Business
Nigeria to stop importation of barite
Federal Government has stated its move to stop the importation of barite mineral resources, declaring its readiness to create a sustainable mining process. The Minister for Mines and Steel Development, Olamilekan Adegbite, at the launch of the Nigerian Barite in Port Harcourt, said as part of the core mandate of the Ministry, he would ensure that solid minerals are refined and produced in the country. Adegbite enumerated some challenges the Ministry was faced with before 2016, blaming lack of infrastructure, artisanal mining activities and insufficient funding as some of the worries in the sector. He said: “As one of the mandate of the ministry, refining and production of solid Mineral in the state will enable the ministry to take minerals from the mines instead of just producing raw ore and exporting them.
“Some of the constraints include insufficient pre-competitive geoscience knowledge and geo-data, weak institutional, regulatory, and oversight capacity of the Ministry of Mines and Steel development, MMSD; limited infrastructure; illegal and artisanal mining activities; and insufficient funding for sector participants.” The minister revealed that the Federal Executive Council, FEC, approved the Roadmap for the Growth and Development of the Nigerian Mining Industry to address the said constraints and rejuvenate the minerals, mining, and metals sector. He added that the goal was to create a globally competitive mining sector that contributes to sustained inclusive economic growth and developmental impact. Adegbite said that the desire to facilitate local production of these minerals was geared towards conserving foreign exchange and creating jobs and wealth for the citizenry which is evident in the launch of the Nigerian barite.
-
News23 hours agoECOWAS to scrap regional air taxes, paving way for cheaper flights from January 2026
-
News2 days agoNASS members vow to delay Tinubu’s 2026 budget over constituency projects funding
-
Economy2 days agoAfrexim says Africa must raise factoring volumes to at least €240bn to support SME led transformation
-
Oil and Gas23 hours agoU.S. energy agency raises crude oil price forecast, Heirs Energy strike flare-gas deals to curb emissions, boost energy
-
Uncategorized23 hours agoIMF urges China to take the ‘brave choice’: curb exports, boost consumption
-
Economy23 hours agoNiger Delta MSME empowers entrepreneurs with N3m grant
-
Finance23 hours agoAccess Bank champions Africa’s payment integration at PAPSS cOWRY 2025 forum
-
Uncategorized2 days agoKogi unveils Free Trade Zone, set to attract $2–$5bn FDI in seven years
