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Nigeria’s solid minerals wealth valued at $750bn, says Alake

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The Minister of Solid Minerals Development, Dele Alake, disclosed on Monday that Nigeria currently possesses a deposit of mineral products worth $750 billion.

The minister revealed this at a two-day national stakeholders’ roundtable on sustainable development of the mining industry organised by the National Institute for Policy and Strategic Studies with the theme “Sustainable Development of the Mining Industry in Nigeria” in Abuja.

Alake, who noted that the government is working to ensure the country becomes an investor’s destination in solid minerals development, revealed that preliminary reports by a German firm, GeoScan, indicated that the nation is blessed with minerals worth a conservative amount of $750 billion.

The summit, organised in partnership with Bruit Costaud, was to brainstorm possible solutions to the issues faced in the mining sector.

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Speaking in his address, Alake said the mining sector has the potential to contribute a large part of the nation’s goal of achieving a trillion-dollar economy, as pushed by the current administration.

He said this is the reason for the insistence on pursuing local value addition in products mined in the country.

He, however, said the availability of data is important to attract investors that will establish plants in Nigeria to process the minerals and create a multiplier effect on job creation and growth in the economy.

Alake said, “We are working with the World Bank, Excalibur and GeoScan, a German company, to get the necessary data on the sector. That is why the federal government signed a memorandum of understanding with Geoscan and they did a preliminary survey of our minerals on the output and potential. They gave us a figure of $750 billion worth of minerals embedded under the ground of Nigeria.”

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“That is a conservative estimate; by the time we conduct a serious, accurate data exploration, we will discover that we have trillions of solid minerals embedded under. So, the president’s projection of a one-dollar economy is not a fluke. By the time we are done with all of these efforts, input and policies we are putting in place, trillions of naira will be a child’s play and we will be nudging trillions of dollars.”

According to him, the government was putting in place concrete measures that would shift attention away from fossil fuels to solid minerals as a way of generating revenue for the government.

Alake, while stating the ongoing reforms aimed at revitalising the sector, stressed the importance of preventing Nigeria from remaining solely a “pit-to-port” exporter of solid minerals, with processing and conversion activities outsourced to other countries.

He also said that communities, where solid minerals are extracted, must henceforth derive maximum benefit from solid mineral exploration.

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The minister added that part of its reform is the establishment of the Nigerian Solid Minerals Corporation.

He disclosed that the Committee on Solid Minerals Development has initiated the enactment of an act of the National Assembly on the Nigerian Solid Minerals Corporation, which will be a private sector-led limited liability company with a clear mandate of engaging in the business of mining across the entire value chain from upstream to downstream.

He added that the company is expected to create some of the stability the sector requires and spur other private sector activity by catalysing investment inflow across the entire sector.

“When I first read this, a lot of people were taken aback and sceptic because what rang in their minds was NNPC, that is, we are going to establish something similar like NNPC, which is a quasi-government venture. But no, the proposed corporation is vastly different in nomenclature, structure and operation.”

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He added that the establishment of the corporation is before the National Assembly and will be driven by the private sector.

“We are proposing 50 per cent of the equity entirely to the private sector, 25 per cent to Nigerians at large and 25 per cent to the government.”

“My objective as your Minister is to work to ensure that Nigeria becomes a mining destination for the first time in its history, and we are working to make this happen by alleviating bottlenecks and salient challenges that have plagued the sector over time, such as security, licencing problems, unclear community engagement/development frameworks, policy inconsistencies, illegal mining on existing licences, and others. With your support, we are committed to overcoming these challenges and putting Nigeria on the global mining map,” he stated.

During his address, Governor Abdullahi Sule of Nasarawa State commended the ongoing reforms and emphasised that private investment in solid minerals is crucial for driving growth in the sector.

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He said lithium is the new gold, and Nigeria has an abundant supply of it, adding that the biggest lithium processing factory will soon be commissioned, processing 4,000 metric tonnes a day and transporting over a million tins of lithium a year.

Former Minister of Information, Lai Mohammed, said the brainstorming session is aimed at bringing key stakeholders in the mining sector from the private sector, government, and civil society together to discuss the current mining landscape in Nigeria and explore potential opportunities for investment facilitation and sectoral development.

The Director General of NIPSS, Ayo Omotayo, said the summit was organised to chart a way forward for the mining sector.

He said, “We must do all we can to take our country to greater heights by ensuring that the critical mining sector contributes its share of a 1 trillion dollar economy in the very few years ahead.

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“The question is; Can we achieve the promise of a trillion-dollar economy if the mining sector performs optimally?”

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PHOTOS Of Prisoners Who Escaped Borno Prison And Those Recaptured

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By Mario Deepromoter

Nigerian Correctional Service on Sunday disclosed that about 281 inmates escaped from Maiduguri Medium Security Custodial Centre following severe flooding in the capital city.

NCoS spokesperson, Umar Abubakar, said the agency had alerted the Nigerian Immigration Service, and Nigeria Police Force among other security agencies to help recapture the fleeing inmates.

“Every security agency in the country has been notified and they are on alert to help track down the fleeing inmates wherever they may be. With their help, we will capture them and return them to our custodial centre,” Umar said.

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In a statement on Sunday, he said of the 281 fleeing inmates, seven had already been recaptured and returned to the facility.

“The Nigerian Correctional Service has observed the flooding currently being experienced in Maiduguri, Borno State, and its environment.

The unfortunate incident has left scars, bringing down the walls of the correctional facilities, including the Medium Security Custodial Centre in Maiduguri as well as the staff quarters in the city.

“Upon the evacuation of inmates by officers of the service, with support from sister security agencies to a safe and secure facility, 281 inmates were observed to be missing.

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Presently, a total of seven inmates have been recaptured and returned to custody, while efforts are on the ground to track down the rest and bring them back to safe custody,” the statement read in part.

Abubakar further stated that details of the fleeing inmates had been made available to the public while noting that efforts were underway to track them.

“However, it is important to note that the service is in the custody of their details, including their biometrics, which are being made available to the public. The service is working in synergy with other security agencies as both covert and overt deployments have been activated to locate them. While this effort is ongoing, the public is assured that the incident does not impede or affect public safety,” the statement added.

Recall that the flood affected many parts of Maiduguri, leading to the displacement of over 300,000 residents and the deaths of over 30 people, including children.

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Meanwhile, Borno State Governor, Babagana Zulum, on Saturday said he was “seriously worried” that jailed Boko Haram terrorists might have escaped from the prison facility.

See Pictures Below;

Prisoners

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SEE new price of petrol across all 36 states

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By Mario Deepromoter

Despite the counter accusations by both Dangote Refinery and NNPCL over prices, the price list of petrol has emerged online.

According to reports, this is because NNPCL bought petrol at a higher price from Dangote Refinery on Sunday.

NNPCL also mentioned that Dangote Refinery sold the petrol in US Dollars, not naira, against the federal government’s directive.

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However, Dangote Refinery will sell its petrol in naira starting in October.

According to a breakdown from NNPCL, Dangote Refinery sold petrol to NNPCL at N898.78 per litre.

NNPCL paid Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee of N8.99, inspection fee of N0.97, a distribution cost in Lagos of N15, margin N26.48.

NNPCL’s statement added that the estimated pump price in:
Lagos will be N950.22
Sokoto State N999.22
Kano State N999.22
Borno State N1,019.22
Kaduna N999.22
FCT N992.22
Oyo State N960.22
Lagos State N950.22
Rivers State N980.00
Imo State N980.22

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An analysis of the chart showed that except from Lagos State, other states of the federation will be paying higher because of distribution costs.

The distance from Dangote Refinery and NNPCL‘s depot in Lagos State to other states of the country majorly would determine the price differences.

The report also showed that the six geo-political zones would be paying differently.

The North East states would be paying the highest per liter from N1,019.22, followed by North West states from N999.22, followed by North Central states from N992.22, followed by South East states from N980.22, South South states from N980.22 and South West states paying the least from N960.22, except Lagos State paying from N950.22.

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At the time of filing this report, the presidency is yet to speak on the latest development.

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Rivers 2027: Ogoni powerful men snub Fubara, throw weight behind Wike

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By Mario Deepromoter

Political heavyweights from the Ogoni and Oyigbo zones have formally withdrawn their support for Rivers Governor Siminalayi Fubara ahead of the 2027 general elections.

The leaders have dumped Fubara and lace their boots with the action packed Minister of the Federal Capital Territory (FCT), Nyesom Wike.

The leaders gathered on Saturday in Nonwa, Tai Local Government Area, at an event tagged “Ogoni, Oyigbo People’s Assembly.”

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The assembly, which focused on fostering unity between the two ethnic zones, was heavily attended by politicians loyal to Wike, who remains locked in a bitter political feud with Fubara, his estranged protégé.

Prominent personalities, including Senators Barinada Mpigi and Magnus Abe, Ambassador Desmond Akawor, and Chief Victor Giadom, attended the meeting.

The group emphasized that after years of marginalization, it was time for Ogoni and Oyigbo to produce the next governor of Rivers State.

Speaking on behalf of the assembly, Senator Mpigi declared, “The Ogoni and Oyigbo Peoples Assembly, a multi-political convergence of five Local Government Areas within the Rivers South-East Senatorial District, met today to reaffirm their support for the President Bola Tinubu-led administration and pledged total loyalty to the former Governor of Rivers State and current Minister of FCT, Chief Nyesom Wike.

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“We also reiterate the obvious fact that the senatorial district’s upland is due for a governor and should produce the next governor of Rivers State come 2027.”

Tensions between Wike and Governor Fubara have been mounting, with Wike publicly withdrawing his support for his former ally.

Wike, who was instrumental in Fubara’s rise to power, has accused the governor of straying from their shared vision for the state.

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