Captain Dada Olaniyi Labinjo, Executive Managing Director of SV-NED Mining Company, believes Nigeria could generate over N37 trillion yearly from its mining sector if properly developed. This prospective revenue could significantly boost the economy through job creation and increased tax revenue for the government.

Mining could create thousands of jobs in areas like geology, engineering, and environmental management while providing a substantial income through various taxes. Labinjo emphasised the need for infrastructure improvements to support mining activities, which would benefit local communities.

Ambassador Temitope Amina Labinjo-Ajayi, SV-NED’s chairman, praised President Bola Tinubu’s Renewed Hope Agenda, noting that mining could help diversify Nigeria’s economy, which currently relies heavily on oil exports. This diversification would promote economic stability and development.

Labinjo-Ajayi highlighted the potential for mining to boost foreign exchange earnings through mineral exports, positively influencing the country’s currency stability. Additionally, she mentioned that responsible mining can support environmental sustainability and promote local content development by using locally sourced goods and services.

Chief Emmanuel Ayodele Adediran, Seriki of Igbetiland, welcomed SV-NED’s partnership, expecting it to enhance economic development and improve the community’s living standards. He further urged the government to establish a University of Agriculture in the area and to renovate a long-neglected hospital.

Nigeria’s mining sector holds substantial potential for revenue generation, job creation, and economic diversification, with estimates suggesting an annual income of over N37 trillion. The collaboration between SV-NED and local communities aims to enhance development and infrastructure, contributing to the nation’s overall economic growth.

Original Source: tribuneonlineng.com

The post Nigeria Can Generate N37 Trillion Annually from Mining, Says SV-NED Managing Director first appeared on Nigerian Mining News.

Nigeria and Venezuela are exploring mining sector investment opportunities following discussions at the Mining Indaba in Cape Town. Dr Dele Alake, Nigeria’s Minister of Solid Minerals Development, highlighted the shift from petroleum to solid minerals due to global energy transitions. He stated that diversifying economies aligns with President Tinubu’s agenda, emphasising the importance of minerals like lithium and cobalt for the energy transition.

Alake expressed readiness for cooperation in mineral exploitation and trade, aiming for local processing and job creation. He invited Venezuela to join a coalition named the Super Region, designed to enhance trade among countries with similar economic goals. Venezuelan Deputy Minister Alejandro Martinez acknowledged both nations’ shared challenges and expressed interest in exploring Nigerian mining markets, seeking local investment facilitation.

Both Nigeria and Venezuela have historically relied on petroleum exports, facing economic challenges related to global climate policies. As the world shifts towards green energy solutions, both nations are now focusing on sustainable alternatives in the mining sector. The ongoing discussions signify a strategic move to explore and develop their mineral resources for economic diversification and local value addition.

The discussions between Nigeria and Venezuela signal a cooperative approach to mining, focusing on jobs and local processing of minerals. The invitation to join the Super Region coalition represents an opportunity for collaboration among countries facing similar economic challenges. Both nations are committed to leveraging their mining sectors to achieve sustainable economic growth.

Original Source: blueprint.ng

The post Nigeria and Venezuela Collaborate to Explore Mining Opportunities first appeared on Nigerian Mining News.

The Nigerian Economic Summit Group (NESG) highlights weak reforms and policies as major obstacles hindering growth in the country’s mining sector. They stress the need for targeted policy reforms, improved governance, and strategic initiatives to tap into the industry’s potential. Lumun Amanda Feese, NESG’s Manufacturing and Mining Policy Commission facilitator, pointed out that despite nearly two decades of reforms, Nigeria lags behind nations that initiated changes earlier.

Feese noted that the current mining framework fails to create effective linkages with sectors like manufacturing, construction, and technology. The mining act remains outdated, offering no space for independent regulation and failing to foster inter-sector connections. Consequently, the sector primarily caters to foreign demands, lacking integration with Nigeria’s broader economy.

The mining landscape is marred by challenges like environmental damage, violent conflicts linked to illegal activities, and insufficient GDP contributions. Rectifying these issues is critical for revitalising the sector and enhancing its role in Nigeria’s economy. Comprehensive reforms aligned with the African Mining Vision (AMV) are needed to address legal and regulatory shortcomings, with coordination between the Bureau of Public Enterprises and the Ministry of Solid Minerals Development.

Niyi Yusuf, chairman of NESG, stresses collaboration between private and public sectors to transform the mining industry. He describes this endeavour as a long-term commitment essential for economic diversification and job creation. Transformation in this sector is a gradual process, not an immediate fix, and is vital for national growth.

The article addresses the challenges faced by Nigeria’s mining industry, primarily stemming from inadequate institutional reforms and policies. These issues limit the sector’s potential contributions to the economy, despite ongoing reforms over the years. The emphasis is on the need for comprehensive reforms to create synergies across various sectors and ultimately enhance the mining sector’s performance and relevance to Nigeria’s economic landscape.

The article underscores that Nigeria’s mining industry growth is impeded by weak reforms and lack of sector connections. Advocating for comprehensive, multi-faceted reforms, it stresses the necessity of collaboration between stakeholders to revitalise the mining sector. This transformation is essential for job creation and economic diversification, emphasising the industry’s crucial role in national interests.

Original Source: businessday.ng

The post Weak Reforms Hindering Nigeria’s Mining Industry Growth first appeared on Nigerian Mining News.

Nigeria has reinstated mining operations in Zamfara state following a five-year ban due to improved security conditions. The ban was initially imposed in 2019 after persistent bandit attacks in the region. Mining Minister Dele Alake remarked that enhanced security measures have reduced insecurity levels, enabling the mining sector to contribute more significantly to the national economy. Zamfara is rich in gold, lithium, and copper, which, once exploited legally, could augment Nigeria’s revenue.

Zamfara state, located in northwestern Nigeria, has vast natural resources, including gold, lithium, and copper. The state faced significant challenges due to insecurity from banditry, prompting the government to impose a mining ban in 2019. As Nigeria seeks to diversify its economy—currently heavily reliant on oil—it aims to bolster its mining sector, which contributes less than 1% to the GDP. Recent reforms and international collaborations aim to attract investments and enhance productivity in this sector.

The lifting of the mining ban in Zamfara represents a strategic move by the Nigerian government to revitalise its mining sector. With improved security and ongoing international partnerships, Nigeria hopes to increase its economic contributions from mining and reduce its over-dependence on oil revenues.

Original Source: www.kitco.com

The post Nigeria Restarts Mining in Zamfara State Following Improved Security first appeared on Nigerian Mining News.

Nigeria has reinstated mining exploration in Zamfara state following a five-year ban, attributed to improved security measures. Mining Minister Dele Alake announced that the decision comes after significant reductions in insecurity, promising to enable Zamfara’s valuable resources, including gold and lithium, to contribute more significantly to national revenue. During the ban, illegal mining had flourished, undermining legitimate operations and state resources.

To stimulate investment in its mining sector, which currently accounts for less than 1% of Nigeria’s GDP, the government is implementing several reforms. These include revoking inactive mining licences, allowing a 75% investor stake in a new national mining company, and enforcing stricter regulations against illegal mining. Nigeria has also begun international collaborations to enhance its mining capabilities, signing a training agreement with France. Alake emphasised the need for global support for further technical and financial assistance, referencing previous partnerships with Germany and Australia.

The mining sector in Nigeria has faced significant challenges due to security issues, particularly in the northwestern state of Zamfara, which is rich in minerals like gold and lithium. The government had to suspend mining activities in 2019 due to rampant banditry and illegal mining. As part of an economic diversification strategy away from oil dependence, Nigeria aims to develop its mining sector, which requires improved security, regulatory reforms, and international cooperation.

The lifting of the mining ban in Zamfara marks a significant step towards enhancing Nigeria’s mining sector and increasing its economic contributions. With investments, regulatory reforms, and international partnerships, Nigeria aims to leverage its mineral wealth while tackling the past issues of insecurity and illegal mining practices. The focus on technical assistance and capacity building highlights the country’s commitment to revitalising this important industry.

Original Source: www.mining.com

The post Nigeria Resumes Mining in Zamfara State After Security Improvements first appeared on Nigerian Mining News.

The Nigerian Government has officially lifted the five-year prohibition on mining operations in Zamfara State. Minister of Solid Minerals Development, Dele Alake, announced this decision, attributing it to substantial improvements in the state’s security situation. With Zamfara rich in gold, lithium, and copper, the government aims to enhance economic activities that had been negatively impacted by illegal mining operations during the ban. Alake noted the enhanced security efforts have led to a decline in violence, enabling a safer environment for mining. Moreover, he emphasised that the new measures will allow for improved regulation and oversight, ensuring that the nation benefits maximally from Zamfara’s mineral wealth. The Minister also reassured that a recently discussed agreement with France focused solely on training and capacity building for local mining experts.

The ban on mining in Zamfara was first imposed in 2019 due to escalating security threats from banditry and illegal mining activities that led to violence and loss of resources. Zamfara State is noted for its rich mineral deposits, making the lifting of the ban significant for Nigeria’s economy. The government aims to balance resource extraction with safety and regulation following several improvements in security measures undertaken by security agencies.

The lifting of the mining ban in Zamfara marks a crucial step in revitalising the state’s economy and harnessing its mineral resources. With improved security and a focus on regulating the mining sector, Nigeria is poised to benefit economically. The government’s assurance regarding international agreements further underscores its commitment to developing the mining industry responsibly.

Original Source: newscentral.africa

The post Nigeria Lifts Five-Year Ban on Mining in Zamfara State After Security Improvements first appeared on Nigerian Mining News.

The Tinubu Stakeholders Forum (TSF) has applauded the opening of Nigeria’s first mineral analysis laboratory located in Sabon-Wuse, Niger. In a statement, TSF leadership expressed that this initiative marks a significant milestones for the country’s mining sector, aligning with President Bola Tinubu’s Renewed Hope Agenda. The laboratory aims to eliminate the need for overseas mineral testing and enhances local value addition in the mining industry.

TSF highlighted that the facility, backed by the Federal Government and African Natural Resources and Mines Ltd., is equipped with advanced WDXRF technology, offering extensive geochemical services to bolster Nigeria’s global competitiveness in mining. The group commended Minister of Solid Minerals Development, Dr. Dele Alake, for his leadership in achieving this development, which promises to create jobs and foster private sector investment.

TSF urged mining stakeholders to take full advantage of this new facility, believing it would stimulate sustainable growth and enhance investor confidence within the sector, thereby overcoming operational challenges faced by mining companies.

The establishment of Nigeria’s first mineral analysis laboratory signifies a major advancement in the country’s mining sector, aiming to facilitate local mineral testing and reduce reliance on international services. This facility, part of the Federal Government’s commitment to developing the country’s natural resources, supports a broader agenda to reinforce Nigeria’s status in the global mining landscape. With its state-of-the-art technology, the laboratory intends to enhance the efficiency and efficacy of geochemical analyses necessary for mineral exploration and extraction.

The inauguration of Nigeria’s first mineral analysis laboratory is a pivotal development for the mining sector, promoting local testing and value addition. TSF believes that this facility will not only generate jobs and attract investments but also position Nigeria as an influential player in the global mining arena. Stakeholders are encouraged to collaborate with the government to maximise the potential of this resource.

Original Source: nannews.ng

The post Nigeria Opens First Mineral Analysis Laboratory to Boost Mining Sector first appeared on Nigerian Mining News.

Dele Alake, the Minister of Solid Minerals Development, has inaugurated a state-of-the-art mineral analysis laboratory operated by African Natural Resources and Mines Limited (ANRML) in Sabon-Wuse, Niger State. He highlighted the lab as a crucial asset for enhancing local value addition in Nigeria’s mining sector and reducing dependency on foreign testing facilities. Alake affirmed the lab’s alignment with the ministry’s seven-point agenda, aiming to reposition the sector and boost local capabilities in mineral testing.

The ANRML laboratory is claimed to be the first of its kind in Nigeria and is equipped to handle mineral samples that would have otherwise been sent abroad. Alake emphasized the significance of this development in establishing Nigeria as a pivotal player in the global arena of mineral analysis. He praised ANRML’s efforts and encouraged further investment in the mining sector, which aligns with President’s Renewed Hope Agenda.

Alok Gupta, the Group Managing Director of ANRML, expressed gratitude for the lab’s inauguration, reaffirming the company’s commitment to revolutionising Nigeria’s mining industry. He announced that the lab, employing advanced technology, is certified with ISO 7025 from the Canadian Association of Laboratory Abbreviations, marking it as the only such facility in Nigeria.

The establishment of local laboratories for mineral analysis is crucial for Nigeria’s mining sector, aiming to improve the efficiency and reliability of mineral testing. Current practices often necessitate sending samples abroad for testing services, which can be costly and time-consuming. The new lab strengthens Nigeria’s infrastructure within the mining industry and promotes local economic development through value addition and job creation. This initiative is part of a broader strategy to enhance the mining sector and empower the youth by creating employment opportunities.

The inauguration of the new mineral analysis laboratory in Niger represents a significant advancement for Nigeria’s mining sector. It not only facilitates local testing of minerals but also contributes to the government’s agenda of fostering economic growth through enhanced local capabilities. As the only ISO-certified laboratory in Nigeria, it positions the country as a noteworthy participant in the international mineral analysis market, encouraging further investment in the mining industry and opening avenues for youth employment.

Original Source: www.thecable.ng

The post Dele Alake Inaugurates Nigeria’s First Mineral Analysis Laboratory in Niger first appeared on Nigerian Mining News.

Nigeria is at a pivotal moment in its mining sector, rich in untapped resources that could drive prosperity. Addressing systemic challenges requires robust reforms, collaboration, and strategic governance. At the Nigerian Mining Week, the need for regulatory changes and stakeholder involvement was highlighted, particularly in light of the harmful effects of illegal mining in regions like Zamfara. The current model of federal control over mineral resources is ineffective; constitutional amendments are necessary to empower state authorities for better local oversight and accountability in mining operations.

The mining sector’s struggles echo a broader narrative of Nigeria’s resource management, overshadowed by illegal activities and corruption that undermine investment. To overcome this, Nigeria must embrace global best practices with constitutional reforms, enhanced data sovereignty, clear definitions of mining operations, and integrated sector strategies promoting energy solutions. With the growing global demand for critical minerals, Nigeria is positioned to enhance its partnerships and engage in initiatives that foster development.

The urgent need for governance reform in mining reflects a deeper ambition for Nigeria to transition from being resource-dependent to becoming a cornerstone of economic growth through mineral production. By confronting structural issues and aligning with global opportunities, Nigeria can redefine its potential in the mining sector. The journey involves significant commitment, coordination, and collaboration among various stakeholders to reshape Nigeria’s future through effective resource management.

The article discusses the challenges and opportunities facing Nigeria’s mining sector, particularly the need for governance reforms. Nigeria possesses vast mineral resources, yet illegal mining and mismanagement have led to economic and social degradation. The need for decentralization and local governance in mining management is emphasised, along with the country’s potential to leverage its resources for economic growth amid global shifts towards critical minerals and green energy. The author, Ola Bello, outlines the necessary structural changes to position Nigeria favourably in the global mining economy while tackling local challenges.

To transform its mining sector into a source of prosperity, Nigeria must pursue constitutional reforms, strengthen local governance, and enhance operational frameworks. Addressing illegal mining and establishing clear definitions for mining practices will lead to accountability and sustainable development. Moreover, by seizing global opportunities for strategic mineral partnerships, Nigeria can realise its potential as a leading mineral producer and overcome challenges hindering its growth.

Original Source: tribuneonlineng.com

The post Transforming Nigeria’s Mining Sector for Economic Prosperity first appeared on Nigerian Mining News.

Nigeria’s mining sector is on the verge of transformation, with abundant untapped mineral wealth offering significant economic potential. However, systemic challenges persist, necessitating comprehensive reforms, collaboration between various stakeholders, and improved governance. Recent research by Good Governance Africa highlights the detrimental effects of illegal mining and governance deficits hindering the industry. To achieve prosperity, Nigeria must decentralise control, invest in local governance, and modernise operational frameworks while also ensuring sustainability and local community benefits. Taking steps to improve transparency, redefine artisanal mining, and strengthen data sovereignty will attract international investment and foster a reliable mining environment. Furthermore, aligning the mining sector with energy strategies can enhance productivity and resilience. Nigeria has a crucial opportunity to engage with global leaders in mineral production by leveraging its resources, thus improving economic development and positioning itself strategically in the global market.

Nigeria’s mining industry is currently facing significant challenges, including illegal mining practices, ineffective governance, and lack of infrastructure. The country struggles with a highly centralised control model that stifles local capabilities, leading to widespread exploitation and underinvestment in regional development. Despite being resource-rich, Nigeria’s governance frameworks remain inadequate, preventing the sector from realising its potential and contributing effectively to national prosperity. Recent analysis has underscored the need for structural reforms and partnerships to elevate the sector’s status in a rapidly changing global economy.

To transcend its mining predicament, Nigeria must implement significant reforms, shifting control from a strictly federal focus to a decentralised model that empowers local governance. Strategies should include improving legal frameworks, strengthening accountability, and fostering strategic partnerships that capitalise on the growing global demand for minerals. By addressing core challenges within the mining sector, Nigeria can transform its resources into a cornerstone of economic growth, moving from exploitation to sustainable development.

Original Source: tribuneonlineng.com

The post Transforming Nigeria’s Mining Sector: From Challenges to Prosperity first appeared on Nigerian Mining News.