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Non-oil Sector as a Game Changer in Nigeria

Nigeria’s export trade in the 1960s was fuelled by the agro-industry and constituted mainly of cocoa, groundnuts, rubber, palm oil, palm kernel, beniseed and copra. Nigeria also exported tin ore and columbite. Then agricultural exports were practically the country’s main sources of foreign exchange with the nation being a major exporter of the aforementioned produce. …

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Nigeria Remains ‘Critical’ Market in Africa despite Recession, say Investors

Investors have expressed confidence in the resurgence of Nigeria’s struggling economy, describing it as ‘very critical’ to building African companies that could join the league of top 500 in the next eight years. A panel of discussants, including chief executives of MTN, Honeywell, KPMG, CFAO and the Casablanca Finance City Authority, at the Africa CEO …

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Africa Records Growth in Mining, Metals deals

…As global mining & metal deal volume down 9 percent in 2016 While global mining and metals deals volume fell by 9% year-on-year to US$44.3b in 2016, the lowest level since 2004, Africa has recorded growth of 62 per cent year-on-year, seeing deal volume increase three fold to US$5, 818m in 2016 according to Ernst …

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Fayemi Reaffirms Commitment to Curbing illegal mining

The Minister of Mines and Steel Development, Kayode Fayemi, on Thursday in Abuja said addressing illegal mining would be one of the priorities of the ministry in 2017. Fayemi stated this while defending the ministry’s 2017 Budget of N23.2 billion before members of House of Representatives Committee on Solid Minerals. He said that the ministry …

Mining Lessons to be Learnt from South Africa – Good and Bad

Signs of hope – visible in some commodity prices and increased exploration drilling – lent a more upbeat tone to the Investing in African Mining Indaba in Cape Town. But, South Africa has some sobering lessons for those African countries present which have yet to fully launch their mining sectors. SRK Consulting partner and principal …

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Another Large Diamond Dug from Lulo

Lucapa Diamond Company Ltd. (ASX:LOM) said it has uncovered yet another epic rock from its Lulo mine, the second largest to be pulled from deep inside the earth at Lulo. According to Lucapa, the 227-carat stone was found in a new mining block, indicating that the entire 50-kilometre length of the Cacuilo River is diamondiferous. …

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Building a Successor-generation: Reflections on Values and Knowledge in Nation Building

“In its classical usage, the term ‘elite’ refers to the enlightened segment of society. The ‘terms’ elite and enlightened share the same etymological origins. Thus, elitism is actually defined by the reference for knowledge, the acuity of intellect and the depth of reason. The elite are the enlightened class, that segment of society that devotes …

Nigeria’s Plan to Link Mines to Steel Mill Seen as ‘Buhari Test’

ABUJA – Nigeria’s plan to build a railway to supply iron-ore to its idle Ajaokuta steel plant could be the biggest sign yet that President Muhammadu Buhari is implementing his policy to diversify away from oil. The project began in 1979 with what the World Bank in 2002 called obsolete Soviet technology, and has never …

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Repositioning Mining Sector For Economic Growth

Stakeholders in the mining sector have suggested that for a holistic restructure of the nation’s economy, Nigerian miners have to be taken seriously through rejuvenation of the mining industry which is expected to boost revenue to the government’s treasury, create employment and earn foreign exchange. RUTH TENE NATSA, in this piece highlights possible ways the …

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Global Body Commends Nigeria for Improved Transparency in Extractive Industry

Nigeria has emerged as one of the 51 member countries of the Extractive Industries Transparency Initiative, EITI, to be validated for adopting the principles of accountability and transparency in the governance of its oil, gas and mining sectors. Nigeria’s validation was conveyed in a congratulatory letter by the Chair of the global group and former …