Business

Nigeria To Spend USD123.5BN On Industrial Minerals Development

Published

3 years ago

June 9, 2023

560 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 For Thursday, October 15

Published

8 hours ago

October 15, 2026

OCHEFA

13 Views

BLACK (PARALLEL) MARKET RATES

₦1370 DOLLAR (USD

₦1800 POUND (GBP)

₦1500 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190YUAN (CNY)

₦2300CFA F.(XOF)

₦2200CFA F.(XAF)

₦850AUSSIE (AUD)SELL₦1000

Official CBN Exchange Rates

DOLLAR (USD)₦1332.59

POUND (GBP)₦1765.55

EURO (EUR)₦1491.57

SWISS FRANC (CHF)₦1590.77

JAPANESE YEN (JPN)₦8.39

CFA FRANC (XOF)₦2.27

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33

CHINESE YUAN (CNY)₦199.10

SAUDI RIYAL (SAR)₦354.92

SOUTH AFRICAN RAND (ZAR)₦80.37

Business

Oyedele Chairs G-24 Call for Fairer Global Financial System, Affordable Development Financing

The meeting concluded that domestic reform alone will not shield developing economies from external shocks — affordable finance, effective debt resolution, fairer representation in international institutions, and sustained cooperation are equally necessary.

Published

1 day ago

October 14, 2026

OCHEFA

30 Views

BANGKOK, Thailand — 14 October 2026

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, chaired the G-24 Board of Governors meeting on the sidelines of the IMF and World Bank Annual Meetings, leading calls for reform of the global financial architecture to deliver more affordable financing, fairer representation and faster sovereign debt resolution for developing economies.

IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing President Ajay Banga, joined other G-24 Governors in commending Oyedele’s leadership of discussions that addressed mounting financing pressures on emerging and developing economies amid geopolitical tension, volatile commodity prices, climate shocks and tighter global financial conditions.

Oyedele said rising interest rates, widening fiscal deficits in advanced economies and growing financing demand for artificial intelligence and energy infrastructure had made borrowing more expensive for developing countries.

He called for progress on IMF quota and governance reform, stronger representation for developing countries at the World Bank, improved access to development finance, and more predictable, coordinated debt restructuring involving all creditors.

He also urged expanded climate financing, stronger international tax cooperation against avoidance and illicit flows, and a greater voice for developing countries in global decision-making, including the G-20.

In his closing remarks, Oyedele drew three lessons from the discussions: that resilience must be built before a crisis, through proactive policy preparation; that artificial intelligence must be adopted and regulated responsibly to support inclusive job-rich growth; and that international cooperation remains essential to managing shared risks such as energy insecurity, food price volatility, supply-chain disruption, debt vulnerability and climate change.

Georgieva described the global economy as resilient, with growth projected at about 3.1 percent through 2026, but cautioned that the figure masked a widening gap between economies benefiting from digital transformation, AI investment and critical-mineral supply chains, and those constrained by high energy costs, conflict or limited access to technology.

She warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated, and urged governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and push for faster debt treatment under the G-20 Common Framework alongside further IMF quota reform.

Van Trotsenburg reported that the World Bank had mobilised about US$27.4 billion in crisis-related financing, with ten countries activating dedicated crisis-response instruments and nineteen others redirecting existing resources to urgent needs.

He flagged El Niño-related risks to food security and grain prices, and said the Bank remained focused on electricity access, healthcare, digital connectivity and job creation — in tourism, healthcare, food systems and manufacturing — alongside mobilising private capital and climate finance.

Member interventions reinforced the reform agenda: Brazil, China and Pakistan backed stronger Global South representation and Bretton Woods reform.

The Philippines called for deeper regional financial integration; Kenya urged building policy buffers and expanding local-currency financing; Egypt cited supply-chain disruption and capital outflows.

Lebanon and Syria raised the financing challenges facing conflict-affected economies.

Incoming G-24 Chair Pakistan pledged to keep development at the centre of the agenda.

Business

NAFDAC scolds fake manufacturers: “You are killing Nigerians in order to make money”

He warned that the circulation of counterfeit drinks posed a serious public health concern, urging suspected manufacturers to abandon the illegal trade.

Published

1 day ago

October 14, 2026

OCHEFA

29 Views

“You are killing Nigerians in order to make money,which is not good.”

That’s the National Agency for Food and Drug Administration and Control (NAFDAC) scolding Nigerians caught in the act of counterfeiting drinks.

The occasion was at Zamfara Plaza, BBA Trade Fair Complex, along the Badagry Expressway, Ojo, Lagos State.

The Assistant Director of the Investigation and Enforcement Directorate of NAFDAC, Mr Kunle Ojo, who led the enforcement said the agency caught some of the suspects in the act and recovered drums, filters, packaging materials, a heating device and other equipment allegedly used in the illicit production process.

The suspects, identified as Okafor and John, were arrested during an enforcement operation in a two-storey building where equipment and materials allegedly used to repackage and produce counterfeit alcoholic and energy drinks where discovered.

The raid, according to NAFDAC, followed credible intelligence and surveillance on suspected counterfeiters operating within the Trade Fair International Market.

He warned that the circulation of counterfeit drinks posed a serious public health concern, urging suspected manufacturers to abandon the illegal trade.