NEWS AGENCY OF NIGERIA
Economy/Business

FCCPC uncovers substandard sugar, warns consumers

20 total views today

By Ginika Okoye

The Federal Competition and Consumer Protection Commission (FCCPC), has uncovered the availability of substandard and unregistered sugar products in markets.

A statement issued by Mr Ondaje Ijagwu, the Director, Corporate Affairs of the Commission in Abuja on Wednesday, said the substandard sugar product failed to meet mandatory Vitamin A fortification requirements.

He said the products were smuggled brands from Brazil, including Grupo Moreno, Terous, USI S. Joao, Alvean and Arapora Bionergia.

Ijagwu said the Commission’s investigations revealed that many of the identified sugar products lacked normal labeling, including production and expiry dates.

He said the products also lacked batch numbers and the mandatory National Agency for Food and Drug Administration and Control (NAFDAC) registration.

Ijagwu said the products posed serious health risks to consumers, undermined the integrity of the local sugar industry, and contributed to price manipulation that harmed the market.

According to him, the influx of smuggled sugar undermines fair competition, placing undue pressure on compliant local producers who adhere to regulatory standards.

He called on consumers to verify the authenticity of sugar products by ascertaining they had proper labeling, including NAFDAC registration and evidence of Vitamin A fortification.

“Acting on a tip-off, FCCPC operatives conducted discreet investigations across the country, particularly in the South-West and the North-East.

“The absence of this fortification exposes Nigerian consumers to serious health risks, including blindness and increased susceptibility to infections, particularly among vulnerable groups such as children and pregnant women.

“Importer of these substandard products engage in price manipulation to the detriment of genuine producers and consumers, while pretending that the products are genuine.’’

According to him, this jeopardises the sustainability of the Nigerian sugar industry and also erodes consumer trust in the market.

He said that smuggling facilitated through porous borders, particularly from neighboring countries such as Cameroun and Benin Republic, further complicated enforcement efforts and hampers traceability.

“The FCCPC is also deeply concerned about the economic impact of these products,” Ijagwu said.

He said the Commission was intensifying enforcement and surveillance in collaboration with NAFDAC, the Nigeria Customs Service (NCS), and other relevant agencies.

He said enforcement would include enhanced surveillance and follow-up market inspections to disrupt the supply chain of smuggled sugar products.

Ijagwu said the FCCPC was also engaging with industry stakeholders to promote compliance with quality standards, protect local producers, and foster fair competition within the sugar market. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Gov. Hope Uzodimma of Imo
Economy/Business

Imo receives $4m WB good governance support- Official

33 total views today

 

By Peter Okolie

The Imo State Government has received a four million dollars (N6.8bn) World Bank fund for its promotion of good governance and accountability in the ease of doing business.

 

The Commissioner for Information, Public Orientation and Strategy, Mr Declan Emelumba, announced this at a press conference in Owerri on Wednesday.

 

Emelumba said that Imo was among the four states in the country that qualified for the fund under the World Bank’s State Action on Business Enabling Reforms (SABER) programme for Nigeria.

 

According to him, the states were assessed under efficiency of land administration, and regulatory framework for private investment in fiber optic infrastructure.

 

OOther qualifications include services provided by investment promotion agencies and the efficiency and transparency of government-to-business services in the participating states.

 

He said that the state excelled in the four criteria, which qualified it for the reward to consolidate the programme.

 

He described the award as a “testament to the government’s commitment to progressive governance, economic empowerment and sustainable development”.

 

Emelumba said that under the focused administration of Gov. Hope Uzodimma, the state had introduced firm policy initiatives to improve land administration, enabling seamless land registration and boosting land-based investments.

 

“Through transparent governance, Uzodimma has boosted the confidence of investors in the state, especially in the area of digital connectivity.

 

“Contrary to the submissions of critics of the government, Uzodimma has been working very hard, interacting with investors within and outside Nigeria to buy into the investment opportunities available in the state.”

 

The commissioner said that Imo had made giant strides in strengthening its investment promotion agencies to ensure that they attracted the best investors to the state.

 

He said through emphasise on efficiency and transparency in government to business services, the state had engendered a culture of accountability in its relationships with relevant stakeholders.

 

He commended the governor for providing the enabling environment for businesses to thrive in the state, which attracted the attention of the world bank.

 

The commissioner said that the fund would be used for advancing key reforms and reinvested in infrastructure, including offering support to micro, small and medium-size enterprises. (NAN)(www.nannews.ng)

Edited by Sam Oditah

Business

Experts urge leaders to prioritise innovation, change management

48 total views today

By Rukayat Moisemhe

Experts on Tuesday called on business leaders to prioritise fostering a culture of innovation to unlock their full potential and compete effectively in global markets.

They gave this advice at the 2024 Management Day Lecture, held in Lagos.

The event, themed “Innovation and Change Management: Fostering the Culture of Innovation in a Rapidly Evolving Business Environment”, provided a platform to address pressing management challenges.

Mr Seni Adetu, Group Chief Executive Officer of First Primus and former Managing Director of Guinness Nigeria Plc, emphasised the urgency of this message, citing the global economic downturn and its impact on Nigeria.

Adetu noted that shifting consumer expectations and rapid technological advancements underscored the need for businesses to embrace innovation.

“Innovation is critical for businesses as it drives economic growth, enhances competitiveness, addresses societal challenges, promotes sustainability, and attracts investments,” he said.

He outlined key measures for achieving sustainable innovation success, which include deep consumer insights, strategic partnerships for scalability, structured governance, among others.

Adetu also emphasised that fostering a culture of innovation required leadership to set a clear vision, create a high-performance culture, and establish conditions for employees to thrive.

“Leaders must break barriers to organisational performance, embrace and manage change, remain agile, adapt to evolving circumstances, and lead by example,” he added.

To successfully navigate the challenges of innovation and change management, Adetu advised businesses to encourage experimentation, celebrate failure, and empower employees.

“They must also prioritise effective change management, communicate clearly, involve stakeholders, provide training and support, and celebrate milestones,” he said.

“Businesses need to address resistance to change, build trust, set clear objectives, track progress, and evaluate outcomes.

“Leadership is crucial for executing strategies, enforcing consequence management, and taking calculated risks to enable businesses to thrive in global markets”.

Dr Christiana Atako, President of the Nigerian Institute of Management (NIM), noted the significance of Management Day as a platform to examine the challenges of management practices and proffer solutions for achieving excellence.

Atako stressed that in today’s rapidly evolving business landscape, innovation had become the cornerstone of success.

“Organisations that prioritise innovation gain a competitive edge, as an innovative culture enables them to adapt swiftly to changing market conditions and seize emerging opportunities,” she said.

“Innovation is the catalyst that propels businesses forward. Creating a culture of innovation within an organisation is a multifaceted endeavour requiring commitment and collaboration at all levels.

“It often stems from trial and error, where failures are viewed as valuable learning opportunities. It also thrives on bringing together individuals from diverse backgrounds, disciplines, and experiences”.

Atako further emphasised the importance of dedicating both financial and human resources to innovation initiatives, signalling that such investments are critical to long-term success.

On change management, she described it as a systematic approach to transitioning individuals, teams, and organisations from a current state to a desired future state.

“It involves managing and supporting people through organisational changes while ensuring minimal disruption and maximum benefits,” Atako explained.

She, however, acknowledged common challenges in change management, such as resistance to change, communication breakdowns, lack of leadership commitment, insufficient training and support, and cultural barriers.

“Fostering a culture of innovation and effective change management is essential for businesses to thrive in today’s rapidly evolving environment,” she added. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Economy/Business

PenCom urges police to remain with CPS

87 total views today

 

By Nana Musa

Ms Omolola Oloworaran, Acting Director-General of National Pension Commission (PenCom), has urged the Nigeria Police Force (NPF), to remain with the Contributory Pension Scheme (CPS).

 

Oloworaran said this during a public hearing on a bill for an Act to establish Police Pension Board, in Abuja on Tuesday.

 

Oloworaran, represented by the Commissioner of Administration, Dr Farouk Aminu, also reiterated PenCom’s commitment to Police welfare.

 

She said that pension must be affordable, sustainable and adequate.

 

“PenCom has consistently proposed practical solutions, including increasing pension contribution rates, offering additional retirement benefits, and implementing periodic pension reviews under the existing CPS framework.

 

“These measures are designed to enhance the financial well-being of retired police personnel without compromising fiscal discipline or administrative efficiency.

 

“Notably, the establishment of an Augmentation Fund and the enhancement of the Retiree Resettlement Scheme demonstrate PenCom’s commitment to addressing the unique needs of the police.

 

“The welfare of Nigeria Police personnel is paramount, the proposed bill is a step in the wrong direction.

 

“The CPS offers a balanced approach to achieving pension adequacy, affordability, and sustainability,” Oloworaran said.

 

She said that implementing PenCom’s recommendations was a more viable path to meeting the needs of police personnel while safeguarding the broader national interest.

 

Oloworaran said that the senate should prioritise those solutions and uphold the principles of Nigeria’s pension reform.

 

The Chairman, Senate Committee on Establishment and Public Service, Sen. Cyril Fasuyi, said that the bill was to establish a board to oversee Police pension.

 

Fasuyi said that the committee intended to create an enabling environment for retired police officers.

 

Fasuyi said that the public hearing provides more information and an opportunity to various stakeholders.

 

Sen. Sen. Binos Yaroe, who sponsored the bill, said that retired Commissioners of Police take N70,000 while Assistant Superintendents of Police collect about N40, 000 to N50, 000 as pension.

 

He said that Military, Department of State Service (DSS), Defence Intelligence Agency (DIA) and National Intelligence Agency (NIA) had pulled out of CPS.

 

He, however, said that the NPF, which is the lead security agency in section 214 of the cconstitution, is left under CPS regulated by PenCom.

 

This, according to him, places retired police officers on wrong post-service employment in spite of their crucial role.

 

He said that the matter was not just about the police exiting, but improving their salaries.

 

“Even if they exit, with a poor salary, their pension will still be poor.

 

“Towards the end of the ninth assembly, the bill was passed but not signed because we started the process late. That’s why we started the process again early March 19 and July 4.”

 

The Inspector-General of Police, Kayode Egbetokun, said that the NPF wanted the police pension board established for improved welfare for retired police officers.

 

Egbetokun was represented by the Deputy Inspector General (DIG) of police, Bala Chiroma.

 

The National Chairman of Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS), Mr Sylva Nwaiwu, said that CPS should be amended.

 

Nwaiwu said that CPS was good for the nation, adding that pension increments should always be encouraged.

 

Alhaji Sani Mustapha, the Executive Director of the Contributory Pension and Happy Retirement Advocacy (COPEHRA), said that CPS had proven to be resilient, transparent and sustainable,

 

He added that it was also effectively addressing the shortcomings of the previous pension system.

 

He said that keeping the NPF within the CPS aligns with best practices in pension management, ensuring their financial security while also supporting Nigeria’s broader economic development.

 

Mustapha said that the transition to a Defined Benefit Scheme (DBS) would introduce significant risks, including fiscal unsustainability, delayed payments and potential economic setbacks.

 

He said that it was imperative to uphold the principles of equity, transparency and sustainability by maintaining the NPF’s inclusion in the CPS.

 

“My recommendation is to maintain the current system to safeguard the future of our police personnel and promote a robust economic environment in Nigeria.

 

“Any challenge that the Police may have in the administration of their pensions under the CPS should be discussed and resolved by PenCom and other relevant Government agencies,” Mustapha said.

 

The director said that there were many benefits in retaining police in the CPS.

 

He listed the benefits to include regulation and oversight, security and timeliness, economic independence, transparency and accountability, and alignment with global trends.

 

“The risks of establishing a separate pension board for DBS includes fiscal burden, lack of autonomy, economic instability and precedent setting,” Mustapha said.  (NAN) (www.nannews.ng)

Edited by Ephraims Sheyin

Economy/Business

Police exit from contributory pension huge risk- PenOp

80 total views today

 

By Nana Musa

The Pension Fund Operators Association of Nigeria (PenOp), has expressed concerns over proposals from the Nigeria Police Force (NPF), to exit the Contributory Pension Scheme (CPS) to Defined Benefits Scheme (DBS).

 

Mr Oguche Agudah, the Chief Executive Officer of PenOp, voiced the concern on Tuesday in Abuja during a public hearing on a bill for an act to establish a police pension board.

 

He said that the CPS operates on a pre-funded model with both employees and employers contributing a mandatory percentage of the employee’s salary.

 

Agudah said that usually, a minimum of eight per cent from the employee and 10 per cent from the employer, totaling a minimum contribution rate of 18 per cent, is usually gathered.

 

He said that either party had the latitude to contribute a higher percentage, which allows pension funds to accumulate and be invested for future payouts.

 

Agudah said that the National Pension Commission (PenCom), as of September, had a total pension assets, under the CPS, that had exceeded ₦20 trillion (approximately $12 billion),

 

He said that PenCom had ensured that the funds were not solely reliant on government budgets, thus reducing vulnerability to fiscal constraints.

 

Agudah said that the transitioning to the DBS would not solve the police’s concerns.

 

“It will, rather, create deeper financial and operational challenges for the country,” he said.

 

He said that the CPS had proven to be a transparent, sustainable and resilient system for managing pensions, benefiting both retirees and the broader economy.

 

Agudah said that reverting to the DBS model, which relies on government budgetary allocations, would lead to fiscal unsustainability and delayed payments for pensioners.

 

“Moving the police out of the CPS will require a staggering N3.5 trillion annually to fund pensions for approximately 400,000 personnel, in a budget already burdened by deficits. This is simply unsustainable.

 

“It will also divert resources from other critical needs, including minimum wage adjustments and public services,” he said.

 

Agudah said that pension funds under the CPS are currently invested in bonds, infrastructure and other critical sectors that contribute to the country economic growth.

 

He said that unwinding the investments to accommodate a DBS for the police would erode the value of assets and destabilise the financial system.

 

Agudah said that the CPS currently holds over N21 trillion in assets, and remains a critical component of the country’s economic infrastructure.

 

He said that maintaining the police within the CPS would ensure long-term sustainability, equity and economic stability.

 

Agudah said that setting a dangerous precedent was not good.

 

“If the police exit the CPS, other public sector groups may demand similar transitions, fragmenting the pension system and undermining reform efforts.

 

“And our key aim and our key goal is to ensure that all pensioners are paid on time, all pensioners have a living pension, and everybody gets their pension on time.

 

“What we heard at the hearing is actually a joy to us because what we are seeing is that even the sponsor of the bill is on the path that it is not really the CPS that is the problem of the police. It is the welfare.

 

“So, what we have said is, if your salary is small, your pensions will be small,” he said. (NAN)(www.nannews.ng)

Edited by Ephraims Sheyin

Economy/Business

We are leveraging on artificial intelligence to reposition mining – President Tinubu

80 total views today

By Martha Agas

President Bola Tinubu says that his administration is leveraging advanced technology in mining operations as part of efforts to reposition the sector.

President Tinubu stated this while declaring open the ninth Nigeria Mining Week on Tuesday in Abuja.

“Our administration is leveraging on advanced technology or artificial intelligence, remote sensing, and data analytics to revolutionise exploration, extraction, and processing,” he said.

Represented by the Minister of Innovation, Science, and Technology, Chief Uche Nnaji, he said that in the rapidly evolving world, technological innovation was essential to remain competitive on the global stage.

The president stated that his ‘Renewed Hope Agenda’ administration was committed to driving a mining sector that serves as a global model of innovation, resilience, and sustainable development.

Tinubu further said that the mining sector was being revamped through reforms to adapt to the changing landscape and strengthen the local economy.

“These reforms underscore our commitment to fair revenue distribution, environmental sustainability, and social economic welfare of our communities, ensuring that the wealth of Nigeria`s resources benefits every citizen.

According to the president, through strategic global partnerships, Nigeria was unlocking new markets and showcasing its mineral wealth on the international scene.

He said that the summit provides an opportunity for stakeholders to assess the mining sector and chart a course for its transformation.

“We gather not just to convene but to chart a transformative path for Nigeria`s mining industry, an industry brimming with the potential to fuel our economy and secure a future of shared prosperity,” he said.

In his remarks, the Minister of Solid Minerals Development, Dr Dele Alake, said that the Tinubu administration has introduced policies and regulations aimed at addressing the gaps in the solid minerals sector.

Alake stated that the policies include a value addition policy requiring investors to present plans for adding value to minerals before exporting them from the country.

He pointed out that a dual-pronged approach was adopted to address illegal mining and secure mining sites across the country, utilising both coercive and persuasive measures.

He explained that, through the coercive method, a special security unit was established, deploying mining marshals to secure sites, adding that the unit has arrested 300 illegal miners.

“We are also introducing satellite technology monitoring to aid monitoring, “ he said.

He said a new regime of mining rates was introduced to sanitise the sector and create opportunities for serious investors, who have been entering the sector in droves.

He expressed confidence that the mining industry would continue to grow as a cornerstone of Nigeria`s economy with the collaboration of all stakeholders.

The minister expressed hope that the exchange of ideas at the conference would help ensure the country’s mineral wealth generates sustainable economic growth.

The News Agency of Nigeria (NAN) reports that the theme for the mining week is ‘From the Inside Out: Building the Mining Sector to be the Cornerstone of the Economy’. (NAN) (www.nannews.ng)

Edited by Peter Amine

Economy/Business

Beware of fraudulent contracts, project funding claims – CBN

115 total views today

By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN) has warned Nigerians about fraudsters claiming to have received contract award letters for construction projects.

According to a statement by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Ali, the fraudsters also usually lay claims to procession of special financial interventions on behalf of the CBN.

She said that it was false, as such individuals were solely motivated by the desire to defraud unsuspecting Nigerians.

“Any such assertions are fraudulent and should be
disregarded.

“The CBN hereby reiterates that, in line with the focus of its current management, it has discontinued direct development interventions and special projects funding,” she said.

She further said that the apex bank had not authorised public notices for such interventions on social media platforms or any other news outlet.

“The CBN remains committed to its core mandate of ensuring monetary and price stability, and a sound and efficient financial system in Nigeria.

“We, therefore, encourage the public to remain vigilant and promptly report any suspicious
activities or publications to the relevant law enforcement agencies,” she said.(NAN)(www.nannews.ng)

Edited by Sadiya Hamza

Economy/Business

Use statistics to tell Africa’s story- Bagudu

127 total views today

By Okeoghene Akubuike

Sen. Abubakar Bagudu, Minister of Budget and Economic Planning, has urged the African statistical systems to use statistics to tell the African story.

Bagudu said this at the 2024 African Statistics Day  Celebration, organised by the National Bureau of Statistics (NBS) in Abuja on Monday.

The News Agency of Nigeria (NAN) reports that the theme of the Day is ‘Supporting Education by Modernising the Production of Fit-For-Purpose Statistics’.

He said there were calls for Africa to create its own credit rating agency which would adequately capture the realities of the continent.

The minister said this had become necessary because the methodologies used by some of the rating agencies were not known.

According to him, the African statistical system must help us tell the African story, and the African story is that of hard-working men and women.

“We are not going to wait for someone to develop a methodology for us to say it. That is as fit- for purpose as it could be.

“That at 4 am, a woman is carrying a child on her back, going to the farm or fishing ground, or moving around with livestock or by the roadside roasting corn or plantain, and this is as hardworking as it can be.

“But yet the global credit system has excluded these hard-working women.

“Yet maybe somewhere a woman who wakes up at 11 am and works for five hours a day some statistical system is likely to accord her more avenues for inclusion.

“Who should say this, who should tell the world this? Not only is she hardworking, she is honorable and this is the picture across our continent.

Bagudu said there was a need to reverse these statistics that put the continent  in a bad light or “show us as otherwise”.

He said this was important so the world capital market could appreciate that Africa is a continent of hardworking men and women.

“Also, that we have governmental systems in Africa  that ensure statistical systems are independent”.

The minister said the “sanctity of data” is the watchword of  President Tinubu-led administration.

“We have recognised and given independence to NBS; we have never sought to interfere with the formation, timing and release of data.

“We are not where we want to be but let us confront our reality and make choices pleasant and unpleasant.

“This will help us reach where we want to, and data systems can help us, and this is the African story,” he said. (NAN)(www.nannews.ng)

Edited by Maureen Atuonwu

Economy/Business

Education: FG committed to technology-driven data in sector

122 total views today

By Okeoghene Akubuike

The Statistician-General of the Federation, Adeyemi Adeniran, says the Federal Government is committed to producing accurate and reliable data in the education sector by adopting technology.

Adeniran said this at the 2024 African Statistics Day celebration organised by the National Bureau of Statistics (NBS) in Abuja on Monday.

The News Agency of Nigeria(NAN) reports that the theme of the Day is “Supporting Education by Modernising the Production of Fit-For-Purpose Statistics.”

The statistician-general said the theme was a clear reminder of one of the major issues facing the African Statistical System and, by extension, the global system.

Adeniran said these challenges were in light of recent changes and advancements in the data ecosystem which was being driven by technology.

He said traditional methods and statistics were inadequate and innovative approaches and information were needed to address the challenges in today’s world, including that of the education sector.

“As the Coordinator of the statistical system in Nigeria, I am glad that members of the system are already realising the fact, that we must innovate, adapt, and change.

“ We must make these changes if we are to remain relevant in providing policymakers and all users with timely, relevant and reliable data.

“At NBS, we have adopted the mantra of innovation to stay relevant in meeting the demands of our mandate.

“This is in line with the Data Innovation Lab (DIL) initiative of the African Development Bank and the Roadmap for the transformation and modernisation of official statistics in Africa being championed by the African Centre for Statistics.”

Adeniran said the NBS had set up a Data Innovation Desk within the Bureau to advance, monitor, and track all data innovation initiatives across its production and dissemination processes.

“All of these are in a bid to ensure that we provide the right data, which is a critical tool for development to all our users in a timely manner and in a way that is useful and suited to their needs.”

On the theme for the celebration, he said NBS had made some strides in that regard.

Adeniran said in the 2022 Multiple Indicator Cluster Survey (MICS-6) that data was collected for the first time on children aged three and above, expanding from the previous focus on those aged five and above.

According to him, this effort alone has resulted in more robust information on early childhood development in Nigeria, which is in line with the National Education Policy.

Adeniran said the NBS had supported several programmes in the development of the education sector which includes the Better Education Service Delivery for All (BESDA).

Others, he said, included a pilot programme which would use technology to strengthen the collation, validation and dissemination of administrative statistics across Federal Ministries Departments and Agencies(MDAs)

Adeniran said the programme, supported by the World Bank, would start with 15 MDAs and education statistics had been chosen as one of the focus areas in the pilot.

“By the end of the exercise, there will be a significant enhancement in the quality and accessibility of administratively generated education statistics in Nigeria.

“This will ensure that users, most especially, those involved in designing, implementing and monitoring educational-related policies and programmes, have unfettered access to this information to support their work.”

Jutaro Sakamoto, UNICEF’s Education Manager in Nigeria, said there was a need to improve education data in Nigeria, saying it was not often accurate, robust, timely and used for decision-making.

The consequences, Sakamoto said, would undermine the effectiveness and accountability of policy actions.

He pledged UNICEF’s commitment to support the Nigerian government in transforming the education data governance ecosystem in Nigeria. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Economy/Business

FG investing in technology to reposition mining sector—Official

102 total views today

By Martha Agas

Dr Mary Ogbe, Permanent Secretary, Ministry of Solid Minerals Development (MSMD), says the Federal Government is investing in technological advancement and capacity building to reposition Nigeria’s mining sector.

Ogbe stated this during a paper presentation at the ninth Nigeria Mining Week Pre-conference workshop on Monday in Abuja.

The paper is titled: “Overview of the Nigerian Mining Sector Legal and Regulatory Framework and Policies for Nurturing Local Content in Mineral Exploration and Mining in Nigeria.”

Ogbe said modern technology was critical to repositioning the mining sector, particularly in generating big data to attract major players to invest in the sector.

“We are investing in capacity building, technological advancements, and research initiatives to empower Nigerians with the skills and knowledge needed to drive innovation in mining.

“This focus on human capital development not only enhances productivity, but positions Nigeria as a hub of mining expertise and operational excellence.

“Nigeria’s mining sector is advancing on a foundation of progressive policies, strategic regulations, and a commitment to inclusive growth,” she said.

According to her, the ministry is building a mining industry aimed at contributing significantly to national development, while upholding the principles of transparency, sustainability and local empowerment.

She urged all stakeholders to collaborate with the government in unlocking the full potential of the sector.

In her presentation, Dr Esther Udo, the Director of Investments Promotion and Mineral Trade, MSMD, said that the ministry was prioritising value addition, robust mines surveillance and strategic data generation among other reforms.

Her paper is titled: “The Ministry of Solid Minerals Development’s Strategies for Collaborating with Mineral Titled Holders to Promote their Mineral Assets”.

Udo said that one of the key priorities of the ministry had been to empower mineral title holders as critical stakeholders in the industry.

“We recognise that title holders are not just custodians of mineral resources, but key partners in our journey to attract serious investors, foster sustainable practices, and ensure the optimal utilisation of Nigeria’s mineral wealth,” she said.

According to the Director, the ministry is collaborating with minerals title holders to promote their assets, and drive partnership that attracts credible investors.

She listed their strategies for collaboration to include, creating platforms for stakeholders dialogue and feedback, and driving policy reforms for clarity and investment attraction.

She added that other priorities include empowering title holders with advanced geological data, facilitating partnerships and buyout opportunities, enhancing digital transformation, and ensuring security and responsible mining practices.

On her part, Mrs Aisha Rimi, the Executive Secretary of the Nigeria Investment Promotion Commission (NIPC), said that measures have been put in place to attract investors to the solid minerals sector.

Her paper, titled: “Boosting Mineral Exploration in Nigeria: Strategies to Attract and Secure Domestic and International Investment,” was presented by the Deputy Director of the Investment Promotion Department, Emmanuel Longza.

Mrs Rimi said that incentives such as tax holidays, exemption of import duties, enhanced security and improved geological knowledge were all part of strategies put in place to attract investors to the sector.

The News Agency of Nigeria (NAN) reports that the theme for the mining week is, “From the Inside Out: Building the Mining Sector to be the Cornerstone of thr Economy.”

The week is organised by Miners Association of Nigeria(MAN) and hosted by the Ministry of Solid Minerals Development.(NAN)(www.nannews.ng)

Edited by Isaac Ukpoju

You cannot copy content of this page

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email