Business
Solid Minerals Major Contributor To GDP – FG
Minister of Solid Minerals Development, Dr. Oladele Alake, has reaffirmed the Federal Government’s decision to diversify from hydrocarbon to making the minerals sector a major contributor to Nigeria’s Gross Domestic Product (GDP) and also promote climate change.
Ahe stated this when he received a delegation of the Miners Association of Nigeria, led by their National President, Mr. Dele Ayanleke.
In a statement, the ministry’s Head of Press and Public Relations, Alaba Balogun, said the delegation comprised representatives of the Vuka Group, co-organiser of the forthcoming Nigeria Mining Week and PricewaterhouseCoopers, foremost accounting firm.
While commending the association for its recommendations and consistent role in organising the Mining Week, Alake stated that Nigeria has been operating a mono-cultural economy for long, noting that the shift to solid minerals was overdue.
He said: ‘’Our vision is to make solid minerals our pride, a major contributor to Nigeria’s Goss Domestic Product. We will diversify from oil to exploit it (solid minerals) for survival of Nigeria. This is our own contribution to climate change”.
To this end, the Minister emphasised that the Ministry was committed to making requisite policies that will sanitise and rejig the regulatory framework to make it more conducive for local and foreign investors to play’.
On the issue of incursion by the second tier of government into mining, Alake stressed that the Federal Government would engage the state and local governments to resolve surrounding issues within the ambit of the law.
Speaking on securing the mining sector environment for maximum yield to the Federal Government, the Minister said high end technology would be deployed coupled with inter-agency taskforce to arrest the menace.
He, therefore, sought partnership with the association to strengthen their capacity for the growth and repositioning of the sector.
Ayanleke expressed confidence that the seven-point agenda unfolded by the Minister under the Renewed Hope Agenda of the administration would consolidate and enhance the sector for maximum contribution to national development.
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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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