Business

Nigeria To Spend USD123.5BN On Industrial Minerals Development

Published

3 years ago

June 9, 2023

415 Views

The Ministry of Mines and Steel Development has estimated that over USD 123.5 billion will be required for the development of the country’s industrial minerals over the next five years (2023-2028).

Project Coordinator, MinDiver, Dr. Sallim Salaam, who discloses this, said that Nigeria is richly endowed with over 30 industrial mineral types found in about 752 locations.

He said that these minerals are at different stages of development, from exploration to mining, adding that the
key participants in the industrial minerals sub-sector are artisanal and small-scale operators who exploit feldspar, trona, kaolin, talc, silica sand and dolomite for the chemical polymer and pharmaceutical industries.
” Others are quarry operators that mine and process granites, limestone, and marble as aggregates for the construction industry, cement, and lime production.

” Also included are barite and mica for mud drilling in the oil industry and phosphates for fertilizer production and soil liming.

“Generally, the local production of industrial minerals has steadily grown from 43,725,070 tonnes in 2016 to 78 454,628 tonnes in 2021.

” Even at this level of progress, Nigeria currently imports over 80 percent of its industrial minerals for the local industries.

” The Federal Government is determined to develop the available industrial minerals to stimulate industrial growth further and for import substitution, ” he said.

The estimated cost for implementing the actions described in the roadmap is 123.5 USD, to be spent over five years, the direct economic benefit obtained from the substitution of mineral imports covers this cost.

Related Topics:Industrial Minerals Development

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Naira Exchange Rates Monday, 20 July

Published

20 hours ago

July 20, 2026

OCHEFA

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 416 Sell ₦1,422

GREAT BRITISH POUND (GBP) Buy ₦1,895 Sell: ₦1,915

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,380.18

GREAT BRITISH POUND (GBP) ₦1,854.42

EURO (EUR) ₦1,577.00

SWISS FRANC (CHF) ₦1,707.94

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦203.57

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦367.48

SOUTH AFRICAN RAND (ZAR) ₦83.29

Business

BUA Foods target expansion into noodles industry

Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.

Published

4 days ago

July 17, 2026

OCHEFA

58 Views

Chairman of the Board of Directors of BUA Group, Abdul Samad Rabiu disclosed that it’s food arm – BUA Foods is going into new sectors such as instant noodles because “we see it as a very important sector because of its affordability and its accessibility.”

Rabiu made the disclosure in Abuja on Thursday during the 5th Annual General Meeting of BUA Foods.

He also disclosed that as part of efforts to boost food sufficiency, “we are doubling our wheat milling capacity from over a million to over two million, wheat per annum. And that is huge.”

“We are also tripling the capacity of our edible oil business. In fact, we are setting up a brand new oil mill in Port Harcourt.

“Our ambition has never been to become bigger simply for the sake of size. We are building scale because Nigeria needs strong indigenous companies capable of competing at the highest level, investing for the long term and creating lasting value,” he said.