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Nigeria, Egypt to Collaborate on Power Supply -Minister

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The Minister of Power, Mr Abubakar Aliyu, says the Federal Government will look at areas where it can collaborate with the government of Egypt to boost the power supply in the country.

Aliyu said this when Mr Ihab Awad, Ambassador of the Arab Republic of Egypt to Nigeria, visited him in Abuja on Tuesday.

“I am aware of the meeting you had with my predecessor, which led to a draft  Memorandum of Understanding (MoU) that was sent to us from the Ministry of Foreign affairs.

` And, the invitation extended to us by your government to visit Egypt.

`Your visit now is giving us an opportunity to reenergise this collaboration. You have mentioned how you have succeeded in solving the problem of power in Egypt.

“ Which is a very interesting development because as an ambassador to Nigeria you have been here for some time, you are aware how we are facing this issue in this country,” he said.

Aliyu said that the Federal Government would reactivate the collaboration between the two countries and also give a response on when a team from the ministry of power can visit Egypt.

He said that the ministry would discuss and set up a team that will come up with key points and areas the Federal Government can engage with the Government of Egypt.

According to him, the team will also see how a delegation from the ministry can find time to visit Egypt.

“You talked about the discussion which President Muhammadu Buhari had with Egypt President Abdul Fattah al-Sisi, this is very important and that will help us.

“ President Muhammadu Buhari is very concerned with the issue of power so will not relent. We will meet to ensure you get some feedback from us, ”the minister said.

Earlier, Awad told the minister that he visited the ministry around April or May where consultation between the two governments took place in the area of collaboration between Nigeria and Egypt in the area of power generation.

He said that the collaboration was widely discussed, where special emphasis was placed on the potential and prospects that awaits the two countries to collaborate in the area of power generation.

“ We also concluded that an MoU could provide the political, leading framework so that collaboration could be developed.

“ On the basis of that, the invitation was extended to your predecessor on leading a high power delegation from the ministry of power to visit Egypt to discuss and examine the specific areas of collaboration that we addressed during the consultation

“During my former visit to the ministry, we also came to a common understanding that there was a need for collaboration between your government and our country in the area of revitalising and renewing the power generation.

“ Power grid and distribution system drawing point from the discussion that took place between President Muhammadu Buhari and President of Egypt,  Abdul Fattah al-Sisi in 2019 during the Nigeria’s President visit to Egypt, ”he said.

Awad said that the future is on renewable energy adding that during the consultation, the discussion also took place on the potential of sharing experience in the area of solar energy generation (NAN)

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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