Tag Archives: Yearly

How Neglect Of Solid Minerals Robs Nigeria N8trn Yearly

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The recent figures released by the National Bureau of Statistics (NBS) rating youth unemployment/underemployment at 49.9 per cent, unemployment at 13.3 per cent and underemployment call for concern, considering the state of neglect of the country’s solid minerals sector, which is said to be capable of providing over 500,000 direct and indirect jobs.
A study commissioned by the United Nations Industrial Development Council (UNIDO) led by a former Vice Chancellor of the University of Ibadan, Prof. Femi  Bamiro, had proved that there are mineral resources in each of the 774 local councils in the country.
The Nigerian Extractive Industries and Transparency Initiative, (NEITI ) report suggests that there are about 40 different kinds of solid minerals and precious metals buried in Nigerian soil waiting to be exploited. The commercial value of Nigeria’s solid minerals is estimated to run into hundreds of trillions of dollars, with 70 per cent of these buried in the bowels of Northern Nigeria.
But despite these potential, the Nigerian solid minerals sector has performed below expectation, contributing 0.3 per cent to the country’s Gross Domestic Product (GDP)
Synopsis of NEITI 2013 audit report
According to the Minister of Solid Minerals, Mr. Kayode Fayemi, 619 entities made payments to the government in 2013 but the 2013 solid minerals audit reconciled payments by only 65 entities (63 companies and two buying centres) that made payments of N2 million and above. These 65 entities (10.5 per cent of 619) accounted for 90.49 per cent of the total payments for 2013 and six government agencies were covered by the audit.
Total production across the solid minerals sector increased to 46,280,996 tonnes in 2013 as against 37,808,063 tonnes in 2012. The 19 per cent increase was attributed to a 33 per cent rise in limestone production from 18 million tonnes in 2012 to 24 million tonnes in 2013. Also, solid minerals sector accounted for an average of 0.09 per cent of total export earnings for 2013 compared to 0.02 per cent for 2012, with lead ores accounting for over 50 per cent of the value of all solid minerals sector exports for 2013.
Low revenue flows to government
The NEITI report espoused further that a meagre N33.86 billion accrued to the Federation Account from solid minerals sector in 2013. Out of this, payments from cement manufacturing companies accounted for N30.47 billion (89.98 per cent); construction companies, N1.98 billion (5.83 per cent); mining and quarrying companies, N1.42 billion (4.19 per cent).
Stakeholders express concern
President of Miners’ Empowerment Association of Nigeria, Mr. Sunny Ekosin, disclosed that Nigeria loses a whopping N8 trillion annually in unexploited gold alone.  He also said that Ajaokuta remains the key to Nigeria’s industrialisation and that getting it back to work is a matter of patriotism for President Muhammadu Buhari and his team.
Ekosin had in a recent interview said: “If Nigerians were taking data seriously, we would have built a database, where we have authentic information. In 2012, the Permanent Secretary of the Ministry of Mines and Steel came before the nation and said that from our precious metals, specifically from gold exploitation alone, Nigeria is losing N8 trillion ($50 billion) annually.”
According to him, the failure of Nigeria, since independence in 1960, to put in place a structure that will make the benefits of the exploitation of solid minerals available to all Nigerians has been the bane of the nation.
Regrettably, he said at the moment mining of minerals in Nigeria accounts for only 0.3 per cent of its GDP due to the influence of oil resources.
The domestic mining industry, he said, is underdeveloped, leading to Nigeria having to import commodities it could produce domestically, such as salt or iron sheets and billets.
According to NEITI’s audit findings, solid mineral deposits are spread all over Nigeria, with more deposits in certain areas than others. Over 40 million tonnes of talc deposits have been identified in Niger, Osun, Kogi, Ogun and Kaduna states.
He explained that there are huge deposits of coal ranging from bituminous to lignite in the Anambra Basin of South-Eastern Nigeria.
Chief Executive Officer (CEO), Laurel School of Mines, Mr. Tope Adebanjo, said if Nigeria channels the required efforts towards gemstone development, the industry is capable of turning the fortunes of the economy around, maintaining that the multi-billion dollar industry has transformed many economies of the world.

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http://sunnewsonline.com/how-neglect-of-solid-minerals-robs-nigeria-of-n8trn-yearly/

Nigerians Consume N62.8b French Fries Yearly

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Dollar scarcity, occasioned by the Central Bank of Nigeria (CBN), flexible exchange (forex) rate policy, may have saved the country about $45 million or N14.1 billion at N314 to $1 yearly capital flight used for importing French fries. However, operators put the figure at $200million or N62.8billion.

The forex policy has made it difficult for fast foods operators and super markets to continue with the importation of French fries, which Nigerians consume with relish.

French fries are finger chips made from potatoes, a crop that is widely grown in many parts of the country.To underscore the importance of this amount saved from capital flight, of the N6.1 trillion National Budget, the allocation to agriculture, which the Federal Government is pushing to spearhead its economic diversification programme, is only a little above N29.75billion. This means that Nigeria’s importation of French fries is about 67 per cent higher than the total spent on agriculture for the whole year.

The development comes as industry experts said Nigeria and the rest of Africa may continue to falter in employment generation, empowerment, economic growth and other opportunities in agribusiness, if sustainable development is not attained in the sector.

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http://guardian.ng/news/nigerians-consume-n62-8b-french-fries-yearly/

Nigeria Loses 127 Billion Yearly To Cybercrime- Minister

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The Minister of Communications, Adebayo Shittu said Tuesday that Nigeria is losing about 127 billion naira annually to cybercrime and urged stakeholders in the Information and Communication Technology, ICT, industry to rise up to the challenge.

He also the Ministry in collaboration with the military is poised to use modern technology to fight insurgency, corruption and other crimes that pose a threat to Nigeria’s unity.

He spoke while declaring open the 26th edition of the National Conference of the Computer Society of Nigeria holding at NAF Centre, Abuja.

He told the gathering that all hands must be on the deck to face the challenges confronting the nation with the deployment of ICT, stressing that the theme of this year’s conference was more apt as “no nation can develop without safety and security.”

He said: “national safety and security further encompasses securing the nation’s cyber space. Our growing dependence on digital infrastructure introduces and poses grave threats to national security. It is quite shocking that Nigeria loses about N127 billion which is 0.08 per cent of the country’s Gross Domestic Products (GDP), yearly to cybercrime”.

He said further “Without safety and security, growth is impossible. “Information Technology for National Safety and Security”, the Conference theme, is highly relevant as it aligns with the National safety and security priority of the administration of President Muhammadu Buhari.

“Securing lives and properties is both an enabler and an imperative for growth and development. Threats emanate from local and global terrorism which strikes fear and shatters the much needed national peace and security.

“Nobody, no organization can perform optimally under a cloud of fear. Uncertainties and raised anxieties strain our economy and society. We must however acknowledge successes recorded so far in the fight to keep Nigeria secure.

“It is appropriate that the efforts of the armed forces and the significant achievements in the fight against Boko Haram are recognized. Though the Nigerian Army is already using some technology platforms, there may be some requiring close attention by the conference.  The Ministry is also engaging with the Nigerian Army on possible technology collaboration to tackle the activities of insurgents and other security challenges in the country.

“Beyond military might, financial crimes and corruption are added burden to the national security challenges that threaten the very existence and development of the nation. In Public finance, the electronic platforms used by the Nigerian government such as the Treasury Single Account (TSA), the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS) have resulted in significant savings and elimination of waste in governance.

“Though great strides have been made in these areas, there is still a lot to do to secure our dear nation. We all know that ICT is the globally recognized enabler in all spheres of development and it is most appropriate for NCS to step in by offering the nation an authentic platform to explore the role of ICT in national safety and security. Using ICT and Geographical Information System (GIS) to tackle Boko Haram, Niger Delta militancy and other security challenges with enhanced efficiency and professionalism has become a matter of paramount importance. ”

“As at today, ICT is currently contributing up to 10 percent of Nigeria’s GDP and had created over 10 million jobs in the past 10 years. Developments in the ICT sector have provided well over $32 billion in foreign direct investment (FDI) over the last 15 years. It is indeed one of the fastest growing sectors of the Nigerian economy which is the second largest ICT market in Africa.  The number of Internet subscribers in Nigeria also rose from less than one million in 2003 to over 80 million in November 2015,” the Minister added.

Credit: TheNation