Business

Nigeria To Spend USD123.5BN On Industrial Minerals Development

Published

3 years ago

June 9, 2023

586 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 Thursday, 5 Nov 2026

Published

12 hours ago

November 5, 2026

OCHEFA

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BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

2 days ago

November 4, 2026

OCHEFA

119 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.