· Nigeria earned the total sum of N193.59Billion from the solid minerals sector in 2021. This is the earnings from the sector since NEITI commenced the reconciliation of payments by companies and receipts by government in the sector. The figure shows an increase of ₦60.32 billion or 51.89% growth, when compared to the
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The attraction of investors requires that the laws and For effective and efficient mining of solid mineral resources, regulations guiding mining of solid mineral be favorable the tenure of the private miners should be secured and the Investors are usually discouraged when the legislation and establishment of fund to protect the environment.
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· A mineral is a naturally occurring substance that is solid and inorganic, representable by a chemical formula, usually abiogenic and has an ordered atomic structure. The Nigerian Extractive Industry and Transparency Initiative, NEITI report suggests that there are over 30 different kinds of solid minerals and precious metals (Sapphire,
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About. The Ministry of Mines and Steels Development (MMSD) is an agency set up to unlock the economic potentials of the solid minerals sub-sector in Nigeria. The MMSD was established in 1985 as a bold attempt by the Nigerian Government to spur the rapid and beneficial development of the country’s solid mineral resources.
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· Solid minerals surpasses previous revenue generation by 59.6%. The federal government through the Ministry of Steel Development has announced that the sector has generated a 59.6 per cent increase in revenue, surpassing the figures recorded in previous years. The minister gave the revelation while presenting a review of the solid
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· Solid Minerals Industry Report 2020 Page | iii National Stakeholder Working Group (NSWG) of NEITI for the with the NEITI Act of 2007. The report and all its appendices are intended for the use of the purpose of
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· The federal government has said it was working with the legislature to establish a private sector-driven The Minister of Solid Minerals Development, Dele Alake, made this announcement
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· Central to our efforts to reposition the sector is the establishment of a private-sector-driven, Nigerian Solid Minerals Corporation. Following successful deliberations with the legislative arm, the process of creating the law for this critical institution has begun.
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· By Johnbosco Agbakwuru – Abuja. President Muhammadu Buhari has directed the Presidential Artisanal Gold Mining Development Initiative, PAGMI, to provide a six-month progress report on the Solid
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offers great potential in achieving this is the solid minerals sector.The solid minerals sector had been targeted by the previous. administration to contribute 5% to GDP by 2015 and 10% to GDP by 2020. Curren. contribution of the solid minerals sector to GDP averages about 0.46%To reverse this trend and initiate appreciable growth in the sector,
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The minister said the country will leverage on the abundant precious minerals including gold, manganese, bitumen, lithium, iron ore, lead, zinc, limestone, uranium, columbite,
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The strategies that can be used for exploration of solid mineral in Nigeria should includes resource control policy, exploration of mineral resources should be private sector, the tenure of the private miners should be secured and the establishment of fund to protect the environment should be provided. The study therefore conclude that there
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Introduction The vastness of Nigeria's minerals resources cannot and should not be over emphasised. We began to explore and exploit her natural mineral resources in 1902 and in its prime, the solid minerals sector was one of the largest producers of tin and coal
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· By Bisola Adeyemo Solid Mineral resources are the result of mineral and organic formations in the earth’s crust creation over millions of years starting with the first sources of the Earth’s origin. It contributed immensely to the economic development of Nigeria in the pre-independence years. During this period, Nigeria was known for the
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· problems of solid minerals in Nigeria are inadequate basic. infrastructural, illegal mining, unfavorable la ws in the sector, high capital outlay, inadequate professional in the sector and. many m
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Gusau, Jun 02, 2010 (Daily Independent/All Africa Global Media via COMTEX) -- Zamfara State Governor, Mahmuda Aliyu Shinkafi, has said that the state possesses 60 per cent of the untapped total solid minerals deposits the federation. He explained that with
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Our Identity. " Established to drive and catalyse mining investments. The Solid Minerals Development Fund (the “SMDF” or “Fund”) is a sovereign Fund established by the Government of Nigeria to drive and catalyse private sector-led
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The plant, machinery, equipment and accessories imported pursuant to subsec- tion (1) of this section may be disposed of by the holder of mineral title upon the full payment of customs and import duties in respect thereof. The Mines Inspectorate Department shall ensure compliance with this section of this Act. 26.
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rals and Mining Act2007 No. 20A 495(3) The Minister may defer payment of royalty on any minerals for a specific period, on the appr. val o. the Federal Executive Council.34.-( I) There is hereby established a fund to be known as the Solid Minerals Develo iment Fund (in thi~ Chapter. Establish-ment of the. u.
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The plant, machinery, equipment and accessories imported pursuant to subsec- tion (1) of this section may be disposed of by the holder of mineral title upon the full payment of customs and import duties in respect thereof. The Mines Inspectorate Department shall ensure compliance with this section of this Act. 26.
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February 20, 2022. 0. By John Okeke. The Ministry of Mines and Steel Development is planning for the Solid Minerals Development Fund (SMDF) SMDF to have an establishment Act, which will then empower the agency to source funds from the private sector. Minister of Mines and Steel Development, Olamilekan Adegbite, announced this
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The partnership aims to mitigate risks and create a pipeline of high-quality projects with economic impact. The Project Development Facility focuses on precious and base metals, bulk minerals, and minerals critical to the global energy transition. The AFC-SMDF partnership seeks to address challenges hindering Nigeria’s mining potential and
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Ministry of Solid Minerals Development. MISSION: To exploit the nation’s mineral endowments in an environmentally sustainable manner and establish a vibrant minerals
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· “The establishment bill for a Solid Minerals Development Company allocates 75 per cent ownership to the private sector and 25 per cent to the federation of Nigeria. Community Development and
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· Nigeria boasts of 44 different types of commercially viable minerals, estimated to be worth a staggering $700 billion as per the Solid Minerals Development Fund (SMDF), with gold, coal, iron ore, bitumen, lead, limestone, and barite, representing just the tip of the iceberg. Read also: Nigeria generated N814.59bn from solid minerals
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· The Minister of Solid Minerals, Dr. Oladele Alake. The Minister of Solid Minerals, Dr. Oladele Alake has emphasised the pivotal role of a solid minerals corporation in attracting both local and foreign investments to the sector, as part of his vision to revitalise and transform Nigeria's mining sector for rapid development.
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· Since 2015, economic growth has remained low: fell from 6.3% in. 2014 to 2.65% and -1.62% in 2015 and 2016 respectively. Although the 2016 recession was adjud ged to have. ended in 2017 with
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· The Solid Minerals Roadmap is a strategic plan aimed at revitalising Nigeria’s solid minerals sector. Its primary objectives are to enhance the sector’s contribution to the economy, improve data accuracy, promote sustainable mining, and attract both local and foreign investments. The Transformation Agenda include:
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LAGOS, Jan 30 (Reuters)-Nigeria plans to offer investors at least a 75% stake in a proposed solid minerals corporation, a minister said on Tuesday, as lawmakers draft legislation to create
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· President Muhammadu Buhari. 115. President Muhammadu Buhari has directed the Presidential Artisanal Gold Mining Development Initiative (PAGMI) to provide a six-month progress report on the Solid Minerals Development Fund, designed to capture accruals from investments. The president, who gave the charge at a briefing by the
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