Africa Finance Corporation (AFC) and Solid Minerals Development Fund (SMDF) are partnering to offer technical advice on mining projects worth $700 billion in Nigeria.
 
This is coming on the heels of AFC’s flagship investment in the first commercial scale gold mining project in Segilola Gold Mine in Osun State.
 
More details at:
https://thenationonlineng.net/afc-smdf-partner-on-nigerias-700b-mining-sector
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The Minister of Mines and Steel Development, Olamillekan Adegbite, has said that the Federal Government of Nigeria received over $1 billion in foreign direct investments for the mining sector in recent times. He spoke during his presentation of the ministry’s achievements at the 9th edition of the PMB Scorecard series.
 
He also said the ministry engaged over 500 prospective mining investors through international conferences, some of which, he said, had started setting up businesses in Nigeria.
 
He listed some of them as Segilola Gold Company in Osun State, with an investment portfolio of $900 million that has paid about $2.3 million to the Nigerian government in royalties. Adegbite said: ”There is African Natural Resources Ltd with an investment profile of $600 million, Kano Smith Gold Refinery, Duka Gold and Precious Metals.”
 
More details at:
https://www.newtelegraphng.com/fdi-fg-receives-1bn-in-mining-sector
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Nigeria has begun the process of refining gold, gemstones and other mineral resources in the six geo-political regions of Nigeria.
 
The Minister of Mines and Steel Development, Mr Olamilekan Adegbite said this when he appeared on the News Agency of Nigeria (NAN) Forum in Abuja.
 
He said similar plants had been set up in the North East, Bauchi for processing kaolin, while in the North Central Kogi State was chosen for the establishment of a gold smelting plant.
 
Adegbite also said in the South West, in Ibadan, a gemstone plant had been established while in the South East, a lead processing plant was established in Ebonyi. The minister said in the South-South region, a baryte processing plant had been established, adding that “Nigeria imports baryte to the tune of $300 million every year.
 
More details at:
https://leadership.ng/nigeria-to-begin-processing-of-raw-gold-others-minister

Governor Samuel Ortom of Benue State has expressed optimism that the potential inherent in gold and 33 other solid mineral deposits in the state can be harnessed for its economic viability.
 
Ortom also said the natural potential can make Benue an economically self-reliant federating unit of Nigeria. He said, “Benue State is estimated to be home to a sizable number of about 34 solid minerals found in Nigeria, with limestone, gold, baryte, and salt among those already identified as commercially viable.
 
More details at:
https://dailytrust.com/benue-boasts-of-gold-33-other-solid-minerals

The Minister of Mines and Steel Development, Olamilekan Adegbite, has disclosed that the Segilola Gold Mine, which was commissioned by Thor Exploration Limited in December 2021, has produced 85,000 ounces of gold to date.
 
Adegbite said this on Tuesday in Abuja at the opening ceremony of the 2022 Nigeria Mining Week. He said, “Thor Exploration Limited commissioned their world-class Segilola Gold Mine in December 2021 and the firm has produced 85,000 ounces of gold to date.”
 
More details at:
https://punchng.com/segilola-produced-85000-ounces-of-gold-minister

No fewer than 30 companies are currently producing liquid steel for industrial development in Nigeria, stakeholders in the sector have said.
 
The stakeholders through its spokesperson, Mr. Lateef Bello, stated this over the weekend while reacting to a statement by the Managing Director, Kaduna Mining Development Company Limited, Dr. Mohammed Sani, saying Kaduna State would be the first to produce liquid steel for industrial development in the continent.
 
More details at:
https://dailytrust.com/30-coys-currently-producing-liquid-steel-in-nigeria-group
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Minister of State for Mines and Steel Development, Gbemisola Saraki, said gemstones worth $3 billion are exported yearly from Nigeria but with low-revenue benefit returns.
 
Saraki disclosed this in Abuja, at the graduation ceremony of the second batch of the master Gemstone, Jewellery making and design training. She said the ministry would transform Nigeria from a consumer of foreign jewellery products to high-quality local jewellery producers to save the country from huge foreign exchange expended on jewellery imports.
 
She explained that Nigeria with its large population has a huge, insatiable appetite for jewellery and that it is imperative to create a local industry that would substantially meet local demand and create jobs.
 
“Some of the most popular Nigerian gemstones include Sapphire, Aquamarine, Beryl, Emerald, Tourmaline, Ruby, Garnet, Amethyst and Zircon, which are located across the Country. But, sadly, they are illegally exported out of the country in raw forms.
 
More details at:
https://guardian.ng/business-services/nigeria-exports-gemstones-worth-3bill-yearly-says-saraki 

The National Bureau of Statistics, NBS, has said that the country’s mineral production rose by 39 per cent to 89.48 million tons in 2021 from 64.29 million in 2020.
 
In its ‘Mineral Production Statistics Report’ for 2021 NBS said Ogun state recorded the highest production with 32.04 million tons during the period.
 
The report stated: “The aggregate production of mineral products in Nigeria in 2021 grew by 39.19 per cent from 64.29 million tons recorded in 2020 to 89.48 million tons in 2021, indicating an improvement in production.
 
More details at:
https://www.vanguardngr.com/2022/08/nigerias-mineral-production-rises-39-to-89-5m-tons  

There are indications that investors may begin to jostle for Nigeria’s over 20 million metric tons of barite reserves. Already, sources close to the development said the Federal Government had found an investor for the country’s over 20mn metric tons of barites reserves. According to findings, the Federal Government is currently working with TotalEnergies to invest in mining the country’s barites reserves.
 
More details at:
https://punchng.com/investors-may-jostle-for-nigerias-barite-reserves/

The federal government is currently holding discussions with some banks, including the World Bank, on how to embark on the rehabilitation of four of its major seaports.
 
The banks that are being considered are the World Bank, International Finance Corporation and Afri-Exim Bank. These banks have shown significant interest in funding the rehabilitation work. The seaports being considered for repair include Apapa, and Tin-Can Island Ports in Lagos, Calabar Port in Cross River, Warri, Koko and Burutu Ports in Delta State. It was gathered that the quay walls of Tin-Can Island Port are falling off and that it is in dire need of repairs…
 
More details through:
https://dailytrust.com/four-seaports-to-undergo-major-rehabilitation
https://thenationonlineng.net/world-bank-agrees-to-loan-for-lagos-portsrepairs/
https://www.newtelegraphng.com/npa-pushes-for-construction-of-462m-bonny-port/