Business
Mining Stakeholders Hails Return of Fatima Umaru-Shinkafi to drive non-oil sector
The Association of Small Scale Miners of Nigeria (ASSMN) Zamfara State Chapter , and the Nigerian Chamber of Mines and Geological Workers have applauded the reappointment of the Executive Secretary of Solid Minerals Development Fund/Presidential Artisanal Gold Mining Initiative (SMDF/PAGMI), Fatima Umaru-Shinkafi, by President Bola Tinubu.
In separate statements, the leadership of the associations expressed gratitudes to President Tinubu: “It’s a well-considered appointment that will further consolidate, deepen, and strengthen the solid minerals sector.”
The Chairman of ASSMN, Abubakar Rabiu, also congratulated Fatima Umaru-Shinkafi on President Tinubu’s renewal of her appointment and urged her to justify the confidence Nigerians reposed in her to drive the non-oil sector of the economy in tandem with the President’s Renewed Hope Agenda of a prosperous, equitable, and just democratic nation.
The association praised Fatima Umaru-Shinkafi for her dedication and commitment to developing the solid minerals sector in Nigeria.
This sector has attracted foreign investors, empowered local miners, and provided jobs to thousands of youths, thus contributing significantly to the country’s gross domestic product.
According to the association, Fatima Umaru-Shinkafi is a paragon of excellence and will be motivated to take the solid minerals sector to the next level.
“The association is proud of Fatima Umaru-Shinkafi and will support her leadership of SMDS/PAGMI in revamping the nation’s economy and providing citizens with democratic dividends.
“We urge Nigerians to support this woman of destiny in our collective quest for a better society,” said Abubakar Rabiu.
Similarly, the Nigerian Chambers of Mines, Geological Workers, also throw its weight behind Fatima’s reappointment.
With a deep understanding of the solid minerals sector’s challenges and prospects, she will effectively tackle illegal mining, poor regulatory compliance and formulate policies that promote best practices in the industry.
The Association’s Chairman, Silas Kefas, described her reappointment as a well thought out decision and underscored the government’s confidence in her impactful leadership aimed at harnessing the solid minerals sector’s full potential and economic diversification essential for sustainable development and prosperity.
“A visionary leader and master strategist in the solid minerals industry, Fatima Umaru-Shinkafi’s laudable reform has revolutionalized the sector, attracted local and foreign investors and repositioned Nigeria as a competitive player in the global minerals market.
“With a renewed mandate, the solid minerals industry will witness significant advancement in the promotion of artisanal gold mining and value chain development, capacity building, job creation, infrastructural development, enhanced export capacity, financial prudence and significant contribution to the country’s gross domestic product that will revive the economy and foster prosperity to citizens.
With a deep understanding of the solid minerals sector’s challenges and prospects, she will effectively tackle illegal mining, poor regulatory compliance and formulate policies that promote best practices in the industry.
“We recall with pride the recent SMDF’s empowerment programme for 1000 women entrepreneurs in gemstone mining and utilisation as part of efforts towards contributing to the nation’s economic diversification starting with 100 womenparticipants in Lagos.
We are optimistic that thousands of women and youth will benefit from this worthy programme that will improve their well-being and make them self-reliant.
“We identify with Fatima Umaru-Shinkafi’s remarkable leadership and will always partner with SMDF/PAGMI to take the solid minerals sector to greater heights.
“We are all in it together to diversify and revamp the economy in line with President Tinubu’s Renewed Hope Agenda. Congratulations to the great Amazon of the solid minerals sector. It is a well-deserved re-appointment for continuity, development and advancement of SMDF/PAGMI.”
The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.
He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.
Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.
Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.
Business
FG Spends $2.86bn on External Debts Servicing – CBN
By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.
The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.
This was disclosed in the international payment data from the Central Bank of Nigeria.
The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.
In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.
The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.
The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.
The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:
In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.
February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.
In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.
May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.
June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.
July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.
By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.
Business
ECOWAS Bank okays $308.63m for Nigeria, Guinea
The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.
ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.
The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.
President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.
The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.
Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.
The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.
Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.
Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.
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