A new financial institution, known as the African Extractive Minerals Development Bank (AEMBank), is being established to support Nigeria’s mining sector. This bank aims to enhance and streamline the entire mining value chain effectively. Recently, the African Minerals Strategy Group (AMSG) has partnered with AEMBank, comprising 16 African nations focused on promoting the mineral sector’s growth within the continent.

AEMBank is formed under public-private partnership (PPP) principles, seeking to discard traditional mining practices. Instead, it will foster a robust value chain centred on value addition, beneficiation, and industrialisation. With the rising demand for critical materials needed for renewable energy, Africa’s potential in this sector is becoming increasingly significant.

Key goals of AEMBank include job creation, enhancing indigenous empowerment, and increasing sovereign revenues through effective funding. The bank aims to help nations leverage their mineral reserves to strengthen their currencies and improve tradeability. Institutional investors and private stakeholders have expressed interest in partnering with this initiative.

The establishment of AEMBank is a significant development for the Nigerian and African mining sectors, which have been historically underfunded and overlooked. With the global energy transition towards renewables, the demand for critical materials sourced from African mines is rising. This bank intends to provide focused financial support to stimulate growth and innovation in the extractive industry, addressing systemic funding challenges and creating a comprehensive value chain.

AEMBank is expected to revolutionise the mining sector in Nigeria and beyond by providing necessary funding and support. By fostering value addition and industrialisation while enhancing local economies, AEMBank aims to meet the challenges of the global transition to renewable energy effectively. Its formation signifies a crucial step towards optimising Africa’s mineral wealth and ensuring the benefits reach its people.

Original Source: businessday.ng

The post AEMBank: A New Era for Nigeria’s Mining Sector Funding first appeared on Nigerian Mining News.

The Federal Government of Nigeria is making significant investments in technology and capacity building to transform the nation’s mining sector. Dr Mary Ogbe, Permanent Secretary of the Ministry of Solid Minerals Development, highlighted these efforts at the ninth Nigeria Mining Week Pre-conference workshop in Abuja, where she presented a paper on the legal and regulatory framework for mineral exploration. The use of modern technology is seen as vital for attracting major investors and enhancing local expertise within the sector. Dr Ogbe affirmed that the government’s focus on human capital development would not only boost productivity but also establish Nigeria as a centre of mining expertise. She emphasised the importance of transparency, sustainability, and local empowerment within the mining industry to foster national development. Collaboration among stakeholders is essential to unlock the sector’s full potential. Further insights were provided by Dr Esther Udo, Director of Investments Promotion and Mineral Trade, who stressed empowering mineral title holders as crucial partners in attracting investors. Udo outlined strategies including creating dialogue platforms and driving policy reforms to enhance clarity and investment prospects. Additionally, Mrs Aisha Rimi from the Nigeria Investment Promotion Commission presented measures aimed at enhancing investment in the solid minerals sector, such as tax holidays and improved geological knowledge. The overarching theme of the mining week focuses on building a resilient mining sector to support Nigeria’s economic growth. Organised by the Miners Association of Nigeria and the Ministry of Solid Minerals Development, this event aims to solidify the mining sector as a cornerstone of Nigeria’s economy.

The Nigerian government is actively working to improve the mining sector through technology and stakeholder collaboration. The ministry responsible for solid minerals development is focused on creating an environment that attracts investment while enhancing local expertise and capacity. Recent workshops, including the Nigeria Mining Week, serve as platforms for discussing regulations, policies, and strategies to boost the mining industry.

In conclusion, Nigeria’s efforts to revitalise its mining sector through technological advancements and strategic collaborations highlight a commitment to sustainable growth. By prioritising human capital and empowering key stakeholders, the government aims to strengthen the industry’s role in national development and attract significant foreign investment.

Original Source: nannews.ng

The post Nigeria Prioritises Technology Investment to Enhance Mining Sector first appeared on Nigerian Mining News.

Mining in Nigeria has sparked significant economic growth, yet it has also led to notable displacement of communities, impacting their livelihoods and cultural identity. Regions rich in minerals such as Zamfara and Niger face environmental degradation, causing health crises and economic instability. Policy enforcement is often weak, leaving displaced residents without adequate compensation or support. The disconnect between the federal government and local communities exacerbates feelings of resentment, as traditional ways of life are disrupted and social ties are severed.

Nigeria’s shift from an oil-dependent economy highlights the growing importance of mining, particularly in regions like Zamfara and Niger. These states host rich mineral deposits, attracting both formal and informal mining operations. While the mining industry promises job creation and economic benefits, it often leads to significant community displacement, loss of agricultural productivity, and deterioration of cultural ties. This report by Joy Baba Yesufu delves into these effects and the inadequacies in governmental responses.

Mining-induced displacement in Nigeria illustrates the urgent need for sustainable practices that respect community rights and environmental health. Adequate compensation and effective resettlement plans should be implemented, alongside improved communication between the government and host communities. By prioritising community welfare and strengthening regulations, Nigeria can foster a more inclusive economic growth model that benefits all stakeholders.

Original Source: www.peoplesdailyng.com

The post The Impact of Mining-Induced Displacement on Nigerian Communities first appeared on Nigerian Mining News.