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Nigeria Needs $123.5m to Develop Industrial Minerals – Report

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Industrial production
  • Nigeria Needs $123.5m to Develop Industrial Minerals – Report

Nigeria requires about $123.5m to develop minerals needed in industrial production, a report commissioned by the Ministry of Mines and Steel Development and the World Bank has said.

The report, which was presented in Abuja on Tuesday, stated that Nigeria was importing most of the mineral resources because the ones obtained in the country were not processed.

According to the report, should Nigeria invest about $123.5m over the next five years, it would be able to harness the local deposits and end the era of importation of industrial minerals.

The report stated, “The most relevant minerals (both in volume and value) exploited in Nigeria are minerals used by the construction industry, namely limestone, laterite, sand, clay, shale, dolomite and dimension stones (marble and granite blocks).

“A second relevant group includes minerals used by industrial chains (calcium, carbonates and lime for water treatment; manganese and dolomite for steel and iron cast; kaolin and feldspar for the ceramics industry; barite and bentonite for the drilling/oil and gas industry; and mica for the electrical and painting industries).”

It added, “Nigeria is highly dependent on imports of some industrial minerals. In 2016, Nigeria imported more than 51,000 tonnes of calcium carbonate and lime, alongside substantial imports of mica and dimension stones.

“The value of the imports of these minerals exceeded $28m, i.e., 60 per cent of the total value of imports of industrial minerals. Alongside the construction and water treatment sectors, the industrial minerals imported are used in steel, oil and gas, and in wide range of other industries.

“Nigeria has a mineral endowment appropriated to meet the domestic demand (in volume and quality) of industrial minerals, and this road map aims to reduce Nigeria’s import dependence of industrial minerals.”

The report identified three pathways for the realisation of the local production of the industrial minerals needed in the country.

The pathways include the promotion of the provision of construction minerals needed to meet the growing demand of the construction industry and the promotion of the provision of industrial minerals used in industrial sectors, which are considered critical to Nigeria’s economy.

Speaking at the presentation of the report, the Minister of State for Mines and Steel Development, Mr Bawa Bwari, said it indicated that a gap of 626,921 tonnes per annum existed in the local production of industrial minerals required by the local industries, which are currently filled by annual importation costing about $44.5m.

He said, “Ground calcium carbonate, ground mica, titanium dioxide, granite blocks, gypsum, talc and barites were established as the most valued imported industrial mineral products imported in the years 2014 to 2016 in that order, indicating great potential for substituting their importation by local production.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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