Economy
MINDIVER, a Success Story in the Mining Sector- Minister
Mr Olamilekan Adegbite, the Minister of Mines and Steel Development, says the World Bank assisted Mineral Sector Support for Economic Diversification (MINDIVER) project has recorded many successes.
He said this on Tuesday in Abuja, at a forum of the News Agency of Nigeria (NAN).
According to Adegbite, the project is predicated on the 10-year roadmap that was done for the sector about four years ago.
Citing some of the success stories, Adegbite said that MINDIVER had helped in the remote sensing project which the ministry was using now.
“With that project we are connected to satellite, and we can locate artisanal miners and small scale miners where the activities are taking place.
“Once we locate them where they are, we now send out people on foot to meet them, the whole essence is to educate and formalise these artisanal miners so that we bring them into the fold.”
The minister also said that through the MINDIVER, the ministry had upgraded its cadastre system.
He explained that the cadastre office was the office that gave out licences, adding that it was the soul of the mining business as one could not do any mining business without having a licence.
“Now, our licencing system. It’s an online platform, from the comfort of your offices, your homes, anywhere in the world, you can access our platform.
“If somebody comes to you and says I have licence for gold in Zamfara, you can go to that platform and ascertain the genuineness of that licence.
“When you do, you can now decide to partner with that person or otherwise. Also, you can initiate a process you want to obtain a licence for any mineral in Nigeria.”
Adegbite also said that the Nigerian Geological Survey Agency through MINDIVER had established a digital data centre in collaboration with the British Geological Survey.
According to him, the British Geological Survey is giving Nigeria data on mining activities it engaged in since 1903 when mining began in Nigeria.
“Anybody can access this database, of course there are certain protocols because there are certain layers of data that are free, there are certain layers you have to pay for, but you can access it; whether for research purpose or for investment and so on”, he added.
Speaking on the ministry’s collaboration with the United Nations Industrial Development Organisation (UNIDO), he said there was a multi-agency, multi-ministry cooperation to ensure that the use of mercury, especially in the processing of gold was reduced or eliminated totally.
He said it was an ongoing programme which had joint funding from UNIDO and from the Federal Government on advocacy and teaching new methods to purify gold.
According to him, gold comes with so many impurities and mercury which was one of the ways to remove gold from all the impurities was a very common method for artisanal miners.
He said that though mercury was very cheap to use in purifying gold, it was very dangerous, adding that there were other improved methods that were not as dangerous.
“Mercury is very bad because once it enters the system, it does not get out and it attacks the central nervous system.
“So, there is a continuous advocacy, education, telling our people how dangerous mercury is, it’s part of what we are doing, teaching these people better methods of processing their gold.” (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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