The Nation Newspaper

Category: Issues

  • ‘We need govt’s support’

    By Jane Chijioke

     

    The Association of Professional Party Organisers and Event Managers of Nigeria (APPOEMN) has called on the Federal Government to support its bid to sanitise the event industry and uphold professionalism of practitioners.

    Its President, Gbemisola Ope, who spoke on the sideline of the association’s end of the year party, said the industry is challenged with unprofessional practices as it is viewed as an unregulated sector.

    She noted that with the government’s intervention through creating policies and law that would backup rules and regulations of APPOEMN, practitioners and prospective ones would abide by standards, thereby offering quality services to consumers.

    “We need to set standards in the industry. We need to have consequences for actions. So it is not enough for us to say for instance, a photographer is not up to standard or he dupes people.

    We need the government to back us up in correcting these anomalies. It could be as much as N100, 000 fine or a six months jail term.

    Also, when carrying out the judicial process, we need the government to support us so that we can have a shorter litigation period where there would not be a court case lingering for one to two years just for N100, 000 or N500, 000 offences,” Ope said.

    Read Also: Firm raises $71m to support startups

     

    She noted that getting the government’s attention has been difficult but the association would not relent in its struggle, adding that APPOEMN is hopeful for a better 2020.

    Also, a patron of the association, Gbemi Sosore, explained that there was need for government to lay down rules and regulation to safeguard the profession.

    “If rules and regulations are put in place and backed by the government , then people would be safe from fraudsters,”Sosore said.

    She noted that while the association awaits government’s support, she would continue to do  its best to train and retrain its members, organise seminars among others to upgrade their skills.

    She said the event management industry is expanding, because Nigerians are merry making citizens.

  • Planting seeds of greatness

    By Rarzack Olaegbe

     

    Silicon Valley is a region in the southern part of the San Francisco Bay area in Northern California in the United States. It serves as the global centre for high technology, innovation and social media and has dominated the world’s venture capital scene for decades. It is the tech epicentre.

    According to PitchBook Data, it has funded over 102 startups that have grown into oaks or unicorns. These are tech companies that are valued at over $1 billion. Facebook, Stripe and Box are some of these unicorns.

    The venture capitalists in the Valley planted the seeds of greatness in these startups before they could become unicorns. They offered to fund.

    They helped with research and development. They supported their human resources effort. These efforts nourished these caterpillars and encouraged them to become colourful butterflies. This also boosts the startups’ valuations by as high as 20 per cent before they go public. It is not magic. It is a strategy.

    This was evident in 2007 when the venture capitalists accounted for 75 per cent of the startup investments, according to Bloomberg. In addition, tech companies experienced a surge in funding from 2012 to 2015.

    That was when the venture capital firms poured $92 billion into space. Now the funding is waning. China has stepped in. In 2017, the Asian venture capitalists invested a record $154 billion in tech companies.

    At this rate, the Asian venture capital is a blessing. It can enable a select few startups to get much more capital at higher valuations. This was done in order to plant the seeds of greatness in the startups.

    In Nigeria, the Lagos State government has launched a N250 million seed funding for startups to dream up innovations. Governor Babajide Sanwo-Olu launched the fund at the Art of Technology (AOT) Lagos 1.0 conference. To complement this, he equally announced the setting up of a research and innovation council.

    The Research and Innovation Council is chaired by the University of Lagos Vice Chancellor, Prof Oluwatoyin Ogundipe.

    Read Also: Interswitch lists N23b bond on NSE

     

    The N250-million seed funding will help the council to invest in research and development of tech-focused solutions. This new development will create an enabling environment for technology startups to grow and fester as we have witnessed in the Silicon Valley.

    I  doff my hat for the state government. However, the fund is a drop in the sea. Interswitch received N200 million in grant from the Central Bank of Nigeria (CBN) in 2001. Today, Interswitch has become a unicorn.

    TeamApt raised $5.5 million from a private venture firm, Quantum Capital Partners last year. Paga also got $20 million last year. Nevertheless,  as a seed fund for tech startups in today’s estimation is a fart in the wind.

    The Yaba-based startups are snowed under by the high rent of real estate, exorbitant internet fees, incessant power and high cost of diesel and other sundry charges.

    If 50 startups emerged as beneficiaries of the seed fund and each gets a $5 million as funding, it comes to a budget of N250 million.

    The process of disbursement needs to be defined so that the fund is judiciously put to good use. If properly managed, the fund can become a fountain of nourishment for the nascent tech companies. It can drive synergy between policymakers and innovators.

    It can inspire other venture capitalists to begin to plant seeds of greatness in local tech startups and this will, in turn, attract the Silicon Valley and Asian venture capitalists.

    Already, the acceptance by Google and Microsoft to turn Lagos into the Silicon Valley of Africa with major investments is quite inspiring.

    These two former startups have investments in the Computer Village and some of the emerging tech hubs in Lagos. The culmination of these actions will be the realisation of the Lagos smart city project among other possible tech-led initiatives.

    Obviously, to play on the global stage, the Lagos State needs to be grounded in the application of technology in order to surmount the myriads of challenges that beset the city.

    Embracing innovation in technology can lead to growth and development. Committing N250 million to science and research is a starting point. Increasing that fund to N1 billion will start the fireworks.

    The convener and Special Adviser to Governor Sanwo-Olu on Innovation and Technology, Olatunbosun Alake, understands that seed funding will help to bridge the gap between governance and innovation.

    And, on the other hand, if funding is waning as it happened in Silicon Valley, the Asian venture capitalists are here to help plant a seed of greatness so that more unicorns can emerge from Lagos State.

  • Ad agencies: navigating the digital challenge

    As digital advertising continues to gain traction in the marketing space, practitioners in the industry have been called upon to develop strategies to meet the demands of the era to remain profitable, JANE CHIJIOKE reports

     

    Marketing is an indispensable part of any business operation. This is the reason  brand owners are faced with the dilemma of the appropriate question of what marketing channel would drive traffic and sales to their business.

    As consumers remain the end goal, they are on edge to know how best to speak the language and satisfy their consumers. The evolution and rapid adoption of internet technology, no doubt, has impacted on consumers buying behaviour.

    The ubiquity of mobile phones has not only afforded consumers easy access to information but has also spurred social media marketing and digital advertising.

    This form of advertising, experts contend, is fast disrupting the advertising marketing space. For instance, brands desirous of exposure to reach their target audience are fast embracing digital advertising.

    This is due to its numerous benefits, including but not limited to cost effectiveness, wider clientele reach, feedbacks, measurable results, among others. It has also led to more digital firms sprouting up.

    According to the Manager, Digital Strategy and Planning, Insight Publicis, Adeola Kayode, advertising budget has gone digital, which is also facilitated by the economic downturn.

    “The economic projections, competitive market place and lower consumer spending power have forced brands looking to maximise the effectiveness of other advertising budgets.

    In looking to do this, they tend to move from high-spending media and look to digital media as a way to manage, measure and scale their budgets based on impact. This is where digital agencies tend to benefit,” Kayode said.

    For advertising agencies, this trend poses a threat to the sustenance of their business. However, strategic planning and innovation to meet up with the demands of the post-digital age is imperative.

    It was, therefore, instructive when, the President, Association of Advertising Agencies of Nigeria (AAAN), Ikechi Odigbo, admonished practitioners to acquire new business mindset and approaches, which are crucial in a rapidly-evolving business landscape, stating that brands are only seeking partners who are up to date in terms of proffering understanding, thought leadership and solutions to their marketing problems.

    Read Also: 80% of ad executives battle digital challenges

     

    In his paper titled: Advertising in the post digital age: the profession, the business and Nigeria’s socio-economic development, which was presented at a recent advertising conference in Abuja, Odigbo submitted that the world is experiencing a shift from broadcast media to the interactive platforms and applications on the internet, where devices and products share data and collaborate to deliver multiple integrated functions and utility.

    He said the era has enabled brands to have communion with real people, not archetype, target audiences and markets segment have transformed into real individuals, with strong voice and creative verve to contribute online.

    The AAAN boss noted that the digital age has transferred television advertising to digital platforms such as YouTube, and Instagram advertising taking the place of print advertising and with celebrity endorsement mutating into influencer marketing.

    He worries that this change is still treated with laxity by practitioners to inculcate innovation, take creative measures to adapt to the digital reality in the business.

    “We congratulate ourselves a lot for adapting things that have been done before, making minimal changes and feeling like we understand the modern world.

    However, we cannot force-fit old templates to new expectations, new objectives and expect to be regarded as relevant, strategic and indispensable by the clients.”

    Notwithstanding, he said the primary takeout from this shift is that advertising has moved from selling monologues to storytelling, triggering  real conversations with the brand community.

    “Brands have to shift from growing market share to nurturing brand communities. This is a sort of marriage that is helping to enhance loyalty to their offerings by paying attention to people’s passion points.

    The close communions also create greater scrutiny and vulnerability as negative comments from the brand community can harm the brand in a viral way,”he said.

    He expressed optimism that while the digital age will soon become a thing of the past, craft, creativity and innovation would continue to create value and relevance in the advertising space.

    “So, it is time to walk the talk. We need to stop talking about innovation and start embedding it in how we think, how we work, how we manage our processes and projects; how we engage opportunities and clients’ problem. Let’s make innovation a culture,” he added.

  • Tapping into Delta’s agric investment opportunities

    Delta State has capacity to contribute significantly to the agriculture, natural resources, and rural development sector. This was highlighted by a panel of experts at the just-concluded agribusiness summit in Asaba, the state capital, DANIEL Essiet writes.

     

    Agribusiness has a huge potential to spur development in Delta State. This is because it is critical to economic development as it impacts all three sectors of the economy: agriculture, manufacturing, and services. But the sector requires investments to boost production and meet growing demand from the  rising population.

    The investment will unlock market growth.This will present huge opportunity for companies and investors in the agri-food industry. It was the spear point at the Delta Agribusiness Finance and Investment summit held in Asaba last week.

    The Chief of Party and Managing Director of Feed the Future Nigeria Agribusiness Investment Activity, Dr Adam Saffer, has urged investors to take advantage of  the agricultural opportunities in Delta State to  establish businesses that  will promote agricultural commercialisation in the country.

    He spoke at the Delta Agribusiness Finance and Investment summit in Asaba.

    Saffer said agriculture has a big potential to contribute significantly to the state’s growth and development, but the sector remains rooted in subsistence farming.

    He said investors will help to make sure Delta‘s agricultural products and processes are up to international standards.

    He stated that team from the United States Agency for International Development (USAID) Feed the Future Nigeria Agribusiness Investment Activity was in Delta State to brainstorm on opportunities and solutions to challenges in the agribusiness sector.

    According to him, the five-year programme aims to strengthen Nigeria’s business-enabling environment to encourage investment in the agriculture sector.

    Saffer said the Cultivating New Frontiers in Agriculture (CNFA) is the prime implementer of the agribusiness investment activity which is funded by the USAID.

    According to him, the “Activity is pursuing a unique, robust business-centred strategy to increase the depth, breadth, dynamism and competitiveness of Nigeria’s agribusiness sector” in line with the US and Nigerian governments’ commitment to growing the non-oil-based economy”.

    He said the activity is designed to create an improved environment by working toward four inter-related objectives of mitigating obstructive policies to make it easier to do business in Nigeria’s agricultural sector; broadening access to finance; promoting investment opportunities in agriculture, and strengthening the capacity of agribusiness to expand and scale up operations.

    Read Also: Firm trains agro business men, others to access CBN loan

     

    “As an integral part of these efforts to create an improved enabling environment, the activity works to establish new linkages among a full range of public and private sector partners including agribusinesses, financial institutions, investment groups and business development service providers.

    “As the project cultivates more robust business conditions, Nigeria’s rural entrepreneurs and MSMEs will gain improved access to the business and financial services they need to grow and to become more efficient, competitive and profitable – benefiting the entire Nigerian economy,” he said.

    The Delta State Agribusiness Coordinator, Feed the Future Nigeria Agribusiness Investment Activity, Liz Oluwadare who was excited at the large turnout of stakeholders to the event stated that the activity will foster further development of the non-oil sector.

    Okowa who said he was happy that Delta was among the benefiting states of this development assistance, noted that the projects have enhanced the capacity of the state’s human resources for an effective contribution towards the development of its economy.

    He said: “We appreciate the US Government for showing considerable magnanimity for various intervention projects.

    “No doubt, these projects have the ability to achieve and enhance the capacity of our state’s human resources.”

    The summit, which drew participants from different sectors including financial institutions, was also designed to strengthen the capacity of agribusiness to expand operations.

    The Feed the Future Nigeria Agribusiness Investment Activity aims to strengthen the enabling environment for agribusiness finance and investment with a focus on the following five key value chains: rice, cowpea, soy, maize and aquaculture.

    The five-year, $15.7million intervention seeks to sustainably link thousands of Micro, small and medium enterprises (MSMEs) and producer organisations with high-performing commercial actors in the seven target states: Benue, Kaduna, Niger, Kebbi, Delta, Ebonyi, and Cross River.

    The Agribusiness Investment Activity works to expand access to financial services across the value chain through informal, community-based savings plans; formal and informal credit; guarantee programs; insurance offerings, and more.

  • Moves to enhance growth, food security

    For increased foreign exchange (forex) earnings and improved food security, a productive, competitive, diversified and sustainable agricultural sector will need to emerge at an accelerated pace.  To this end, promoting food security and diversifying agricultural exports is a priority for Nigeria.  Experts shared their experiences on what government can do to enhance economic growth through exports and increased food security. DANIEL ESSIET reports.

     

    Strengthening agriculture and boosting exports competitiveness are strategies that can help transform the economy.

    This was the position of the Africa Agric Expo held in Lagos.  Co-sponsored by NAHCO Aviance, the event highlighted the importance of strengthening competitiveness through diversification and value added exports.

    Buoyed by favourable external conditions, agro exports had in the past helped to create jobs and earn the much-needed foreign exchange.

    However, the country is vulnerable to price swings because its exports are dominated by unprocessed and undifferentiated agricultural products.

    Stakeholders said several challenges needed to be addressed to expand the country’s agriculture sector to contribute to structural change, which is vital for sustaining economic growth and development.

    One of them was the Group Managing Director/CEO, NAHCO Aviance, Mrs Olatokunbo Fagbemi, who made a presentation on Effective ground handling & preservation – Critical factors for mitigating challenges to agriculture export.

    She noted that weak infrastructure have led to high transportation costs and longer transit times. According to her, investing in infrastructure is an important channel through which policy makers can reduce costs and encourage higher-valued export.

    She said: “Key factors which holds us back from competing with neighbouring countries such as Ghana are dedicated perishable centre’s at key airports and ports. We have to ensure that all farms, shippers and agents are regulated and accredited to handle agricultural produce.”

    She said agriculture plays an important role in international trade and for this reason the country needs to make an effort in this area and move up the value chain, as well as develop a supply industry.

    She said: “We have to support farms by reducing taxes and subsidising to help develop reinvestment opportunities and expand business growth over five to 10 years.”

    She reitrated the company’s commitment to the growth and development of agricultural export in the nation as it expanded its facilities to boost the volume of export of products it handles by 68 per cent.

    “Nahco Aviance has increased its volume of export of agricultural products by about 68 per cent, having spent about $2 million to expand its facilities whilst improving on security for exported products.

    “In a few months, we are building a state-of-the-art cold storage hub for both existing and potential clients, including our new clients that want to transship their goods through Nigeria with a bit of packaging.

    “Our findings from the airlines revealed that a lot of agricultural products exported are destroyed by the time they get to their destinations, which is largely caused by inadequate storage facilities.

    We just got an approval to develop a facility in our packaging warehouse, which will tackle that challenge because it will help exporters to package their products at a particular temperature rate to reduce the incidence of rejection in the International markets.

    “We just got an approval to develop a facility in our packaging warehouse, which will tackle that challenge because it will help exporters to package their products at a particular temperature rate to reduce the incidence of rejection in the international markets.

    Read Also: FG inaugurates committee for $1bn agric programme

    “In a few months we are building a state of the art cold storage hub for both existing and potential clients, including our new clients that want to transship their goods through Nigeria with a bit of packaging.

    We are working towards achieving standards, best practices and guidelines for the International Air Transport Association (IATA)’s Centre of Excellence for Independent Validators (CEIV) Fresh Certification which is what guarantees the seamless delivery of perishable cargo.

    We also want to provide a CEIV Pharma, which is a project that is designed by IATA, to support the movement of pharmaceutical products via air,”she said

    The Vice-President, Nigeria Agribusiness Group (NABG), Mr. Emmanuel Ijewere, urged Nigerians to take advantage of the border closure to develop agriculture in an efficient manner.

    According to him, the closure is capable of driving growth which will lead to better agricultural crops, and an expanding services sector.

    He said one of the challenges the industry is facing is limited storage facilities that have resulted in high post-harvest loss.

    He called for investment in refrigeration system to reduce waste and support farmers business.

    He reiterated the group’s determination to work with the government to improve, food security, and attract investment and trade to better the quality of life of Nigerians.

    The state Coordinator, Federal Ministry of Agriculture and Rural Development, Mrs Abimbola Akeredolu said the Federal Government is working towards building a modern, globally-integrated and sustainable agricultural sector.

    According to her, the leadership of the Ministry is determined to ensure agriculture is connected with the processing industry, preservation, markets, exports and global value chains.

    The Vice President West African Fertiliser Association (WAFA), Dr. Innocent Okuku, said West Africa’s huge agricultural potential holds the promise of covering much of the region’s food needs, but it is hampered by poor fertiliser usage.

    He said there was need to tackle the food and farming conundrum in sub-Saharan Africa that is far from being solved. To this end, he said concerted measures must be taken to ensure stable supply and access to food.

    In line with this, Okuku said the Fourth West Africa Fertiliser Forum will hold in Abuja. The event will bring together over 170 people from more than 30 countries representing all the links in the fertiliser supply chain, as well as global producers, technology developers and investors.

    While the outlook for Nigeria’s agriculture sector is bright, a Communications Consultant, Wofai Samuel said there were challenges that have the potential to slow investment growth.

    She said for Nigeria to feed her people, the government and the private sector must work to radically and substantially increase agriculture productivity and they need to do that through innovation.

    She said it was necessary to encourage farmers and businesses to develop the production chain to control the quality of agri-products effectively.

  • Banks adopt promos to woo customers

    Many banks have taken to promos to woo customers. One of them is United Bank for Africa (UBA), which Bumper Account promo raffle draw, has held in Lagos. During the event, over 100,000 of them won N100,000 each, with N2 million as the bigger prize. Fidelity bank PlC and Access Bank also held similar events. The promos ensure that more people embrace savings culture and supports the Central Bank of Nigeria’s (CBN) financial inclusion policy, writes COLLINS NWEZE.

     

    Call it rewarding loyal customers, or new form of wooing customers. Banks have found a new ground to bring more customers into their deposit net. The reward schemes, coming in the form of promos, are turning lucky and loyal customers to instant millionaires.

    The winners are getting cash prizes, foreign trips, houses, and gift items via promos that are fast defining the next level of competition. It expertise is creating a new drive for customers to save more to promote sustainable growth for their family and economy.

    United Bank for Africa (UBA), Fidelity Bank, Access Bank and First City Monument Bank (FCMB) are many of the lenders that are giving out millions of naira, houses, and other gift prizes to their lucky customers.

    Financial pundits said such reward schemes could also promote the Central Bank of Nigeria’s (CBN) financial inclusion drive and make banking more interesting for customers.

    For instance, UBA has launched the UBA Bumper Account, a hybrid account, targeted at transforming the lives of its customers. The new account  is in line with the bank’s mission of creating superior value for its stakeholders while encouraging saving cultures among Nigerians.

    The account, carefully crafted to improve the lives of the UBA customers, is offering account holders opportunity to win cash prizes of up to N2 million.

    Speaking during the launch and monthly draw held at the UBA Head Office, in Lagos, the Group Head, Retail Banking, Jude Anele, said the New UBA Bumper Account was created with the customer in mind.

    Anele said: “We have in recent times deepened our focus on the most important aspect of our business – the customers we serve. Hence, our huge investment in technology to make banking easier and seamless, even as we introduce new offerings such as this Bumper Account, that will deliver improved value to stakeholders.”

    He explained that new and existing customers of the bank needed to ensure they have a minimum deposit of N5,000 in their UBA Bumper Account to qualify for draws.

    According to him, current UBA customers are to dial  *919*20*1# to migrate to the UBA Bumper Account whilst potential customers  should dial *919*20# if interested in opening a UBA Bumper Account.

    In the first draw, which held live  during the launch, 100 customers emerged winners as the  Bumper- to-Bumper Crooner, Wande Coal,  serenaded guests with his famous hit songs to the delight of all.

    UBA did something interesting when it decided to take details of customers at the draw venue and included them in the draw data. As the winners were announced, many of the customers won and they got their cash prizes.

    “One hundred customers emerged winners at the live draws, which took place here, and as you have seen, some of our customers here were part of the lucky ones who won N100,000 each. From here on, lucky customers will win from N10,000 to N2 million each in the monthly, quarterly and targeted draws,” Anele stated.

    He added that a monthly shopping allowance of N100,000 for a year is also up for grabs. “No fewer than 50 account holders will get N2 million each across all the regions. This account is open to existing and new customers of the bank who save a minimum of N5,000,” Anele noted.

    Amos Wisdom, one of the winners, could not hide his joy when is name was announced. “I am still very amazed. Before I came here, I had the conviction that I would win. All my life, I have never won anything like this, and I am very happy that I won this time. Thank you so much, UBA,” he said.

    Another winner, Ohagbelum Peace, who could not believe it when her name was announced said if she wasn’t present, she would not have believed in promos like the UBA’s. “I am very grateful. This is a new experience for me and I am now a number one fan of UBA. This has re-enforced my belief for this bank,” Peace said.

    A representative of the National Lottery Regulatory Commission (NLRC) was at the event to ensure that winners were selected fairly. The agency noted that it had worked with UBA in many promos in the past without any problem. It said the exercise was transparent and would go a long way to boost people’s confidence in the financial system.

    The Head Consumer Banking, Chiedu Ibeku appreciating the customers present, said: “We had two major objectives for this account, which is to say a big thank you to our customers for being there and, most importantly, to encourage a savings culture. Our intention is not only to reward loyalty, but also to transform the lives of our customers.

    “UBA will not relent, because we are aware that if our customers succeed, we ultimately succeed too and this will spur us on to make the desired impact in their lives.”

    UBA is not new in rewarding customers. Before this promo, 10 customers of the UBA won a three-day all-expenses paid trip to Kenya as part of its MoneyGram/Western Union Awoof promo. Another 40  also won various consolation prizes such as LG Home theatres, DSTV decoders with one year subscription among other items at the raffle draw of the second promo  in Lagos.

    Read Also:Minister woos investors to Nigeria’s creative industry

     

    Fidelity Bank PLC is also rewarding customers through its “Get Alert In Millions (GAIM) Season 4” promo during which N120 million will be won.

    The GAIM promo is expected to run till April.

    At a press conference heralding the commencement of the promo in Lagos, the bank’s Managing Director/CEO, Nnamdi Okonkwo, said the campaign was the ninth of the savings promos organised by the bank in the last 12 years to reward its customers.

    Okonkwo, represented by the Executive Director, Shared Services & Products (EDSS&P), Chijioke Ugochukwu, pointed out that the campaign seeks to reward customers for their loyalty and patronage.

    While the savings promo is targeted at a cross section of customers, Okonkwo noted that the bank apart from using traditional channels will utilise digital platforms, such as its Quick Response (QR) code and Virtual Assistant, to reach unserved areas.

    Equally, Access Bank Plc has continued to reward its Diamond Extra promo winners with cash and gift prizes.

     

    Bringing innovation to banking

    UBA is offering a new product, UBA Connect, which aims to enable its customers to conduct traditional banking transactions at any UBA branch in the 20 African countries where the bank operates.

    In upholding the banks drive towards financial inclusion for the underserved, the service will be available to both customers and non-customers equally, encouraging intra-African trade. This would make the Nigerian-based bank a prefered choice for non-customers travelling to African countries where the bank is the domicile for easy access to funds.

    According to the new Chief Executive Officer of UBA Africa, Oliver Alawuba, “Africa stands to benefit substantially from intra-Africa trade, which is facilitated by the easy flow of capital within the continent.”

    He said because the bank is committed to creating superior value for its stakeholders, it is focused on ensuring that it continues “to contribute significantly to the development of Africa by improving accessibility and trade with UBA Connect, among other innovative services.”

    This product is expected to trigger growth for the bank, as the unbanked in sub-Saharan Africa – developing countries like Nigeria, Kenya, Zimbabwe and Tanzania – are a significant number of the roughly 1.7 billion “unbanked” individuals around the world.

    The bank services over 19 million customers across Africa. But with this new product, that number  may double if the public is educated on how to use this product.

    The CEO further explained that the new offering allows easy transfers to UBA accounts across African countries as well as cash deposits into UBA accounts at any of the bank’s locations in Africa, adding that the cash will be dispensed to customers in local currencies at competitive exchange rates.

    Group Head, Marketing, Mrs Dupe Olusola, expressed excitements for the bank to offer its customers the ease and convenience of UBA Connect. She noted that UBA Connect is, in addition to an array of digital platforms, which have made banking easy.

    The CBN has urged banks to be innovative to increase their share of the global markets. According to the apex bank, competition is getting keener in the markets, and only banks that are innovative and creative will remain relevant.

     

  • KLT Comptroller charges officers on revenue

    By Muyiwa Lucas

     

    The Customs Area Controller of Kirikiri Lighter Terminal (KLT) Command, Lagos, Morenike Oladunni, has urged officers and men to step up efforts at doubling revenue collection.

    Addressing stakeholders, including importers, licensed customs agents and customs officers at a stakeholders meeting in Lagos, Oladunni described the collection of N15, 091, 038,395 last year, which is 49.1 percent above the yearly target of N10,125,580,788 as a good feat that could be improved upon.

    She lauded the officers of the command and advised users of the terminal to be compliant with the rules guiding import and export.

    Read Also: Customs boss approves redeployment of 70 comptrollers

     

    “It is good that we surpassed our target last year despite the many constraints we face in coming to work and going home due to very bad road and harsh traffic condition.

    I see my officers and port users on motorcycles, most times, struggling to get to work on time. To meet up too, I have had cause to alight from my car and walk from the road to my office.

    Our individual and collective efforts has paid off but we must not rest on our oars . We have more work to do.

    Last year’s challenges are still here and we must not allow ourselves to be limited by them because government is working to address them,” she counselled.

     

  • Charting way forward for mining sector’s rebound

    The mining sector is projected to contribute at least three per cent to the nation’s Gross Domestic Product (GDP) by 2025, if adequately exploited. To make this happen, experts recommend full operation of Ajaokuta Steel Company in Kogi State. They also want the Federal Government and industry stakeholders to set up effective monitoring mechanism to evaluate the performance of the mining sector’s roadmap to achieving this target, as well as address illegal mining and the right technology to ensure effective mining activities. AMBROSE NNAJI reports.

     

    AT present, the mining sector’s contribution to Nigeria’s Gross Domestic Product (GDP) is about 1.5 per cent, a figure industry experts and stakeholders considered as paltry for a hugely mineral endowed nation.

    Although a 2025 target has been set to boost the sector’s contribution to GDP to three per cent by riding on the back of the August 2016 “Roadmap for the Development of the Solid Minerals Sector,” experts say that achieving this objective will not be a walk in the park.

    Some of them, who spoke with The Nation, noted that forcing the sector’s rebound and significantly increasing its contribution to the national economy required the Federal Government working with relevant industry stakeholders, addressing some of the fundamental issues likely to be stumbling blocks to achieving the target.

    Some of the issues, according to them, include setting up efficient and effective monitoring mechanism to evaluate the performance of the mining sector’s 2016 roadmap; addressing illegal and artisanal mining; putting in place the right technology to ensure effective mining.

    More importantly, they also canvassed putting the moribund Ajaokuta Steel Company (ASC) in Kogi State into full use. For instance, Partner and Advisory/Mining Leader, PricewaterhouseCoopers (PwC), Cyril Azobu, said the government must, as a matter of urgency, put politics aside and resolve every issue negating the full operation of ASC.

    The expert in mining stressed the urgent need for the government to revisit the Ajaokuta Steel Complex and give it the attention it requires. He noted that the sector is a critical area of the industry and that the government needed to focus attention on it  to move it forward.

    Azobu, however, recalled that the Federal Government was in talks with the Russian Government to resuscitate the steel plant tagged “Bedrock of Nigeria’s Industrialisation” because of its capacity to help accelerate the development of the steel industry and the economy.

    The expert pointed out, for instance, that the development of the steel industry, through the revitalisation of Ajaokuta Steel Plant, will open up the iron ore sector for growth. “I see the evolution of the metal and steel sector generally. I see an ecosystem that will evolve as the government begins to create that environment that will cause the development of that value chain to happen.

    “That will then create a lot more services around the sector. Eventually, we will then be able to achieve import substitution,” Azobu said, adding that a country that’s looking at industrialisation will need a lot of steel.

    The mining leader at PwC observed that a significant portion, if not most of Nigeria’s steel products, are imported, noting that the country will achieve a lot industrially when the Ajaokuta Steel Complex is fully operational.

    He said: “If you are building road, bridges, rail, or you are building hospitals, they all require steel. So, the steel sector is potentially one key area that requires a lot of focus. We have other sectors within the mining industry that might also need some attention, but the major one is the steel sector.”

    Azobu, however, stressed that since the government may not be able to run the operations of the Ajaokuta Steel Complex, there is the need to find competent investors to run the sector. Noting that the government may not put in money, he said government needs to midwife the process of ensuring a proper transition to the private sector.

    He said although there are people who have overtime been handling the Ajaokuta Steel Complex, one can’t run what is not fully operational. He also observed that some segments of the complex are producing, but they are not fully operational hence the need to activate and make it run.

    Justifying his passion to see the steel plant back on its feet, Azobu said: “It’s a national asset, government should have proper control over how it’s run for the wellbeing of the nation. Nigerians should benefit from it. It’s a national asset and as existing owner, the government should ensure that it’s given to the most credible investors to make it work.

    “It’s not that government should not be involved; the government even from the regulatory perspective needs to be involved, and government may not necessarily be the best in terms of running the business of the steel sector.”

     

    Curbing illegal mining

    However, the resuscitation of Ajaokuta Steel Complex is one leg of the plethora of issues that must be resolved to pave the way to achieve the 2025 target. The other leg of it that has been giving industry stakeholders, including the government, operators and Nigerians sleepless nights is the activities of illegal miners.

    Some small scale and artisanal miners indulge in illegal mining to escape the payment of taxes and other royalties to various tiers of government where they operate. Most mining activities in Nigeria are said to be conducted informally at levels as high as 80 per cent. This prompted call on government to bring the illegal miners into a legalised framework via making them real start-up miners and ensuring they pay government the right set of taxes and royalties.

    Former Special Adviser on Forestry, Natural and Mineral Resources, Osun State,  Tunde Ajilore, urged the Federal Government to address the issue of illegal mining so that the nation’s resources will not be smuggled out of the country without any benefit to the economy and Nigerians.

    He expressed concern that the illegal miners do not consider the environmental hazards caused the people. Besides, they don’t even pay royalty to the Federal Government, even when the affected governments, both federal and state, bear the brunt if and when anything untoward happens.

    “If they (illegal miners) don’t pay to the Federal Government and they smuggle the products out of the country, there’s no way the state can get its own 13 per cent derivation,” Ajilore said.

    He said if there’s a strict law that if anyone is caught in the act of illegal mining and taking the product out of the country, such a person be prosecuted, those involved in the act will exercise some restraints.

    Azobu also noted that there are a lot of undocumented activities in the mining sector in the past, which again is why government needs to give a lot of attention to address illegal mining.

    He said once Nigeria is able to increase monitoring capacity in the ministry and ensuring that there’s clear documentation of activities in the sector, she would definitely be able to capture a lot of contribution that needs to be captured in terms of contribution to GDP.

    The Nation, however, learnt that the Federal Government, through the Ministry of Mines and Steel Development, has been working hard to halt the illegal trade in the nation’s mineral wealth by formalising illegal miners.

    The Minister of Mines and Steel Development, Olamilekan Adegbite, an architect, noted recently that the government had been engaging mining operators in communities where illegal mining activities were ongoing to lure them into registered cooperatives for safely mining the nation’s resources.

    His words: “A total number of 1,759 Artisanal and Small Scale Miners, ASM, sites have so far been identified across Nigeria.

    “With consistent interventions by the Federal Government through the Ministry of Mines and Steel Development, 1,346 artisanal mining operators have been drawn into forming registered Artisanal Mining Cooperatives, AMCs, in readiness to access SmalI-scale Mining Licenses, SML.

    “Each of the 1,346 mining cooperatives comprises over 10 members; with additional 20 mine workers for each cooperative.

    “It is a continuous process from the operators who have been organised into groups, they can come forward and apply for loans, it is not for us to go out and distribute money, everyone is aware that the money exists, people should come up with plans, cooperative bodies that are fully registered will be able to serve as guarantors to individuals.”

     

    Calls for clear strategy implementation

    With the launch of the August 2016 “Roadmap for the Development of the Solid Minerals Sector,” the consensus of experts is that the Federal Government, working with industry experts and stakeholders, should set up an effective monitoring mechanism to constantly evaluate the performance of roadmap to achieve set target.

    Under the Roadmap, the mining sector is projected to contribute about three per cent to the GDP by 2025, up from 1.5 per cent. But for Azobu, it’s not enough to set the target, government and stakeholders should have a clear implementation plan that will make the set objectives to happen.

    He said there must be a clear monitoring mechanism, approach and accountability for all activities in the sector. According to him, stakeholders should ensure that there’s strong guideline as to who is responsible and accountable for what, as well as who monitors and evaluates performance.

    As Azobu added, “There should be the question of where are we at the moment, what do we set to achieve, who is doing what and how far it has gone.”

    He expressed the strong belief that communicating these recommendations regularly to stakeholders in the sector will go a long way to making sure that the mining sector’s huge but largely untapped potential are fully exploited.

    Olalekan AdegbiteCyril Azobu

    Other issues undermining the sector

    Apart from the comatose state of the ASC and the activities of illegal miners, experts have also identified other issues holding the mining sector down.

    They include inadequate infrastructure, insufficient funding, high risk and health hazard, insufficient geological data, lack of well-equipped laboratory, low productivity, and weak regulation

    For instance, government policies in the mineral sector, over the years, tend to be unstable. Frequent policy changes by successive administrations scare away existing operators and prospective investors due to uncertainty.

    For instance, the Minerals Act of 1999 failed to cater for certain critical aspects of the solid minerals sector and left a lot of room for undue bureaucracy in mineral title administration.

    But it is hoped that the new Minerals Act signed into law in 2007 will ensure security of tenure, greater transparency in granting access, competitive fiscal terms and encourage an industry led by the private sector.

    Also, for mining firms to run smoothly and efficiently, experts say that the basic amenities and infrastructures must be available in a reliable form.

    Good roads are required for the safe and easy transportation of extracted minerals and also for the ease of movement of the heavy duty company vehicles and equipment.

    Water is also required to run the mining process efficiently. Automated processes and clerical works require the presence of electricity. The epileptic condition of electricity in Nigeria is one of the factors hindering the industrial sector. It is also a problem in the mining sector.

    Lack of capital is also said to be hindering the small-scale and artisanal miners. These small scale and artisanal miners lack the required amount of capital to procure the necessary equipment required for a successful mining process.

    According to experts, mining  involves a greater amount of risk. Over the years, there have been cases and records of mine explosions.

    The high risk nature of mining in Nigeria is due to the fact that the mineral sector in the country is mainly driven by the artisanal and small scale miners who use low technology and crude/traditional methods in their activities.

    As a result, they are exposed to high risk from dangerous metals such as lead and radioactive waste. Cases of transcend of the limit considered healthy has been recorded in some mining locations in Nigeria.

    Also, there is still reliance of the Nigerian mining sector on the geological data obtained about 50 years ago despite the fact that some geosciences data have been made available.

    Experts, therefore, recommend that the department in the mining sector responsible for the research and collation of geological data be worked on.

    According to them, a good and promising geological data can go a long way to aid the approval of a business plan or release of funds by the government.

    Also, mining licenses issued by the Cadastre Office should serve as collateral for loans, if supported by reliable information on the quality and grade of deposits.

    The Managing Director, Double Dee Industrial Services, Anobo Ann Ajoku, observed that lack of geophysical survey equipment is also frustrating effective mining activities and the quest to drive the industry’s growth.

    According to her, without providing the necessary equipment, government will only be paying a lip service to the mining sector even with the various interventions supposedly put in place to develop mining business.

    Ajoku said for miners to get the proper materials out from the ground whether gold, barites or any extractive mineral, there fmust be proper geophysical survey, which she said, is still lacking in Nigeria.

    She noted that the geophysical surveys presumed to be already in place were not actually what are needed when one goes underground.

     

    The way forward

    With diversification as the only way to revive Nigeria’s troubled economy, experts recommend that government should take the bull by the horn and ensure that the mining industry is accorded priority attention.

    Considering the impact the sector stands to create on the country’s economy at large, it is widely believed that its exploration is long overdue, and that the formulation of candid and stringent policies backed by strict implementation will change the sector’s narrative.

    The Director, Taraba Solid Minerals Development Company, Matsai David Angye, called for synergy between the Federal and states governments to move the sector forward.

    He expressed optimism that if all the necessary measures are put in place including favourable policies, the mining sector is capable of contributing more than three per cent to GDP by 2025.

    Angye noted that mining is capital intensive and as such needs a peaceful environment to thrive. He, therefore, urged the government to address the issue of insecurity.

    He advised the government to consider giving the states or relevant organs in the states a free hand in the sector, adding that there are some policies of government at the federal level that hinder investors.

    “If there’s a synergy and understanding between the Federal and state governments, it will increase productivity and even the willingness of investors.

    “But, by the time you direct everything from the federal, which most times the states are not even aware of, what will happen is that when investors come to the states they will likely meet stiff resistance from the states,” Angye said.

     

  • NEMSA, German firm partner on capacity development

    The Nigerian Electricity Management Services Agency (NEMSA), in partnership with German firm, ZERA GmbH and the National Power Training Institute of Nigeria (NAPTIN), has begun the retraining of its workforce in Lagos to equip them for the challenges ahead in view of anticipated huge increase in number of meters, following the introduction of Meter Asset Providers (MAPs). EMEKA UGWUANYI, who was there, reports.

     

    The Nigerian Electricity Management Services Agency (NEMSA) has entered into a partnership with a German company, ZERA GmbH, to train its engineers and technicians in preparation for the expected upsurge in number of meters as Meter Asset Provider (MAP) licensees take off across the country.

    NEMSA Managing Director/Chief Executive Officer, Mr. Peter Ewesor,  also the Chief Electrical Inspector of the Federation, said the programme holding in Lagos, is a specialised technical capacity building that would focus on technical standards, installations and meter/instrument operation and repairs.

    According to him, the intensive training will last two weeks and that 40 engineers and technical officers drawn from Lagos, Kaduna and Port Harcourt would participate. The training is to enhance their capacity in carrying out meter testing and inspection of other electrical equipment.

    The trainees will be trained on operation and maintenance of meter test equipment, troubleshooting and calibration of electricity energy meter instrument and equipment, adding that the specialised technical capacity building would focus on technical standards, installations and meter/instrument.

    He said the programme is organised with  ZERA GmbH and the National Power Training Institute of Nigeria (NAPTIN).

    Ewesor told The Nation: “We are here to declare open the capacity building of our engineers and technical officers on operation and maintenance of test equipment, troubleshooting and calibration of electricity energy meter testing instrument and equipment because we are in charge of testing electricity meters that are used in Nigeria.

    “We want our people to be on top of the game. If we don’t have adequate knowledge of the job we won’t be able to deliver on the job we are supposed to do. Naturally one has to have better knowledge of a job than the person one is supervising, hence the training is imperative.

    As you know, we oversee the activities of the electricity distribution companies (DisCos) as regards metering, testing and validation of meters, calibration and decommissioning of meters.

    “By law, before you decommission any meter, it is supposed to go through a specified laboratory test and field test to show the meter is no longer useful and has actually outlived its usefulness. Consumers or DisCos are not supposed to change meters just for the sake of changing.

    Therefore, this training is to ensure that our workers are better informed, knowledgeable and equipped enough to do some of the works we bring expatriates to do for us.

    “That is why we brought the original equipment manufacturer experts to come and put them through on the machines which they supplied us and which we use for our operations.

    “When any equipment is in use, sometimes a part of it goes out of place and it malfunctions, therefore, with this training, our workers will be able to identify when and where there is a problem in the machine and would be able to fix it.

    This will go a long way to impact positively on the power sector because when workers are adequately empowered to fix the equipment, it saves money and time for the consumer, industry and economy.

    “This training will make us to increase the quantum of meters to be tested at our stations on daily basis and will increase the efficiencies and volume of meters we can test daily.

    We are fully ready for the explosion that is waiting in the industry through the Meter Assets Providers schemes (MAP) because it is expected that huge number of meters would be deployed through the scheme.”

    The NEMSA boss said the engineers and technical officers being trained in this programme would, in turn, train others, adding that the agency has embarked on intensive education on the need for meter manufacturers and meter importers to adhere strictly to the procedure on regulation code.

    He lauded the support of the Minister of Power, for ensuring stronger synergy among power sector institutions to boost efficiency and productivity. He advised Nigerians to ensure that all meters installed in their premises have NEMSA seal as authentication to show that that the meter had met standard.

    He, however, said the Agency will not hesitate to sanction any manufacturer who failed follow the procedure of meter certification before deploying it to electricity consumers and utility companies, adding that NEMSA will ensure that no bad meter comes into the country.

    He also warned DisCos to verify the expiration of meters at specified laboratories and field tests before decommissioning the appliance, adding that DisCos have been decommissioning and classifying meters as redundant or expired without procedural verification.

    According to the Ewesor, it was as a result of this that the agency is building capacity of its personnel and equipment to increase the volume of meters it can test on daily basis.

    Ewesor said: “If we have all tools and equipment with which we are to deliver on our mandate, if the human capital is not on top of the game, definitely we can’t deliver anything. So, we want to arm them to be in touch with current technology.

    “It is for them to know that they are working in an enforcement Agency and their role is to ensure that the network, the equipment used, and the power systems put in place are in regular fitness to deliver power in a safe and reliable manner and to ensure safety of lives and properties. It is also to make sure that any new project being built is inspected.”

    Read Also: ‘Why TCN will not wait for DisCos’ recap’

     

    According to Ewesor, NEMSA is in charge of the certification of all electrical installations that are used in the nation’s power sector. “How do you carry out effective and efficient test if you don’t have the capacity, knowledge and technical know-how? So we have designed this specialised technical capacity training for them and we are bringing experts from developed economies in other parts of the world to share experiences with them and then put them through in certain areas where they have challenges.

    “Since we started NEMSA, they have been carrying out their functions and there were some cases they had to refer to us at the headquarters to deliberate on. People talk about challenges with their meters.

    “We are called to come and check the meters and when you are checking those meters, you don’t just check the meters in isolation. You check the meters vis-à-vis the electrical installations.”

    NAPTIN Director-General, Mr Ahmed Nagode, said the institute had trained over 600 staff of the Transmission Company of Nigeria (TCN) and DisCos.

    Nagode said the institute will also  train another 150 workers being sponsored by the Association of Power Utilities of Africa (APUA), adding: “This will go a long way in building efficiencies for the working force in the power sector.

    He commended the management of NEMSA for initiating such a programme to train workers on the 21st century methodology in electricity operations and maintenance procedures.

    According to him, the training was  selected for NEMSA engineers to improve their knowledge and keep them abreast of modern technologies in the world.

    “We commend the management of NEMSA for deeming it fit to train their staff and for attaching importance to capacity building of staff,” Nagode said, urging the trainees to make the best use of the opportunity by ensuring that they achieved the objectives of the training, and that it would make them better industry players and also guarantee their safety at work.

    “We are working together with other sister agencies and NEMSA in ensuring that we build human capital for the sector that gets the right sets of skill to achieve its mandate for the industry.

    “We are also working with NERC, REA, privatiaed utilities companies and other sister agencies, we have been training their staff and we just concluded that of the Sahara Power Group engineers.’’

  • Showcasing Nigeria’s mining potential to global investors

    The Federal Government recognises mining as a strategic income stream in the face of dwindling oil revenue. It is also working to boost its contribution to GDP from1.5per cent to three per cent  by 2025. To make these happen, the Ministry of Mines and Steel Development seized the opportunity of last week’s “Investors’ Forum in London” to showcase Nigeria’s mineral and mining potential to prospective global investors. The positive responses by would-be investors, following the outing, are seen as signals of a new dawn for the sector, Assistant Editor CHIKODI OKEREOCHA reports.

     

     

    The Minister of Mines and Steel Development, Olamilekan Adegbite, and other heads of agencies under the ministry are upbeat. To them and indeed, other industry stakeholders, a new dawn is in the offing for the mining sector, particularly from the investment point of view.

    This, The Nation learnt, followed the overwhelming interest shown by international mining firms – both majors and minors – to invest in data generation as well as mining in the country.

    However, it took a team of top officials from the ministry led by Adegbite, who, at an “Investors’ Forum in London,” put up a presentation for a group of top investors in the United Kingdom (UK) to wet the appetite of prospective investors now wishing to be part of the exploration and mining revolution. The team seized the opportunity of the forum to showcase Nigeria’s mineral and mining potential.

    The ministry, which had a panel consisting of experts in mining, showcased to the international investment community Nigeria’s mineral endowments, including the latest developments in the minerals sector particularly government’s efforts to generate credible geo-science data and de-risk the sector.

    It also dangled to investors some of the mouth-watering incentives put in place to make mining more attractive for them.

    Adegbite had last week led a high-powered team to the “Investors’ Forum in London.” It was an opportunity for a one-on-one interaction with investors in the UK.

    Other heads of agencies under the ministry in the team included the Director-General of Mining Cadastre Office (MCO), Obadiah Nkom; his counterpart at Nigerian Geological Survey Agency (NGSA), Dr. Abdulrazaq Garba and Project Coordinator, Mineral Sector Support for Economic Diversification Project (MINDIVER), Mr. Linus Adie.

    The Nation learnt that the team visited various destinations in the UK, where it brought would-be investors up to speed with the regulatory framework, favourable investment climate as well as various fiscal regimes available to prospective operators in Nigeria’s mining sector as enshrined in the Nigerian Mineral and Mining Act 2007.

    For instance, there was a presentation by the Minister at the Hogan Lovells, Holborn Viaduct, London, in which he addressed several UK investors who had interest in the mining sector, but were quite unaware of how to go about it or were scared of the sector.

    Adegbite allayed their fears and assured them that the mining sector was very friendly and that the government had put in place incentives that would favour investors in the sector.

    The minister also met the British Ambassador to Nigeria and officials from the British Trade Department to speak about mining in Nigeria.

    He also visited the House of Lords to see Lord Benjamin Mancroft to discuss mining in Nigeria and to consider the possibilities of training collaboration with the Mining Institute in Jos, Plateau State. There was also a visit to the British Geological Survey Agency to firm up the collaboration between it and the NGSA.

     

    Push for non-oil economy

    The central message of Adegbite’s speech at the Investors’ Forum was Nigeria’s transition to a non-oil economy. The Minister, in his speech, said in line with the Federal Government’s strong commitment to diversifying the economy and providing jobs, the ministry, under his charge, continues to promote platforms to highlight reforms in the sector that will attract investments.

    Read Also: Fed Govt eyes N20 billion in mining

     

    According to him, Nigeria has been perceived to be an oil country where all attention and investments should, consequently, be concentrated. Describing the country as an unwilling victim of the oil mineral curse, which created a huge gap in her solid mineral management, he said this cost Nigeria 30 years of stagnation in the mineral industry.

    While noting that the President Muhammadu Buhari-led administration, at inception, met serious challenges in the mining sector caused by years of stagnation and neglect, he said“it was apparent that we must re-enact the “Nigeria before Oil” policies, when the sector contributed as much as 5.6 per cent in 1980 to the national Gross Domestic Product (GDP).”

    However, a renewed push to return the sector to its glorious days by opening the sector to foreign investments has taken centre stage. Adegbite put the new investment drive in perspective when he said: “The agenda of the present administration recognises mining as a strategic income stream in the face of dwindling oil revenue and looks towards to increasing its contribution to the national GDP to three per cent by 2025.”

    He explained that the focus of the Federal Government, through the ministry, was on de-risking the mining sector. This, according to him, was by the provision of more up-to-date and comprehensive data on mineral occurrences in Nigeria. The other aspect, he said, was by enabling a more investor-friendly environment through favorable incentives.

    The minister informed his audience that some significant milestones have already been achieved within a remarkably short time, expressing hope that such achievements will trigger investors in the mining world a desire to be part of the exploration and mining revolution in Nigeria.

    One of the developments that have buoyed Adegbite’s hope of a sector on an imminent rebound is the ongoing National Integrated Mineral Exploration Project (NIMEP). NIMEP is government’s flagship of rapid response to the dearth of investible geoscience data.

    “We are continuing to upgrade and expand our data base to de-risk the Nigeria mining jurisdiction to make our potentials more palatable to investors,” he said, adding that contracts have been awarded to five certified exploration companies for further investigation into gold, lead, zinc, iron ore and rare earth metals.

    Interestingly, these are minerals considered priority minerals along the identified mineral corridors in Nigeria. The minister stated that at the end of the exercise, the viable areas or corridors will be delineated into concession blocks for interested investors to bid.

    Also, the NGSA, which coordinates the NIMEP project, has undertaken more ground investigations nationwide to upgrade the national minerals data base to a more investible level. Furthermore, all existing geological data are being archived in a digitalisation programme handled by the British Geological Survey.

    An obviously excited Garba told The Nation that judging by the huge volume of inquiries from international mining companies – both majors and minors – regarding the NIMEP programme, it would be right to say that the interest has been overwhelming.

    While confirming that there have been a number of commitments from mining companies, largely on the NIMEP programme, Garba said quite a number of these companies have already indicated interest to partner with the ministry and the NGSA to invest in both data generation as well as mining.

    With some of them signifying interest to enter into some Memorandum of Understanding (MoUs) with the ministry, the NGSA boss said: “The Ministry was also eager to follow-up on all the requests made at the conference. It was also generally agreed at the fora that Nigeria seems to be getting it right now and all eyes are on us.”

    The delegation to London also included a visit to British Geological Survey (BGS) at Nottingham. Already, BGS is undertaking a MINDIVER project of digitalisation of colonial documents and maps that are hosted by them on behalf of the NGSA.

    The upgrading and automation of the Nigeria Mining Cadastre Office for online operations may have also contributed to the growing interest of investors in the sector.

    The major objective of this project, which will be completed this year, is to make online application for titles seamless. This will cut down the time for processing licenses from 45 to 15 days.

    Apart from ease of mineral title administration, the minister announced to his audience in London that the development of the new Mineral Export Guidelines has reached final stages and is expected to be implemented this year. “This will ensure transparent and timely issuance of export permits of minerals from Nigeria,” he said.

    Also, to boost production of raw materials for the local industries, Adegbite said the ministry has developed a road map for the nation’s industrial minerals.

    The focus of the initiative, he said was to attain self-sufficiency in the production of industrial minerals in which Nigeria has comparative advantage.

    Describing the Investors’ Forum in London as hugely successful, the Senior Special Assistant Technical to the Minister, Olu Adedayo, expressed joy that many foreign investors are now showing interest in Nigeria.

    He also said with Brexit on the horizon and the UK willing to negotiate trade with non-European countries, the UK now wants to get close to Nigeria and the mining sector.

    However, as encouraging as the growing interest of investors in the global mining industry may be, following the Federal Government’s aggressive investment drive, the consensus of experts and stakeholders in the local mining sector is that its sustainability will depend largely on policy consistency.

    They, therefore, pointed out that there is the need for the government, through the ministry, to ensure that the current incentives put in place to woe investors are sustained, even as various executive orders on ease of doing business are effectively monitored and fully implemented.