Economy
FG commits to mining sector devt
President Bola Tinubu has expressed the Federal Government’s commitment to develop the mining sector by creating an enabling environment for players in the industry to thrive. The president said this at the opening of the 8th edition of Nigeria Mining Week in Abuja. Represented by the Secretary to the Government of the Federation, Senator George Akume, Tinubu expressed worry that the mining sector was neglected for a long time. The News Agency of Nigeria (NAN) reports that the mining week serves as a networking platform for stakeholders in the industry to showcase the huge potential in Nigeria’s mining industry.
The event with the theme “Capitalising on Nigeria’s Critical Mineral Resources for its Growth”, had more than 1,500 participants. According to Tunubu, the theme underscores Federal Government’s commitment to sustainable development and collaboration within the mining industry. He said that the devolution of the Ministry of Mines and Steel Development demonstrated Federal Government’s resolve to improve its contributions to the development of Nigeria’s economy. “Government shall continue to ensure good business environment for investors in the sector by ensuring policy consistency and adequate security.
“Nigeria is known for its oil and gas, which is a fraction of its blessed natural resources and there is a need for Nigeria and Africa at large to diversify and develop other sectors to harness their potential,” the president said. The Minister of Solid Minerals Development, Dele Alake pledged that the ministry would develop the mining sector as a significant source of economic diversification. We charted a new direction with the articulation of the Seven-Point Transformation Agenda focusing on establishment of the national mining company and development of big, standardised and internationally certified data. Others are formalisation of artisanal mining through co-operatives and security of mines in collaboration with the security agencies. Also the conscientisation of mining communities to ensure their lawful rights and commit licences to community empowerment and the strategic promotions of our country’s vast mineral deposits for indigenous and international investments.’’ He said.
Alake hailed stakeholders’ enthusiasm in the solid minerals sector in embracing the ideas and proposing many pathways to achieving the roadmap. “This has led to several collaborations and initiatives across the landscape. The dedication to diversifying Nigeria’s economy through mining align perfectly with our shared goals and I am confident that the culmination of this event will continue to lead us toward a prosperous future,’’ he said. The minister said that Nigeria was set for a great leap of transformation by harnessing the solid mineral resources judiciously. “If we manage these resources judiciously and responsibly, they can serve as the engine of our economic growth, offering employment opportunities and enhancing the well-being of our citizens. Nigeria is endowed with valuable solid minerals like Limestone, Gold, Baryte, Bitumen, lead zinc, Coal, and Iron Ore, to mention a few.
“This natural wealth indicates a significant reservoir poised for exploration and development. These resources can potentially reduce our dependence on oil revenues, diversify our economic base, serve as the bedrock of sustainable development across various sectors and provide significant job creation opportunities,’’ the minister said. He, however, said that the vision for the mining sector transcended mere resource extraction. “We are firmly committed to conducting mining activities that are environmentally sustainable, socially responsible, and economically beneficial. We believe mining operations should serve as catalysts for community development and job creation and adhere to industry best practices that minimise ecological footprint. As we promote responsible and developmental extraction, we propagate value addition across the value chain as the essential principle of mineral development,’’ Alake said.
Similarly, the Minister of Steel Development, Prince Shuaibu Audu emphasised the need for Nigeria to unleash the immense potential in the solid mineral sector “We are not merely celebrating the potential today, we are recognising them as the driving force behind the economic growth that is at the heart of President Bola Tinubu’s renewed hope agenda. In our country, we are endowed with an array of critical minerals such as coal, tin, lead, limestone, and iron ore, among many others. These resources, if properly harnessed, hold the key to not only diversifying our economy but also significantly increasing our revenue streams. They are the bedrock upon which we can build a more prosperous, self-sufficient, and industrially advanced Nigeria. Allow me to emphasise the pivotal role of the steel sector in this journey towards revitalising our economy.
“Steel, as we know, is the backbone of industrialisation. It is a core ingredient for infrastructure development, manufacturing and construction. Our commitment to developing the steel sector is unwavering because it holds the potential to create numerous jobs, attract investments, and contribute significantly to our Gross Domestic Product. It is on this heel that we have set out motions to diversify Nigeria’s economy and attract Foreign Direct Investment (FDIs) by transforming the Ajaokuta Steel Company Limited (ASCOL) complex into a Free Trade Zone. This includes the designation of 24,000-hectare land of Ajaokuta as an Industrial Park,’’ the minister said. He said that the initiative aims at revitalising the steel industry, create jobs, and stimulate economic growth in the region thus creating an industrial park in the the city. This is in addition to the development of a three-year plan for Ajaokuta and a broader five-year plan to expand steel production to other parts of the country.
“This comprehensive approach aims to harness Nigeria’s vast iron ore resources and leverage them for industrial growth,” Audu said. The President of Miners Association of Nigeria, Dele Ayanleke said that articulate management of constitutional and legal challenges would provide workable template for streamlining legal and regulatory frameworks that would accelerate the growth of the sector. The Event Director, VUKA Group, South Africa, Mr Samukelo Madlabane said the event would serve as a stimulus for sustainable development, investment and cooperation within the mining industry. “This is with an emphasis on maximising Nigeria’s mining potential, especially for its critical minerals,’’ Madlabane said.
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.
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.
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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