Business
VC Charts Path To Solid Minerals Dev
																								
												
												
											The Vice-Chancellor,
Ahmadu BelIo University, Zaria, Prof. Ibrahim Garba, says Nigeria needs the right attitude and knowledge to develop its solid minerals sector.
Garba, who is also the Chairman, Committee on Solid Minerals Development Roadmap, disclosed this in Abuja.
“There must be correct altitude and knowledge to know what you have and how to exploit it for the benefit of the country.
“There was nothing new in the solid minerals roadmap, but certainly the solid minerals (sector) is the one least understood by everybody – public, government and even by government officials themselves.
“It is a sector that is not known to Nigeria even though Nigeria had very glorious mining in the past which died since 1970s.
“And that is why the modern Nigeria has not come to know mining as a business, as a means of sustaining the nation’s economy, other than mining of petroleum which is also mining.”
Garba said for this reason, Nigeria had continued to struggle with the understanding of what it would take to develop the solid minerals sector.
He said that even though in the last 10 years, the Federal Government had been striving to reform the sector, unfortunately the sector had yet to occupy the right place in the development of the country’s economy.
He said the solid minerals sector remained largely undeveloped because of ignorance and poor attitude toward the sector.
Garba underscored the need for adopting the right approach for the sector, which was basically knowledge-based and knowledge-driven, to attract investors.
“We must have the correct altitude because it is a business sector where you need to attract investments and investment funds from potential investors,” he said.
The vice-chancellor said that the knowledge aspect of mining cut across scientific knowledge of knowing the minerals, knowing where they were, how they were formed and how to find them.
He said that government must also have knowledge of how to provide an environment that was conductive to investments and how to nurture the sector as means of development.
Garba said that mining was a potent means of revenue generation, adding that revenue generated must, however, be used for more sustainable development since mining was not renewable like agriculture.
“Mining is very destructive to the environment. It is based on finite resources means that the amount of resources you find will one day finish; it is not renewable.
“Due to these constraints and challenges around the sector, government upon government failed to understand probably what it takes to develop the sector. And whenever our leaders understand it, they failed to take the correct steps to make it work.
“In the last 10 years, the roadmap has been there but we miss it 10 years ago and we have to go back 10 years and recover the roadmap and follow it,” he said.
Garba said that 10 years ago, all the necessary instruments of reform, in terms of the legal framework, institutional framework and technical ingredients to push the sector forward, were put in place but were not followed.
He said Mining Act was enacted in 2007 and the institutional reforms were put in place in 2006, adding, however, that successive governments failed to develop the solid minerals sector up to the recommended level.
He emphasised that mining was a competitive sector and that Nigeria’s neighbours were doing well in the sector.
“Petroleum resources have spoiled everything in Nigeria. As long as petroleum dollars flow into this country without any efforts of our own, it will kill all morale and means of hard work.
“And this sector is not like petroleum, even though there are all minerals. It requires much hard work to get it going,” he said.
Garba recalled that 10 years ago, the solid minerals could have been well developed, with local and international input, adding that nowadays, its development required a different approach.
He said that in the course of the work on the roadmap, all the existing instruments were re-assembled and put in context in relation to the current realities in Nigeria.
“We needed this more today than 10 years back because our challenges today are worse than our challenges 10 years back,” he said.
He urged government to take deliberate steps aimed at promoting the development of the sector so that Nigeria would not miss the mark as it did 10 years ago.
Garba recalled during colonial era, all the mining activities in Nigeria were carried out 100 per cent by private sector companies.
He advised government to encourage private companies invest in the mining sector.
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
														Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
														Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
														The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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