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FG Issues 7,000 Mining Licences in Eight Years, Revokes 2,500

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mining sector
  • FG Issues 7,000 Mining Licences in Eight Years, Revokes 2,500

The Federal Government issued more than 7,000 licences in the last eight years out of which only 4,500 subsist, the Nigerian Mining Cadastre Office has said.

The outgoing Director-General of NMCO, Mr Mohammed Amate, disclosed this at an interview with journalists during an event to handover to a newly appointed Director-General in Abuja on Friday.

Amate also advised the Federal Government to pay attention to the development of minerals that would occupy the attention of the global economy in the nearest future as the world transits from fossil to electric vehicles.

He said, “Before the coming of the Mining Cadastre Office, it used to take one or two years to get one licence. Today, we can issue a licence within 30 to 45 days.

“From inception till date, we have issued well over 7,000 licences. But today, what we have on our database is 4,500 licences because some were cancelled; some expired and some are very active.

“In mining, you look at what the minerals for the future are. The minerals for the future now are battery-related minerals such as cobalt, lithium, lead and the rest. The reason is simple: we are moving towards electric cars and we must have efficient batteries to run them. So, these are the minerals for the future.

“Again, Nigeria was known for tin. Today, tin is now making an inroad. So, one of the minerals that are really on top of most investors’ agenda now is tin. These are the minerals for the future.”

Amate said that the nation needed to work hard in order to attract back foreign miners that left the country sometime around the 1970s.

Also speaking to journalists, the newly-appointed Director-General of NMCO, Mr Obadiah Nkom, said that the government was ready to implement a new regime of ‘use it or lose it’ in order to weed out speculators from the Nigerian mining landscape.

He ruled out the possibility of renewing licences that had already been revoked.

Nkom said, “One of the key things that we intend to do is to be able to restore investors’ confidence in order to attract more investment into the sector and make sure that speculators are brought to nil.

“We are ready to implement ‘use it or lose it’; the laws are quite clear. They are spelt out. You either develop it or notice is given to you to develop it. They are all aware. The machinery has always been there. The law is okay; it is the implementation that is the biggest problem.

“There is no way we will ever go back to our vomit. The law has already said it clearly – a revoked licence is revoked. Have you ever seen a dead man resuscitated? If your licence is dead, it is dead. We can give birth to a new licence but a dead one is dead. There is no way in the law it is allowed.”

The new NMCO boss said that revoked licences would be reissued to operators who were ready to use them.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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Petrol Importation - investorsking.com

The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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Gas-Pipeline

The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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