Business
Institute To Resuscitate Nigeria’s Mining Sector
The establishment of the Nigerian Institute of Mining and Geosciences (NIMG), Jos, will resuscitate the solid mineral industry in the country.
Its Provost, Prof. Idowu Odeyemi, made the disclosure on Friday in Jos, while answering questions from newsmen.
He said solid minerals’ exploitation in the past had earned the countrymuch money “so, with the establishment of the institute, many comatose industries will be resuscitated.”
He said it was unfortunate that since the discovery of oil, the exploitation of solid minerals was relegated to the background, leading to the collapse of the industry.
The provost, however, said it was heartwarming that the same government which relegated solid minerals exploitation was now at the forefront of reviving it.
He added that the gestation of crude oil was shorter than that of solid minerals and attributed the sudden rush to the quick money made from oil.
Odeyemi said “it is heart warming that government, which abandoned mining, is now championing its resuscitation”.
He emphasised that the potential of the mining industry was enormous, adding that the country stood to benefit immensely from solid mineral business.
He stressed that there were enormous economic mineral deposits scattered across the country and when tapped could bring prosperity to the government and the citizenry.
Commenting on the viability of the NIMG, he said the institute had come to stay and would meet the mandate of its establishment in training professionals to take care of the solid mineral industry.
He said the Federal Government had realised the need to establish the institute as there was a shortage of skilled manpower in that area, hence NIMG would fill the gap.
The provost said the institution anticipated a massive demand from mining companies in the next few years to provide them with the required manpower.
Odeyemi stated that three professors in mining from the U.S. would soon be engaged in the NIMG as lecturers, in addition to 14 others already on ground.
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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