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Solid Minerals Can Generate More Revenue Than Oil

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World's Second-Largest Diamond Discovered in Botswana

The Kaduna Chamber of Commerce, Industry Mines and Agriculture has declared that the solid minerals sector has greater capacity to generate revenue than oil.

The President, KADCCIMA, Dr. Abdul Bello, who stated this, said Nigeria had large deposits of untapped solid minerals.

The chamber declared this in Lagos during a press briefing to announce the 37th edition of the Kaduna Trade Fair.

Although Nigeria has large solid mineral deposits in most of the 36 states of the federation, the sector had been largely neglected in the wake of the oil boom.

But with the declining revenue from oil, the Federal Government and stakeholders have opted for diversification of the economy, making solid minerals one of the sectors to focus on.

Bearing this in mind, the Second Deputy President of KADCCIMA, Hajiya Muheeba Dankaka, disclosed that the theme of the trade fair is, “Promoting solid minerals sector for sustainable economic development in Nigeria.”

Dankaka, who is also the vice chairperson of the trade fair organising committee, said, “The theme was deliberately chosen to complement the efforts of the government in its attempt to diversify the economy and make it less dependent on oil as its major revenue earner.

“The reduction in global crude oil prices is not expected to cease at least in the short run, thus the need to diversify the economy. One key sector which offers great potential in achieving this is the solid minerals sector.”

According to Dankaka, the chamber had already contacted industrialists, manufacturers, producers, fabricators, distributors and marketers, both within and outside Nigeria, as part of preparations for the trade fair.

Punch

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 market.

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Nigeria to Become Leading Gold Producer in West Africa – Adegbite

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Adegbite Says Nigeria to Become Gold Hub in West Africa

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said Nigeria is on its way to becoming a leading gold producer in West Africa.

Adegbite made the statement in Abuja while taking stock of his first year in office as minister.

He said, “Indeed, the international roadshows we have had in the past have produced fruits. Today, we have Thor exploration in Osun State through the Segilola Gold project.

“The exploration firm is projected to start producing (gold) in the first half of next year. The project is expected to create about 400 direct jobs and 1,000 indirect jobs.”

According to Adegbite, the Federal Government has licensed two gold refineries that would refine in line with the London Bullion Market Association standard.

He added, “Numerous industries will spring up when our gold economy becomes full-fledged. Some of them will include equipment leasing and repairs, logistics and transport, as gold requires a specialised means of transport, security, insurance, aggregators, and so on.”

The minister noted that for the first time, the country had mined, processed and refined gold under the Presidential Artisanal Gold Mining Development Initiative for use as part of Nigeria’s external reserves.

Adegbite also stated that the mines ministry had initiated a process that would lead to local capacity development in the production of barite.

“Presently, the barite that is used in the oil and gas industry is imported. But we are resolved to reverse this trend. As you may know, barite is a critical weighting material in drilling fluids due to its high specific gravity,” he said.

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NUPENG, Lagos State Agree to Call Off Strike

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NUPENG called off strike

NUPENG Agrees With Lagos State, Call Off Strike

The Nigeria Union of Petroleum and Gas (NUPENG) has ordered Lagos State Petroleum Tanker Drivers (PTDs) to call off its ongoing strike.

This was disclosed in a joint communique signed by the Lagos Commissioner of Energy and Mineral Resources, Olalere Odusote, and the NUPENG Deputy National President, Solomon Kilanko.

It would be recalled that Investors King had reported that NUPENG directed all PTDs to withdraw their services from Lagos State effective from Monday 10 August 2020 because of the persistent extortions and harassments of PTDs by both uniform security agencies and touts.

However, on the 10th of August, the commencement day of the strike, Lagos State government met with the leadership of NUPENG to address the union concerns and eventually agreed on a way forward.

Part of the communique reads “The Lagos State Government met today with the representatives of NUPENG, which agreed to call off its strike immediately.

“Other decisions taken at the meeting are security – the state government will meet the heads of all security agencies and secure their commitment to ensure the free passage of petroleum products vehicles given their importance to the economy.”

“Area boys’ – the menace of ‘area boys’ will be handled by relevant government agencies and a dedicated phone number will be established, within the next week to ensure the petroleum products transporters have prompt access to security agencies.”

The communique also stated that the Lagos State government will set up a standing committee to communicate with the union on an ongoing basis, saying it will help address a similar issue going forward.  See the complete communique below.

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Crude Oil Expands Gain on US Stimulus talks, Better Than Expected Chinese Factory Data

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Crude Oil Gains on US Stimulus, Better Than Expected Chinese Factory Data

Oil prices extended its gains on Tuesday following a better than expected factory data from China and a possible agreement between Democrats and Republicans on economic stimulus.

“The oil complex is heavily reliant on that aid. We need people to be able to boost economic activity to spur demand,” said John Kilduff, partner at Again Capital in New York.

President Trump on Monday said House Speaker, Nancy Pelosi and Senator Chuck Schumer, top Democrat in the chamber of Congress, wanted to meet him to discuss or make a deal on coronavirus-related economic stimulus.

The possibility of a stimulus deal, coupled with a reduction in China’s factory deflation in the month of July due to the surge in oil prices and improved industrial activity bolstered the outlook of the energy sector.

China is the world’s largest importer of crude oil. Therefore, improved factory activity generally boosts the oil market.

Also, the announcement from Iraq that it planned to cut an additional 400,000 barrels per day in August and September to compensate for its previous overproduction above OPEC+ quota aided the oil market this week.

“This would send out a strong signal to the oil market on various levels. That said, this would also require the international companies operating in Iraq to join in with the cuts,” Commerzbank analyst Eugen Weinberg said.

The Brent crude oil, against which Nigerian oil is priced, expanded from $41.30 per barrel it traded on Monday to $45.40 per barrel on Tuesday at 10:10 am Nigerian time.

UKOilDaily 1While the U.S West Texas Intermediate crude oil rose from $41.48 per barrel to $42.47 per barrel on Tuesday.

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