- FG, Stanbic IBTC, Standard Bank Discuss Solid Minerals Financing
The Federal Government on Thursday opened talks with a team of bankers from the Stanbic IBTC and Standard Bank, South Africa, on financing investments in iron ore and coal processing.
Minister of State for Mines and Steel Development, Mr Bawa Bwari, told the bankers led by Global Sector Head, Mining and Metals Client Coverage at Standard Bank, Mark Buncombe, that the country was ripe for substantial investment in the mining sector.
The delegation was in Nigeria on behalf of its client, African Natural Resources and Mines Limited, which has steel plants in the country and recently found iron ore which it intends to exploit to feed the steel plants.
Bwari urged the bankers to go beyond their relationship with African Natural Resources and Mines Limited and play in the country’s solid minerals sector, adding that there were other operators in the sector that were in need of finance.
He said, “Today, we have the African Natural Resources and Mines, your client, who discovered iron ore in Kadarko, Kaduna State and they want to develop it to feed the seven steel plants they have in Nigeria.
“They also want to build a coal plant. It is a company we are proud of and will work even more closely with it following your visit.”
Speaking generally on the sector, Bwari stated, “We have discovered about 44 minerals and we have also developed a road map in the area of industrial minerals because government’s priority is to create job opportunities for our people, increase contribution of mining to the country’s Gross Domestic Product and ensure that mining is done in the best standard practice in terms of human health and environmental degradation.
“Today, as a country, we are self-sufficient in cement production because we have large deposits of limestone. We are now exporting cement to other countries of the world.
“We want to do the same in phosphate for agriculture and taconite for the pharmaceutical industry but we discovered that no country can develop or industrialise without the steel sector. And for long, we have been trying to develop our steel sector. We have challenges that we are trying to address but we shall surely get there.”
The minister also received a mining delegation from Morocco led by the Managing Director of OCP Africa, Mohammed Hettiti, who came to seek collaboration in the area of phosphate development locally.
Bwari highlighted and appreciated the long-standing relationship between Morocco and Nigeria.
“We know that your country is one of the best producers of phosphate. So we want to leverage our relationship to collaborate with you in developing our own phosphate,” the minister said.
He added that the country has had good relations with Morocco in agriculture and expressed confidence that this would be replicated in the solid minerals sector.
NNPC Supplies 1.44 Billion Litres of Petrol in January 2021
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.
NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021
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.
Nigeria’s Food Inflation Hits 22.95 Percent in March 2021
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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