Nigeria has signed a funding agreement with France to enhance geological data exploration in its mining sector through the Nigerian Geological Survey Agency (NGSA). This collaboration aims to improve Nigeria’s capability in assessing its mineral resources, marking a concerted effort to revitalise the industry. By leveraging France’s financial and technical support, Nigeria is committed to upgrading its geological infrastructure to address existing challenges such as outdated technologies and inadequate facilities.

The partnership between Nigeria and France is a strategic move to bolster Nigeria’s mining sector, which has faced significant challenges such as declining production and limited technological access. With a memorandum of understanding (MoU) signed in December 2024, both nations aim to enhance the critical minerals value chain and promote sustainable mining practices. The initiative is part of Nigeria’s broader strategy to attract international investment and modernise its mining operations.

In summary, the agreement between Nigeria and France is pivotal in transforming Nigeria’s mining landscape. By gaining access to advanced technologies and fostering local expertise, Nigeria aims to overcome its mining sector challenges. This partnership could serve as a model for future collaborations in addressing global resource management challenges effectively.

Original Source: africa.businessinsider.com

The post Nigeria and France Partner to Boost Geological Data Exploration in Mining Sector first appeared on Nigerian Mining News.

The Nigeria Mining Cadastre Office (NMCO) has issued a total of 7,141 mining licenses; however, only about 1,000 of these are currently active, as revealed by Director General Obadiah Nkom. During a recent meeting with the House Committee on Solid Minerals, Nkom stressed the need for reforms in the sector, specifically in relation to mining fees and title ownership, due to the alarming number of inactive licenses. He noted that despite generating over N8 billion in revenue, the agency suffers from inadequate funding which restricts its operational effectiveness. Nkom further mentioned the successful transition to a web-based platform for improved access and transparency and the development of guidelines for an anti-money laundering unit in partnership with the EFCC. The committee, led by Chairman Jonathan Gaza, raised concerns about the licensing process, the impact of illegal mining, and the need for increased productivity due to insufficient funding. Gaza assured that the committee would escalate these issues to the Minister of Solid Minerals Development for necessary action.

The issue of inactive mining licenses in Nigeria highlights significant inefficiencies within the Nigeria Mining Cadastre Office (NMCO). Despite the issuance of over 7,000 licenses, the minimal number of active miners underscores a need for regulatory reform. Inadequate funding and concerns about illegal mining practices also pose challenges for the agency. This situation calls for improved oversight and potential restructuring in the mining sector to enhance productivity and revenue generation.

In summary, the NMCO faces challenges with a high volume of inactive mining licenses against a backdrop of inadequate funding and the prevalence of illegal mining. The agency’s call for reforms and better financing highlights the critical need for a more effective licensing and oversight system to improve the sector’s contribution to Nigeria’s economy. The committee’s commitment to addressing these issues with the Minister of Solid Minerals Development is a positive step towards enhancing operational efficiency.

Original Source: nannews.ng

The post Only 1,000 of 7,141 Mining Licenses Active, Says NIMCO Director General first appeared on Nigerian Mining News.

Director General of the Nigeria Mining Cadastre Office (NMCO), Obadiah Nkom, has highlighted the alarming statistic that only 1,000 out of 7,141 mining licenses are currently active. During a meeting with the House Committee on Solid Minerals led by Jonathan Gaza, he called for reforms in the sector, especially regarding mining fees and ownership of titles. Despite generating over N8 billion in revenue, the NMCO struggles with inadequate funding. Nkom noted that the office has made strides in digitisation and is working with the Economic and Financial Crimes Commission to tackle illegal activities. Gaza expressed concerns over the licensing process and promised to relay the issues to the Minister of Solid Minerals Development for further action.

The Nigeria Mining Cadastre Office is responsible for regulating mining licenses in Nigeria. There has been a significant discrepancy between the number of issued mining licenses and the actual number of active mines, raising concerns about the effectiveness of the licensing process. The agency has generated substantial revenue from the sector, yet it faces challenges such as inadequate funding and the prevalence of illegal mining activities.

The discussion between NMCO leadership and the House Committee aims to address the underutilisation of mining licenses and seek necessary reforms. With a need for better funding and management of mining activities, the NMCO is striving to enhance transparency and efficiency in the Nigerian mining sector.

Original Source: gazettengr.com

The post NMCO Director General Advocates Reform for Underutilised Mining Licences first appeared on Nigerian Mining News.