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Unveiling Nigeria’s Gold Potentials Through Artisanal, Small Scale Mining

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From 2016 to 2020, Nigeria recorded approximately 1.6 million grams. It gold reserve has been estimated to be over 1 million ounces in Osun where detailed exploration and reserve estimation has been done.

Gold in Nigeria was dated back to 1913.

Major gold occurrences are found at various locations in the schist belt of the country; Zamfara, Kebbi, Kaduna, Niger, Osun, Kogi, Oyo, Cross River and Kwara states.

Gold mining in Nigeria is predominantly carried out by licenced small-scale miners and informal artisanal miners.

Due to the informal component of gold mining activities, the exploitation of the resources in the country was associated with a lot of illicit activities that gave rise to insecurity.

Other challenges associated with gold mining include loss of revenue due to the government, smuggling of gold products, environmental degradation as well as lack of transparency/ accountability in the gold value and supply chain.

To address all these challenges and for Nigeria to compete with other mining countries globally, Artisanal and Small Scale Mining Department (ASM) was created by the Ministry of Mines and Steel Development (MMSD).

The Presidential Artisanal Gold Mining Initiative (PAGMI) was also initiated with the primary objective to facilitate the formalisation of artisanal and small scale gold miners in Nigeria.

PAGMI was also initiated to facilitate establishment of registered and recognised mineral buying centres to take off the gold produced by ASM, aggregate and refine it to London Bullion Market Association (LBMA) standard while CBN serves as the off taker.

MMSD had also issued two gold refining licences to Kian Smith Limited and Dokia gold and precious metal company to establish, operate and produce gold that meets LBMA standard.

Federal government has also planned to construct gold smelting plant in Kogi for the North Central Zone and a gold souk in Kano from the North West zone.

Similarly, the National Gold Policy, when developed, would serve as an instrument and means by which Nigeria could secure maximum benefits from its gold mining value chains.

The Federal Government in collaboration with the United Nations Industrial Development Organisation (UNIDO)recently unveiled a policy document on gold mining in Nigeria.

This document policy was part of measures to grow revenue, address health challenges associated with gold mining and to attract investors to the mining industry.

UNIDO, some Federal Ministries such as Environment, Health and MMSD jointly unveiled the National Action Plan (NAP) for the Reduction and Eventual Elimination of Mercury Use in the Artisanal and Small-Scale Gold Mining sector in Nigeria.

Mr Jean Bakole, Regional Director and UNIDO Representative to ECOWAS, UNIDO Regional Hub Nigeria, said the policy document was an obligation for Nigeria, as a party under the Minamata Convention and would help drive investments in the mining sector.

He said this plan would provide Nigeria with current data and up-to-date situation analysis of its gold mining which would ultimately appeal to both local and foreign investors.

“More importantly, it has mapped out a way forward for gold mining and its associated mercury management in Nigeria,” he said.

Bakole said the NAP has developed national strategy on gold mining in Nigeria and its associated mercury use by facilitating formalisation and access to finance, among others.

Dr Ochechukwu Ogah, Minister of State, MMSD says Nigeria is blessed with abundant gold enough to address the effect of devaluation of our currency.

Ogah said that Nigeria could use the gold produced to boost its foreign reserve as well.

He said no doubt the gold resources of Nigeria could contribute immensely to the economic diversification of the country but more contributions and efforts from stakeholders were expected.

“We encourage the realisation of the already licenced refineries and welcome more applications from propective investors that want to set up gold refineries in Nigeria.”

He noted that revenue losses due to gold smuggling is humongous because over 95 per cent of local gold sources are from artisanal and small scale operators with difficulties in tracking their operations.

He said that local refining of gold and the proposed export guidelines may help to arrest the challenge.

The Federal government is also making effort to sign MoU with Dubai officials to track smugglers that are diverting Nigeria’s gold worth billions of Naira to Dubai gold souk.

The Minister said that the Federal government was working assiduously to resolve the issues of stigma of fraud, scam and smuggling against the Nigerian native gold sources by the LBMA to optimise earnings from the mineral commodity.

He added that native gold producers that produce in granules or bar form were not registered and the procedure for measuring gold content in all native forms have created uncertainties in the integrity of the local gold market.

Ogah said that Nigeria has put in place policy, legal/regulatory and institutional framework and attractive incentives for the development of its gold and other mineral resources.

The incentive put in place by MMSD for mining investors include exemption from customs and import duties for plant, machinery and equipment for mining operations and three to five years tax holiday as applicable; and tax concessions.

Others are Extension of infrastructure such as roads and electricity to mining sites as well as expatriate quota and resident permits in respect of expatriate personnel engaged by mining companies.

***If used please credit the writer and the News Agency of Nigeria (NAN).

Economy

Imo records over $1m from non-oil exports in 2025 – NEPC

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The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.

The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.

50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.

Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.

He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.

According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.

“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.

“We also trained about 600 exporters and small and medium-scale enterprises,” he said.

Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.

One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.

Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.

Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)

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Economy

NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions

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By David Torough, Abuja

In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.

The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.

According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.

“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,”  a statement by Head of Public Affairs of NCC, Nnen Ukoha said.

Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.

The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.

  Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said   the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.

“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .

Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.

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Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

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By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

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