25 C
Lagos, South Africa and New York
Wednesday, September 23, 2020

Nigeria to boost External Reserve with gold sales

By Ismaila Chafe Abuja, July 16, 2020 The Minister of Mines and Steel Development, Olamilekan Adegbite, says Nigeria’s flag-off of a gold purchase programme through the Central Bank of Nigeria (CBN) signifies a defining moment for the country. The minister stated this while addressing State...

Nigeria targets 250,000 jobs from gold mining reforms to generate $500 mln a year

ABUJA, July 16 - Nigeria hopes changes it has made to gold mining regulation will earn the government $500 million a year in royalties and taxes and create 250,000 jobs, President Muhammadu Buhari said on Thursday. The reforms have made artisanal mining legal and...

With strategic reforms to attract investors, Nigeria eyes 5% mining sector contribution to national GDP – Minister

The Federal Government of Nigeria is targeting a 5% contribution from mining to the Gross Domestic Product of the nation by year 2025. This was disclosed by the Minister of Mines and Steel Development, Architect Olamilekan Adegbite at a webinar organized by the Nigeria-British Chamber...

Nigeria’s First commercial gold mine to begin operations in 2021

The construction of Nigeria’s only large-scale commercial gold mine has begun in Osun State and the facility will start producing gold in 2021. According to the Federal Ministry of Mines and Steel Development, the facility demonstrates the Federal Government’s desire to make the mining sector...

NEITI: Nigeria scooped N69.47 billion from solid minerals sector in 2018

The Nigeria Extractive Industries Transparency Initiatives (NEITI) said on Sunday the country earned N69.47 billion from the Solid Mineral sector in 2018. NEITI disclosed this in its latest audit report of the solid minerals sector released in Abuja, indicating that the figure was the highest...

Nigeria targets boost gold reserve boost, licenses two gold refineries to boost export

ABUJA Feb 26 - Nigeria's government has licensed two gold refineries to produce the metal for export and for the central bank to hold in its reserves, the mines minister said on Wednesday. Minister of Mines and Steel Development Olamilekan Adegbite told reporters...

Nigeria sees exponential mining sector growth within five years -minister

By Wendell Roelf CAPE TOWN, Feb 5 - Nigeria expects its mining sector to account for 3% of GDP over the next five years from just 0.3% currently as the government seeks to diversify the economy away from oil, the minister for mines and...

Nigeria to resume legal mining in Zamfara state in Q1 -minister

Zandi Shabalala LONDON, Jan 22 - Nigeria will lift a ban on mining in Zamfara state by the end of March after the government deployed a surveillance team to stifle illegal activity in the northwestern region, the minister of mines and steel development said. The...

Two-thirds of Nigeria’s mineral export in 2017 went to China – NEITI

About two-thirds of Nigeria’s mineral exports in 2017 went to China, a recent report on solid minerals shows. The audit report by the Nigeria Extractive Industries Transparency Initiative (NEITI) also showed that three of the 26 minerals exported in 2017 accounted for 73.81 per cent...

FG earns N52.7bn from solid minerals in one year

The solid minerals sector contributed N52.75bn to the revenue of the federation in 2017, a 21 per cent increase on the N43.22bn contributed by the sector in 2016, the latest report on the industry released by the Nigeria Extractive Industries Transparency Initiative on Sunday...
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