Business
FG Set To Reposition Solid Mineral Sector
The Federal Government has declared that it is set to reposition the solid mineral sector with the inauguration of a nine-member board for Solid Minerals Development Fund in order to reduce Nigeria’s over-dependence on oil revenue.
Inaugurating the board in Abuja, the Minister of Mines and Steel Development, Mr Musa Sada, said that Section 34 of the Minerals and Mining Act 2007 states that the sector needs funds to fast track its development.
Sada listed members of the board as Mr Utsu Adie as Chairman, Mr Mahe Ahmed as Secretary, while Ms Loretta Aniagulu, Mr Sani Mohammed and Mr Caleb Dare are members.
Other members of the board are a representative of Central Bank of Nigeria and representative of the bankers’ committee.
The minister said the fund was to develop human and physical aspects of the industry and fund geo-scientific data gathering.
He said the fund would also be used to equip mining institutions, extend services to small scale industries and provide infrastructure.
According to him, the fund is expected to generate income from money appropriated for solid minerals development, grants, donations, foreign loans, bonds, long term swaps and money appropriated by government from the budget.
The terms of reference for the board are to monitor the operations and evaluate the progress of the fund and advise the minister on changes required to improve the operations of the fund.
It is also to determine the remuneration of external auditors, publish names of defaulters of loans granted in the national newspaper, pursue defaulters by judicial action and solicit government assistance in the recovery of loans.
Earlier, Adie has thanked President Goodluck Jonathan and the ministry for the opportunity given them to serve.
He listed challenges, such as location of minerals in remote areas, the lack of infrastructure and the absence of credit facilities as major difficulties faced by the industry.
Adie pledged that members of the committee would not disappoint the Federal Government on the assignment.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.