesterday during a courtesy call on Governor Godwin Obaseki in Benin City. He said: “The president gave us the mandate to develop key solid minerals which are coal, bitumen, limestone, iron ore, gold and zinc among others… More details through: https://dailytrust.com/fg-to-build-6-solid-minerals-processing-plants Barrick Gold Corp. and Rio Tinto Group have expressed interest in Nigeria’s largely untapped mining sector, according to the West African nation’s mining minister, although the gold miner denied any plans to enter the new market.
“They are looking at the possibility of coming to look at opportunities in Nigeria,” Olamilekan Adegbite said in an interview at a mining conference in Saudi Arabia’s capital, Riyadh. Africa’s biggest crude producer is hoping investors will follow the example of Thor Explorations Ltd., which has built the country’s first industrial gold project, as it seeks to cut its dependence on oil earnings… More details through: https://www.bloomberg.com/news/articles/2022-01-12/nigeria-woos-barrick-and-rio-to-spur-nascent-mining-industry Nigeria imported solid minerals worth $35m (N143.1bn) from January to September this year, according to data collated from the National Bureau of Statistics.
The NBS data also show that the country exported N42.5bn solid minerals in the nine-month period, less than 30 per cent of what it imported. It said, “The total value of trade in solid mineral goods in Q1 2021 stood at N49.5bn. The export component of this trade stood at N9.3bn while the import was valued at N40.2bn… More details through: https://punchng.com/nigeria-imports-n143bn-solid-minerals-in-nine-months/ In a bid to ensure the development and growth of Nigeria’s Mines and Steel sector, the office of the former ruler of Abu Dhabi, United Arab Emirates (UAE), Hamdan bin Khalifa, has pledged the sum of $2 billion to Nigeria.
The Minister of State, Mines and Steel Development, Mr. Uchechukwu Sampson Ogah made the disclosure when he delivered an address at the Dubai World Expo 2021, with the theme, “Investment in the Nigerian Gold Sector: Opportunities in the Gold Value Chain,” held in Abu Dhabi. According to Ogah, the Executive Director, Royal Office of Sheikh Hamdan bin Khalifa and Global Peace Ambassador, United Nations, Zulfiquar Ghadiyali, hinted that the donation was to further cement the very close trade and bilateral relationship that exist between the two countries… More details through: https://www.thisdaylive.com/index.php/2021/11/30/uae-pledges-2bn-to-ensure-nigeria-mining-sector-growth-sustainability/ Olamilekan Adegbite, Nigeria’s minister of Mines and Steel Development has revealed that revenue from Nigeria’s mining sector is expected to hit $19.2 million (N8 billion) by December 2021 as the ministry intensifies efforts to develop the industry and block revenue leakage.
“In 2019, the sector was generating N2.5 billion in revenue to the economy but this has grown to N6.8 billion as of September 2021, which has increased its contribution to the GDP and we are looking to grow it to N8 billion by the year-end,” he said. Adegbite who spoke at an evening with the Minister hosted by the Lagos Business School on Thursday explained that efforts have been intensified to drive full recovery of the sector which include blocking revenue leakages, provision of data and driving increased investments… More details through: https://businessday.ng/news/article/mining-revenue-to-hit-n8bn-december-revival-efforts-intensify-adegbite/ |
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