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Private Investments in Mining Hit $3.32b

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  • Private Investments in Mining Hit $3.32b

So far, a whopping $3.32 billion in private investments have come into Nigeria mining sector, it was learnt yesterday.

The Minister of State for Mines and Steel Development, Hon Abubakar Bwari said the feat was acheived because of Federal Government’s commitment to growing the mining sector.

He said the country is now ranked among the most conducive environments to do mining business in the world.

Bwari who spoke in Australia, at the Africa Down Under 2018 Conference, said the investment figure was provided by the Economic Recovery and Growth Plan (ERGP) Focus Lab.

Speaking on: A New Dawn ln Nigerian Mining Sector, in Australia, he said already, given this new trend, private investments into mining projects covering gold mining and refining, foundry works, lead/zinc exploration and production, tin and columbite mining and processing among others, have experienced unprecedented leap in production.

“Formal mining is on the rise in Nigeria and this is evidenced by the number of mineral titles held by investors.

“Prominent among these projects include Symbol Mining/Goidal Resources that are currently developing an open pit mine for exploiting lead-zinc deposits located in Bauchi and Nasarawa states. First Patriots are already mining and producing 5,000 tons per month lead-zinc concentrates; Thor Explorations Limited that is continuing with mine development and exploration works over Segilola Gold Project; two coal mines operated by Eta-Zuma Group and Ashaka Cem Plc; and Promethean Resources that engages in the production of tin and columbite concentrates for export,” he said.

While speaking in Abuja yesterday at the Nigerian Metallurgical Industry Stakeholders Forum (MISF), Bwari said the country’s Lead/Zinc ore mined in Bauchi State contains 22 per cent zinc compared with world’s average of six per cent .scores highest in world.

He said the desire of the Federal Government is to diversify the economy presently dependent on oil and gas sector to other sectors such as minerals and metals.

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 long experience in the global financial market.

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Investment

Pension Funds Invest N55.25bn as Total Assets Hit N10.7trn

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Pension Funds Administrators Invest N55.25bn

The Pension Funds Administrators said a total sum of N55.25 billion has been invested under the Contributory Pension Scheme in infrastructure as of the end of May.

This was stated in the commission report titled ‘Summary of pension fund assets as at 31 May, 2020’ obtained on Monday.

According to the report, the total assets under the Pension Funds Administrators stood at N10.79 trillion during the period under review.

In the commission amended investment regulation, it had stated that it would invest the funds in line with the provisions of Pension Reform Act, 2014.

This was also stated by the PenCom. The PenCom said the Pension Funds Administrators must maintain a multi-fund structure in line with the regulation.

It stated, “In addition to the requirements of other guidelines issued by the commission on corporate governance, ethics and business practices, each PFA shall establish an investment strategy committee as well as a risk management committee, in compliance with section 78 of the Pension Reform Act, 2014.

“The investment strategy committee, in addition to other functions specified in the Act, shall formulate internal investment strategies to enable compliance with this regulation, taking into cognisance the macro-economic environment as well as the investment objectives and risk profile of the respective PFA Funds.”

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Investment

Investment Commitment Drops By 67% to $5.06bn in H1, 2020

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Nigeria’s Investment Commitment Depreciates to $5.06 Billion in H1, 2020

The Nigerian Investment Promotion Commission (NIPC) disclosed that the nation’s total investment commitment by investors declined to $5.06 billion between January and June 2020.

This represents a decline of 67 percent or $10.9 billion from the $15.15 billion reported in the first half of 2019.

The commission disclosed this in a report obtained in Abuja on Sunday and stated that the drop was in line with the projected downward pressure in investment inflows given the negative impact of COVID-19 pandemic on the economy as a whole.

The report also revealed that investors from Nigeria and three other countries announced 34 projects in 16 states and the Federal Capital Territory during the first quarter of the year.

Top destinations for investors in the first quarter were $2.61 billion; Lagos, $221 million; Nasarawa, $56 million; Ekiti, $50 million; and Cross River, $15 million.

Accordingly, the transport and storage sector attracted 40 percent of the total investment commitment while information and communication received 32 percent with mining and quarrying attracting 22 percent.

The United States of America emerged as the most active source of investment during the first quarter, committing 43 percent of the announcements.

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COVID-19: Zenith Bank to Access First IFC Financing Support Package in Africa

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Zenith Bank

Zenith Bank to Access $100 Million COVID-19 Support fund from IFC

Africa’s sixth-largest bank, Zenith Bank Plc, is the first African Bank to access a $100 Million loan from International Financial Corporation (IFC) to battle the negative effect of the global health pandemic.

The world Bank Group reported that the investment is to enable Zenith Bank gain access to foreign currency, additional working capital and more fund for trading.

Accordingly, the loan will enable the bank to support Nigerian businesses in various sectors, strengthen operations, preserve employment and help gain access to required raw materials in this challenging economic period.

The Group Managing Director/CEO of Zenith Bank, Ebenezer Onyeagwu said that IFC support will help the nation tackles the negative impacts of COVID-19 pandemic on the economy.

IFC’s support is essential and will help us respond to challenges resulting from the COVID-19 pandemic. It will allow us to support compelling export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceuticals sectors. Our partnership with IFC is strong and we are committed to its environmental, social, and governance (ESG) requirements,” he stated

The loan to Zenith Bank is part of the $8 billion COVID-19 global support finance package announced by the World Bank in the first quarter of the year to support businesses affected by the pandemic. Over 250 global clients have requested for financial support from the multilateral institution.

Eme Essien Lore, IFC Country Manager in Nigeria, said, “IFC’s support for Nigeria’s banking sector will help keep the wheels of Nigeria’s economy turning at a time when it is facing a major challenge from COVID-19. Our experience from past shocks, including the global financial crisis in 2008, has taught us that keeping companies solvent is key to saving jobs and limiting economic damage.

With the World Bank predicting Africa’s first recession in 25 years, the adverse effects of COVID-19 have seen the shutdown of businesses in Nigeria’s economy and other countries in Africa

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