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FG orders illegal miners to vacate sites says no more export of raw solid minerals,

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2 years ago

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Federal Government has ordered all illegal miners across the country to immediately vacate sites or will be seriously dealt with. This stern warning was given by the Minister of Solid Minerals Development, Dele Alake, during the graduation ceremony and presentation of starter-packs to 30 graduating trainees under Batch 3 of the Ministry’s Programme on ‘Gemstone and Jewellery Master Training and Empowerment’ under the Mineral Support for Economic Diversification, MinDiver, a World Bank assisted project. Alake said the skill acquisition programme is part of the ‘Renewed Hope’ agenda of President Bola Tinubu, which Tinubu during his presidential campaign promised to create jobs massively for the youth, and this graduation is a fulfilment to it. He commended MinDiver for the efforts made so far to add value to the lives of Nigerians via the intensive training which was done by dedicated, experienced and committed experts for the days and weeks spent to transfer the knowledge and skills into young Nigerians who also will in turn train other Nigerians and create jobs for them in all the 774 Local Government Areas of the 36 States and the Federal Capital Territory, FCT, in order to contribute their quota to the growth and development of the economy.

He acknowledged that the programme had earlier produced 40 Master Jewellers who were trained between 2021 and 2022, and today (Thursday) additional 30 jewellers are graduating. He said the pioneer set of 70 Master Jewellers will be a faculty that would train would-be jewellers in the 774 local governments of Nigeria.  However, the Minister called on state governments to partner with the Ministry by sponsoring at least 10 youths per local government for training to acquire this highly profitable skills.  He also assured them that the faculty will be mobilised to any state that is ready to empower their youths to impart their technical knowledge and demonstrate the procedures for using solid minerals to embellish the beauty of our people. He said “Looking at the result of this seemingly small but extremely significant gesture of graduating students that have gone through the crucibles of learning the art of skill acquisition.  It give rebuilds hope for our country Nigeria. I commend your efforts, initiatives, focus, and sense of responsibility. You have gone through the process of skill acquisition in this very critical sector. Nigeria with its large population has appetite for jewellery and it is imperative to create a local jewellery industry to meet substantially local demands, for quality jewellery products, to increase import substitution, create jobs and boost the export value of Nigeria’s gemstones and jewellery.

“Nigeria is abundantly blessed with variety of mineral resources, among the minerals identified are varieties of precious and semi-precious stones. Some of the most popular Nigeria gemstones include the more limited to sapphire, aquamarine, beryl, emerald, tourmaline, ruby, garnet, amethyst , and zircon, which are located across the length and breadth of Nigeria and are used during to adorn designs but are sadly illegal exported. Now let me use this opportunity to send a very stern and strong warning to the entire nation that with Mr President there is a new sheriff in town and illegal mining would be curbed. Illegal exportation of our gemstones, critical minerals would no longer be tolerated by this administration. My Ministry is currently putting in place strategies, tactics and logistics, and we are working very assiduously and closely with the security agencies with the view of designing a very solid and enduring formula for combating illegal mining and illegal exportation of all our critical minerals in this country. In due course the details would be unfolded to the public. But I am just using this opportunity to send a strong warning to those currently engaged in illegal mining in Nigeria that henceforth it would be no longer be business as usual.

“We must harness all our critical resources for the benefits of our nation. Today, it is a known fact all over the world that hydrocarbons are on the downward trend in the global international trade meaning all that are contingent to our development, GDP substantially is no longer what it used to beans is on the decline. So what do we do? We have to shift attention to non-oil exports, and believe me, Nigeria is sitting on one of the most enormous amount of mineral resources in the world. There is virtually there is no state that does not have one mineral resources or the other that is sought after in the global international market. He also lamented that Nigerians have neglected these resources that would have tremendously transformed the economy for oil. “Necessarily and compulsorily attention is now focused on the non-oil exports, particularly, solid minerals and that is why the Ministry is now the focal point of generating substantial revenue and making contribution to the GDP of our country.” He further stated, “In fact, I say with all emphasis, I say with all sense of responsibility that solid Minerals is the next petroleum in Nigeria and that underscores the significance of today’s occasion.

He said “we are not going to be exporting, exploring, excavating and carting away our solid minerals abroad. We are going to be adding local value and we are going to attract foreign investors into this industry and sector. However, one of the salient conditions is going to be that the foreign investors will not just come and excavate our resources and minerals away, they must also do backward integration in terms of establishing the industries and factories that would add local value to our natural resources before been taken out and that would create more jobs, resources and revenue that is our main objectives of this Ministry moving ahead.” He also pointed out that, “The value of gemstones increases when it is cut and polished, however, majority of gemstones are being exported without any value addition since the technical know-how and machinery required in cutting, polishing and finishing jewellery are generally lacking in the country. To bridge these gaps it became necessary to build capacity in jewellery making and design and that capacity would be extended to other mineral resources like gold, lithium and all other critical mineral resources that we have in abundance in our nation.”

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Economy

Nigeria champions African-Arab trade to boost agribusiness, industrial growth

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1 day ago

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December 5, 2025

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The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.

The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.

He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.

“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”

Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”

The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.

With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.

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FEC approves 2026–2028 MTEF, projects N34.33trn revenue 

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2 days ago

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December 4, 2025

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Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.

The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.

He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.

Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.

The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.

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Economy

CBN hikes interest on treasury Bills above inflation rate

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2 days ago

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December 4, 2025

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The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%. 

The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.

Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.

The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.

Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.

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