Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
british airways
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business

AfCFTA to reduce illegal gold mining in Nigeria – Minister of Mines

The Minister of Mines and Steel says that illegal gold mining would be stemmed by the implementation of AfCFTA.

Published

on

FG to launch policy to prevent smuggling of mineral resources

The Nigerian Government announced that the implementation of the African Continental Free Trade Area (AfCFTA) would help reduce illegal mining in the country and also standardize Mining practices in Nigeria.

This was disclosed by the Minister of Mines and Steel Development, Mr Olamilekan Adegbite, at the NAN forum in Abuja on Sunday.

The Minister disclosed that the mining sector was ignored by the Federal Government after oil was discovered, which made it possible for artisanal miners to venture into the sector.

Right now, many Nigerians are into artisanal mining and this was caused by the fact that when oil was discovered, Nigeria moved away from mining, which was the mainstream of the economy.

Before oil and gas, Nigeria relied on coal and tin; we were exporting and were indeed, quoted on the London Metal Exchange.

“And that is basically what was giving Nigeria money in those days before oil came but when oil came, we moved away. We left mining behind,” he said.

READ: Aviation Minister orders airline operators to ensure rights of persons with disabilities

He added that the most mined commodity in Nigeria by artisanal miners is gold, which has created a lucrative black market for international buyers. He also said that with the AfCFTA, documentation of mining exports would be required, reducing illegal outflows.

Hotflex
Sigma Pensions

Gold is the most traded mineral in Nigeria and these people mine gold and get nuggets. There are several thousands of such miners, when you aggregate what they mine, it comes in large volume and several kilos of gold,” he said.

To know the extent of the money they make in the gold business, they hire private jets to take them out illegally because they realise a lot of money.

“At the rate gold is selling, one ounce of gold is selling for $2,200 and by the time you carry a thousand kilogrammes, you are making several billions of naira.

But with AfCFTA coming into effect, we hope that other countries will cooperate with Nigeria because now it is a free trade but there is documentation,” he added.

READ: Gold prices suffer worst week in four months

Stanbic 728 x 90

The Minister said that with AfCFTA going into effect, the FG hopes it will help stem the problem because Nigeria is  supposed to trade freely with Africa with documentation.

We hope that other countries will cooperate with Nigeria. I will not allow such illegal activity to go on within those countries,” he said.

In case you missed it: Nairametrics also reported that the Mining Minister said a Nigerian-Canadian company, mining gold in Nigeria’s Osun State looks set to commence the exportation of gold in June this year.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

JAMB: How to register for the 2021 UTME examinations

JAMB stated that the registration for the examinations has now commenced in full swing as all the issues have been resolved.

Published

on

The Joint Admissions and Matriculation Board (JAMB) had about 3 weeks ago announced the commencement of the 2021 Unified Tertiary Matriculation Examination and Direct Entry registration exercise on April 8, 2021, to May 15, 2021, with National Identification Number (NIN) made mandatory at the point of registration.

This was put on hold due to the exam body’s effort to ensure that candidates have access to its registration app for the 2021 UTME/DE and also finalise work on its pin vending process before the take-off of the exercise.

However, in a new statement, the spokesperson for JAMB, Dr Fabian Benjamin, said the registration for the examinations has now commenced in full swings as all the issues have been resolved.

JAMB in its public communications gave a guide on how to register for the UTME.

READ: How to link your National Identity Number with your phone number

How to register for the 2021 UTME

  • VALID, FUNCTIONAL E-MAIL, PHONE NUMBER: The applicants must have a valid and functional e-mail account in addition to an active phone number. This is relevant for registration and sending and receipt of information from JAMB.
  • NATIONAL IDENTIFICATION NUMBER (NIN): JAMB has made it mandatory for applicants or potential candidates to provide their NIN at the point of registration or enrolment.
  • VISIT JAMB WEBSITE: After having your email address and NIN, the applicant can proceed to the examination body’s website, where he/she can create a JAMB profile, preferably before buying the form.
  • CHECK JAMB iBass: After creating a profile, you are advised to check JAMB iBass to be sure of your eligibility to take this year’s examination. The information is provided on the official website of the exam body.
  • JAMB e-pin: After confirming your eligibility, you can go ahead to buy your 2021 JAMB e-pin registration from banks and other accredited outlets.
  • CBT CENTRE: Then, proceed to any accredited 700 computer-based test (CBT) centre with your personal details and your profile code.

READ: JAMB sets date for 2021 UTME registration and examination, makes NIN mandatory

What you should know

JAMB a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.

It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.

Sigma Pensions

JAMB also said that the mock examination is expected to hold on Friday, April 30, 2021, for those who indicate interest and are registered before April 24, 2021, with the registration fee for the application still N3,500 and N500 for recommended Reading Text.

Continue Reading

Business

Customs Apapa Command generates N159.58 billion revenue in Q1 2021

Most revenues came through customs duty and charges.

Published

on

Here's how much Lagos-Apapa Customs Command generated in 5 months

The Nigeria Customs Service (NCS) Apapa Command stated that it has generated a revenue of N159.58 billion in the first quarter of 2021.

This was disclosed by Ibrahim Yusuf, the Area Controller at Apapa Customs Command, in an interview with newsmen on Monday.

He added that most revenues came through customs duty and charges, citing a 44.8% revenue increase on duty collection compared to the N110 billion generated in the same period in 2020.

READ: Vitafoam declares N1.11 billion as profit in the first quarter of its financial year 2020/21

“The difference recorded was made possible because of robust stakeholders engagement, officers’ resolve in discharging their duties and increased level of compliance in the trade zone,” he said.

He added that the total seizure for the first quarter stood at 28 containers of goods with DPV (Duty Paid value) of N1.87 billion.

“The containers had rice, wheat declared as supermarket items, medical soap declared as baking powder, tramadol and others.

“These are all importations in breach of sections 46, 47 and 161 of the Customs and Excise Management Act CAP C45 LFN 2004 and Schedules 4 and 6 of the Common External Tariff (CET).

Sigma Pensions

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

“These cases are at various stages of investigation and in due time will be revealed,” he disclosed.

The Customs boss also revealed that exported goods from Apapa were valued at N41.55 billion in Q1 2021, including manufactured goods such as soaps, textiles, noodles, and agricultural products such as cashew nuts, hibiscus, sesame seeds and other mineral resources.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.