By Salisu Sani-Idris

President Bola Tinubu says Africa holds a significant portion of the world’s mineral reserves, including 92 per cent of global platinum, 56 per cen of cobalt, and 54 per cent of manganese, yet underdevelop.

The President attributed the continent’s underdevelopment to the fact that, the resources were primarily extracted and exported to foreign countries for refining and manufacturing.

Tinubu, represented by his Vice, Kashim Shettima, stated this in a keynote address, during the African Minerals Strategy Group (AMSG) meeting, held on the sidelines of the ongoing 79th Session of the United Nations General Assembly in New York, United States.

A statement on the event was made available to newsmen in Abuja by Mr Stanley Nkwocha, the spokesperson of Vice-President.

In the statement, the President noted that extracting raw minerals in Africa had continued to keep the continent in a state of poverty

According to him, the extraction of raw minerals without local processing only deepens Africa’s underdevelopment and prolongs its economic challenges.

Tinubu, therefore, stressed the urgent need for the continent to break free from the dependency.

“This has left the continent at the mercy of foreign markets, forcing it to repurchase finished products at much higher prices.

“A situation in which the raw minerals are extracted from our countries, exported, refined, and sold to us as finished products merely consolidates the foundations of our misery and pushes us further down the depths of underdevelopment,” he said.

The President called on African nations to adopt a new agenda that prioritised local value addition, which was essential to industrialising the continent and providing sustainable economic growth.

On the evolution of lithium-ion technology, Tinubu noted that the development had enabled the swift production and manufacturing of portable consumer electronics such as laptops, computers, cellular phones, and electric cars.

“We live in a world of electronic mobility in which lithium-powered batteries provide higher specific energy, higher energy density, higher energy efficiency, longer cycle life, and longer calendar life.

“The global need for new battery technology has triggered a new scramble for Africa’s critical minerals.

“Africa possesses 92 percent of global reserves of platinum, 56 per cent of Cobalt, 54 per cent of Manganese and 36 per cent of Chromium.

” These are the minerals employed in the manufacturing of the new batteries. In short, the world needs Africa today more than ever,” he said.

Tinubu further emphasised Africa’s determination to move beyond the historical exploitation of its resources, advocating the localisation of the entire mineral value chain within the continent.

He assured of his administration’s commitment to adding local value to Nigeria’s mineral resources as part of the Africa Minerals Strategy Group’s (AMSG) vision chaired by Nigeria’s Minister of Solid Minerals Development, Dele Alake.

Tinubu drew attention to Nigeria’s vast market of over 226 million people, adding that the success of the country’s 10 billion dollars telecoms market is a proof of its growth potential

” This is evident in the manufacturing of Lithium batteries, concentrates and components to set up their business and domesticate the value chain from extraction to production in Nigeria.”

He affirmed that the AMSG was focused on transforming Africa from a supplier of raw materials into a global mining industry stakeholder.

On his part, the Minister of Solid Minerals, Dele Alake, who spoke in his capacity as the Chairman of the Africa Minerals Strategy Group, laid out the group’s vision to transform Africa’s mining industry through local value addition and industrialisation.

The minister criticised the traditional model of mineral extraction in Africa where raw materials are exported for processing abroad.

This, according to him, resulted in loss of economic opportunities and jobs on the continent.

He maintained that the pattern of trade had left African nations vulnerable, as they were forced to import finished goods at inflated prices.

Alake proposed a shift towards local value addition – processing raw minerals into finished goods within Africa – as a strategy for enhancing the continent’s economic independence and contributing more significantly to its GDP.

He acknowledged that, although the continent faces significant developmental challenges, Africa’s natural wealth provides a pathway to prosperity if leveraged correctly.

The General Secretary of AMSG, Mr Moses Engadu, called for a new vision and political will among African leaders to ensure value addition becomes a sacrosanct condition to granting mineral license to any investor.

The roundtable had representatives from investors, development partners, multilateral institutions and major financial institutions in attendance. (NAN) (www.nannews.ng)

Edited by Rotimi Ijikanmi

By Salisu Sani-Idris

Vice-President Kashim Shettima has urged regulatory agencies to eliminate overlaps and align their activities with President Bola Tinubu’s agenda for economic growth and enhance ease of doing business in Nigeria.

Shettima said this on Thursday during the Presidential Enabling Business Environment Council (PEBEC) Regulators’ Forum to build an effective Regulatory Impact Framework (RIA) for Nigeria, held at the Presidential Villa, Abuja.

He said that President Tinubu’s administration was committed toward streamlining the regulatory environment in the country.

According to Shettima, the move is crucial in driving the coordination, transparency and global competitiveness required for the nation’s economic transformation.

He noted that the administration’s journey toward a regulatory system built on trust, consistency and collaboration was ongoing.

He said that it was a journey that required all and sundry to remain committed.

“Our duty to the private sector is clear: to listen, process their concerns, and develop solutions that drive growth.

“In recent months, there have been pockets of complaints regarding certain directives from our regulatory agencies.

“I have personally intervened on several occasions to ensure we are not hampered by conflict, but instead move forward with unity and purpose.

“The success of this forum today does not solely depend on our ability to collaborate, share knowledge, and align our regulatory actions with the broader national agenda,” Shettima said.

He said President Tinubu had reassured the business community of his commitment to easing any bottlenecks they might encounter.

“And each regulator here must adopt the same mindset in their dealings with private enterprises.

“The work of PEBEC, particularly through initiatives like the Regulatory Reform Accelerator, has been pivotal in reducing the obstacles faced by businesses.

“Today’s forum offers an unparalleled opportunity to address these issues head-on and chart a new course towards regulatory cohesion.

“This is not merely an event – it is a defining moment for us to reflect on the duties we owe our nation,” he said.

Earlier, the Deputy Chief of Staff to the President (Office of the Vice President), Sen. Ibrahim Hadejia, outlined PEBEC’s 2024 outlook.

Hadejia highlighted Nigeria’s business and investment climate reforms through its five strategic pillars, comprising regulatory, judicial and legislative reforms, among others.

He said deliberations and actions at the forum would be aligned with national economic goals that could make Nigeria a more attractive destination for business and investment.

“Through your participation and active contributions, this forum will play a pivotal role in transforming Nigeria’s regulatory landscape, ensuring that it enhances our global business competitiveness.”

The Executive Vice Chairman of Nigeria Communications Commission (NCC), Alhaji Aminu Maida, thanked the vice-president for bringing all regulators together for the good of the nation.

“I think this is a very productive meeting and it is a very simple concept for one that will prove extremely effective because often we don’t realise how our actions which might seem to be very insignificant send a signal to the outside world.

“So, I think by the conveying of this forum, we as regulators in Nigeria, we are able to sit down and talk to each other rather than being cut unaware and ending up fighting fires which in the long run hampers investment into the country.

“Which I believe is exactly what President Tinubu wants to do to make Nigeria a destination for investment in the world,” Maida said.

Also, Special Adviser to the President on PEBEC and Investment, Dr Jumoke Oduwole, noted that regulators must act as enablers, evolving to support and nurture the very ecosystem they oversee.

“Regulators should be assessed based on the health of the businesses under them. If the businesses are dying, the regulator should be concerned.

“I want us to be the first government in modern history to leave office having reduced the overall burden of regulation rather than increasing it.” (NAN)

Edited by Rabiu Sani-Ali

By Gabriel Agbeja

The Federal Government has commenced the distribution of Compressed Natural Gas (CNG) conversion kits nationwide, to fasttrack the change of petrol and diesel-powered vehicles to use of CNG.

Mr Micheal Oluwagbemi, Programme Director, Presidential CNG Initiative (PCNGi) disclosed this during an inspection tour and distribution of the kits to six CNG conversion centres in Abuja

The News Agency of Nigeria (NAN) reports that the six conversion centres inspected by the team are, NIPCO Oil and Gas Station Airport Road, Kia Motors at Utako, Mijo Gas Auto in Jahi, ABG CNG, Kubwa, Bovas Filling station, Wuse Zone 5 and C&L Mart Energy Solutions Ltd at Lokogoma.

Oluwagbemi said the CNG initiative by President Bola Tinubu would provide cheaper and cleaner vehicle fueling alternatives for Nigerians.

“The President has assured us that we are making one million conversion kits available for free for the commercial sector or at reasonable discounts for the private vehicles.

“This is to enable transportation fare to be moderated across the country over the next couple of years.

“Of course, it is.technically and logistically tasking to get the kits across to Nigerians because the kits must be installed in these vehicles and they have to be done in a way that is safe and reliable as well,“ he said.

The coordinator said the federal government had signed up with over 75 conversion partners officially in eight states including Lagos, Ogun, Oyo, Edo, Delta, Kogi, FCT, and Kaduna.

“These eight states are the ones where the conversion incentive program has kicked off. In the next six to eight weeks, we’ll be having additional nine states.

The states to be included are,  Kwara, Ekiti. Akwa Ibom, Rivers, Abia, Enugu, Kano, and Niger.

“These states will be joining the category of states where we have activated the program,” he said.

Oluwagbemi said they were working with governors and the private sector to ensure the conversion kits were made available to beneficiaries.

“Of course, these kits are not manufactured in Nigeria at the moment. We are also enabling local manufacturers with capacity to ensure that we get them done locally.

“We need to make sure that we move the nation’s economy in the right direction; Away from our addiction to petrol and diesel which truly is making the nation’s economy bankrupt,”  he said.

For her part, the Coordinator of Business Development and Strategy of the initiative, Mrs Omolara Obileye said the programme would reduce the dependence on fuel.

She reiterated that while the commercial transporters would have 100 per cent conversion-free, private cars are expected to pay a fraction of the cost of the conversion,

“However, the cost depends on the vehicle size because there are different types of vehicles, and there is a need to understand exactly what we need to configure in the system.

“We have over 12 conversion centres in the FCT; we will continue to increase the number and update the public,” she said

Representatives of the management of the conversion centres, respectively commended the Federal government for the initiative and assured that it would go a long way in ameliorating sufferings if Nigerians. (NAN)

Edited by Rotimi Ijikanmi

By Philip Yatai

By Philip Yatai