Business
FG Inaugurates Donor Agencies In Mining Sector
The Federal Government has inaugurated donor development agencies to assist in bridging gaps and deficiencies in the Nigerian mining sector.
Minister of Mines and Steel Development, Dr Kayode Fayemi performed the exercise in Abuja recently.
The agencies, which included the World Bank, UNIDO, UNDP, DFID, Open Society Initiative for West Africa, would help to solve the challenges confronting the sector to take its place of pride.
He said that the exercise was to spell out their responsibilities to avoid duplication and unnecessary competitions.
He said this would ensure that the agencies understood areas to assist the ministry to align with its mandates.
He said that the Department for International Development (DFID) would assist the ministry in financing cost of advisory and technical teams.
He said that Ford Foundation would finance the ministry’s strategic communication, environmental and social justice activities.
He noted that Medecin San Frontiers would undertake a pilot clean up in Artisanal and Small Scale Mining (ASM) communities affected by lead poison from the gold processing activities.
He, however, said that OSIWA would review the legal and regulatory obstacles in the sector, financing the ministry strategic communication activities, among others.
On UNIDO, he said it would assist the country to develop the Minamata Convention Initial Assessment and a National Action Plan on mercury used in ASM gold mining as stipulated in the convention.
The minister said that UNDP would assist the ministry to implement the African Mining Vision (AMV) and the framework for revenue collection, to address revenue leakages.
He said that the World Bank would focus on strengthening the Federal Government in its role to establish a strong foundation for mining sector development as sector regulator and facilitator.
He said that the African Development Bank (AFDB) would support the quest to develop the ministry’s energy minerals.
According to him, the ministry is working in collaboration with other relevant ministries such as Works, Power, Housing and Transport to provide infrastructure which is key to the development of the mining sector.
He said that ministry of agriculture and rural development and water resources would align the sector’s work on agro- minerals, particularly phosphate, land use and water rights permit to minimise delays as well as protect the environment.
The Ministry of Finance and CBN would support the establishment of investment support facilities for the mining industry as provided in the Mining Act as well as enable the industry to scale up its activities.
UNIDO Representative to ECOWA and Regional Director, Nigeria Regional Office, Mr Jean Bakolesaid the role of donor agency to the government or ministry included policy dialogue and advisory role.
“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.