Nigeria’s Minister of Steel Development, Shuaib Abubakar Audu, announced plans to privatise Ajaokuta Steel Company Limited (ASCL) and its associated Iron Ore Mine in Itakpe during the Ninth Nigeria Mining Week in Abuja. The initiative aims to stimulate operational efficiencies in the sector, which currently incurs over $4 billion annually in steel imports. This move is part of a broader strategy to revitalise Nigeria’s mining sector as a cornerstone for economic diversification. The government is committed to transforming the mining sector, as emphasised by Uche Geoffrey Nnaji, who spoke on behalf of President Bola Tinubu. He praised the efforts of Dr. Dele Alake, the Minister of Solid Minerals, stating, “His dedication has reinvigorated our approach, addressing challenges… shaping a mining sector that can stand as a global model of innovation and sustainable development.” Minister Alake reaffirmed the government’s aim to achieve economic reform through mining, citing a seven-point agenda designed from extensive research. He noted significant progress, including the prosecution of over 300 illegal miners and ongoing reforms intended to enhance the sector’s economic contribution. Garza Jonathan Gbefwi, Chairman of the House Committee on Solid Minerals, called for increased funding in the upcoming 2025 budget, highlighting the sector’s potential economic benefits. Dr. Orji Ogbonnaya Orji, Executive Secretary of NEITI, reported that Nigeria produced 95.07 million tonnes of solid minerals in 2023, earning N9.01 billion in royalties, although only contributing 0.75% to GDP.

The Ajaokuta Steel Company Limited has long been viewed as a crucial asset for Nigeria’s industrial ambitions. However, it has struggled to operate effectively due to various challenges, prompting calls for privatisation as a solution. Investments in the steel industry are vital as Nigeria aims to reduce its heavy reliance on steel imports. The government’s focus on revitalising the mining sector is part of a larger economic diversification strategy to bolster growth and reduce import dependency.

The federal government of Nigeria is taking significant steps to privatise Ajaokuta Steel Company and its Iron Ore Mine in Itakpe to enhance operational efficiencies and reduce steel import costs. This initiative aligns with broader efforts to bolster the mining sector as a key component of Nigeria’s economic diversification. Not only is this expected to reshape the industry, but it also aims to increase the sector’s contribution to the nation’s GDP.

Original Source: nairametrics.com

The post Nigeria Plans to Privatise Ajaokuta Steel Company to Boost Mining Sector first appeared on Nigerian Mining News.

President Bola Tinubu’s administration is leveraging advanced technology to reform Nigeria’s mining sector, focusing on exploration and processing using AI, remote sensing, and data analytics. At the ninth Nigeria Mining Week in Abuja, represented by Minister Uche Nnaji, he highlighted a commitment to a mining model that promotes innovation and sustainability. Reforms aim to enhance local economies with equitable revenue distribution and environmental mindfulness, showcasing Nigeria’s mineral wealth internationally through strategic partnerships and attracting investments with new value addition policies.

The Nigerian government is attempting to revamp the mining industry by integrating advanced technologies and implementing new policies that ensure sustainable practices. This initiative is part of President Tinubu’s broader vision to support economic growth through the mining sector while also addressing environmental concerns and community welfare. The ninth Nigeria Mining Week serves as a platform for stakeholders to discuss these strategies and promote Nigeria’s mineral resources globally.

In conclusion, President Tinubu’s administration is poised to transform Nigeria’s mining landscape by incorporating advanced technologies, enforcing sustainable practices, fostering local economic benefits, and promoting international partnerships. These efforts underscore Nigeria’s commitment to harnessing its mineral wealth responsibly and equitably for the benefit of all citizens.

Original Source: www.thecable.ng

The post Tinubu: Nigeria Innovates Mining Sector with Advanced Technology first appeared on Nigerian Mining News.

Nigeria possesses vast mineral resources essential for the global energy transition, including lithium, nickel, and significant quantities of gold and gemstones. However, due to a historical reliance on oil, the mining sector has been neglected, suffering from outdated legislation and ineffective governance. To stimulate growth, Nigeria must update mining laws, improve data reliability, attract investment, and ensure illegal mining is curbed. Significant reforms, including the establishment of a regulatory commission and community-based initiatives, are critical for transforming the sector and optimising its economic benefits.

Nigeria’s mining sector, despite being rich in essential minerals for batteries and other technologies, has been overshadowed by its oil wealth since the 1960s. The discovery of oil diverted attention from mining, leading to a decline in the industry. Current legislation is outdated and conflicts with state-level land governance, hindering investment. With the support of international financial institutions, there is progress in data collection and accessibility, yet substantial reform is required to realise the full potential of the sector and combat illegal mining operations that cost the country billions annually.

To unlock Nigeria’s mineral wealth, comprehensive reforms are urgently needed. This includes revising outdated laws to align with modern practices, enhancing the governance structure, and curtailing illegal mining. Implementing these measures will stimulate investment in the sector, boost economic growth, and ensure sustainable development while safeguarding community interests. The government’s proactive steps are essential to avoid repeating past mistakes and harnessing the full potential of Nigeria’s rich mineral resources.

Original Source: blogs.lse.ac.uk

The post Unlocking Nigeria’s Mineral Potential Through Effective Governance first appeared on Nigerian Mining News.