Monday, October 2, 2023
  • REPORT A STORY
  • PRIVACY
  • CONTACT US
BROAD NEWS — WITHIN NIGERIA
  • HOME
  • FEATURES
  • BROAD NEWS
    • National
    • Metro
    • Politics
    • Entertainment
    • Sports
    • Economy
    • Education
    • Business
    • Agriculture
    • Environment
    • Foreign
    • Health
    • Law
    • Lifestyle
    • Opinions
    • Religion
    • Security
    • Technology
    • World
  • NEWS PICKS
  • ENTERTAINMENT
  • GIST
  • MORE
    • VIDEOS
    • ARTICLES
No Result
View All Result
  • HOME
  • FEATURES
  • BROAD NEWS
    • National
    • Metro
    • Politics
    • Entertainment
    • Sports
    • Economy
    • Education
    • Business
    • Agriculture
    • Environment
    • Foreign
    • Health
    • Law
    • Lifestyle
    • Opinions
    • Religion
    • Security
    • Technology
    • World
  • NEWS PICKS
  • ENTERTAINMENT
  • GIST
  • MORE
    • VIDEOS
    • ARTICLES
No Result
View All Result
BROAD NEWS — WITHIN NIGERIA
No Result
View All Result
  • HOME
  • FEATURES
  • BROAD NEWS
  • NEWS PICKS
  • ENTERTAINMENT
  • GIST
  • MORE

TRENDING IN 7-DAYS

No Content Available
  JUST IN
Japan’s justice minister resigns after death penalty quip November 11, 2022
Quinquagenarian docked for alleged wilful damage, land grabbing November 11, 2022
Mitigating impact of emerging biosecurity threats November 11, 2022
2 public servants docked over alleged failure to produce suspect November 11, 2022
Company donates 40 WPS licenses for ABU’s smart classrooms November 11, 2022
Security men docked for alleged theft of generator in Lagos November 11, 2022
Ebonyi’s Gov. Umahi plans to produce 10,000 young multimillionaires using agriculture November 11, 2022
Blatter says Iran should be barred from Qatar World Cup November 11, 2022
FG, LASG promise joint action on Eko Bridge, others November 11, 2022
Quacks are taking over our profession in Ogun, Medical Doctors seek intervention November 11, 2022
PDP to lodge formal complaint to police over attacks on its campaign trails November 11, 2022
2023: South-South Committee promises massive votes for Tinubu November 11, 2022
Presidency commends Saudi Humanitarian support to Nigerian conjoined twins November 11, 2022
APC chairman optimistic of Tinubu’s victory in 2023 Elections November 11, 2022
2023 Elections: Former Information Minister tasks editors on agenda setting November 11, 2022
North-West is indebted to Tinubu, says APC contact committee November 11, 2022
Naira depreciates slightly against dollar, exchanges at 446.10 November 11, 2022
Minister mourns Nigeria Ports Consultative chairman, Folarin November 11, 2022
COP27: Activist calls on oil coys to clean up oil spills in Niger Delta November 11, 2022
Musk begins survey on changes in content quality on Twitter November 10, 2022
Next
Prev

MOST READ TODAY

No Content Available
No Content Available

Mining: The Federal Government’s incentives to foreign investors are bearing fruit

in Economy, National
Reading Time: 2 mins read
0
Caleb IjiomabyCaleb Ijioma
November 26, 2021
Depict image

Depict image

Share on FacebookShare on Twitter

The various incentives provided by the Federal Government to attract foreign investors into Nigeria’s mining industry have begun to bear fruit, as the country is set to export its first mined gold.

 

Mr. Olamilekan Adegbite, Minister of Mines and Steel Development, stated this during a webinar monitored by the News Agency of Nigeria (NAN).

 

READ ALSO

2023: South-South Committee promises massive votes for Tinubu

Naira depreciates slightly against dollar, exchanges at 446.10

We won’t allow any online platform to plunge Nigeria into crisis–FG

NDLEA arrests 900 suspects, seizes 10 tons of drugs in Kaduna

On Thursday evening, Adegbite spoke at a virtual interactive session hosted by Lagos Business School (Sustainability Centre).

 

Mr. Olamilekan Adegbite, Minister of Mines and Steel Development

“An Evening with the Minister of Mines and Steel Development” was the title of the program.

Its theme was “Nigeria in Tough Times: The Ministry of Mines and Steel Development’s Contributions and Opportunities for Private Sector Participation.”

According to NAN, the forum is part of LBS Public Sector Engagement, which aims to increase public-private sector dialogue and collaboration in order to improve Nigeria’s inclusive and sustainable economic growth and development.

According to Adegbite, Segilola Resort in Ilesa, Osun, began producing gold in August.

According to him, foreign investors have been drawn into the country as a result of the various incentives provided by the federal government.

“Among them is Tour Exploration, which is active in Osun. It is traded on both the Toronto and London stock exchanges.

“They own the Segilola Resort in Ilesa.” Segilola’s gold production began in August.

“Right now, they’re making gold. The facility there has the capacity to produce between 80,000 and 100,000 ounces of gold per year, which can be exported or sold locally to interested buyers.

“The first shipment of locally produced gold has arrived at the port for exportation.

“Previously, gold mining in the area was done manually by artisans, resulting in significant revenue loss for the government.”

 

“However, now that this company is in place, their activities are transparent.” The government receives a royalty of about 3%. “Unlike in the past, we now know how much money we can make from gold production,” he said.

 

Adegbite stated that the federal government was establishing a formal market for gemstones in Ibadan, the capital of Oyo State, in order to stop the ridiculous buying and raw importation of the minerals.

 

According to him, the market is being built at a rapid pace in order to prevent the importation of raw gemstones.

 

“We are also teaching our employees how to cut stones and polish them for use in jewelry.” We are adding value to it rather than allowing foreigners to export it at a loss.

 

“In Ibadan, we have an informal market for our gemstones where people come from all over the world to purchase them.”

“What they do is simply purchase the gemstones in raw form without weighing them.” As a result, because they are in raw form, they do not pay the correct price, regardless of the actual value of the stones on the scale.

 

“They don’t pay the right price; they are simply defrauding our people,” said the minister.

 

Adegbite, on the other hand, cautioned the communities that host the various mineral resources not to scare away investors with frivolous demands.

 

“I advise the host communities hosting our minerals to refrain from making excessive demands that may scare away investors from their communities,” he said.

 

“We’re not saying you shouldn’t request development in your areas.

 

“We have put safeguards in place for potential investors.” Mining is no longer permitted in Nigeria without the consent of the affected communities.

 

“However, what we do in the ministry is moderate.” Investors’ demands on host communities must be moderated. This is done to ensure that investors do not take advantage of the communities.”

Share on FacebookShare on Twitter
Got News Tip? Send Us Story !
Follow Us on Google News

MOST READ TODAY

No Content Available

Faster Updates

Get News Via Whatsapp
Get News Via Telegram
Follow Us on Google News
Got News Tip? Send Us Story !

LATEST UPDATES

Japan’s justice minister resigns after death penalty quip

November 11, 2022

Quinquagenarian docked for alleged wilful damage, land grabbing

November 11, 2022

Mitigating impact of emerging biosecurity threats

November 11, 2022

2 public servants docked over alleged failure to produce suspect

November 11, 2022

Company donates 40 WPS licenses for ABU’s smart classrooms

November 11, 2022

Security men docked for alleged theft of generator in Lagos

November 11, 2022

Ebonyi’s Gov. Umahi plans to produce 10,000 young multimillionaires using agriculture

November 11, 2022

Blatter says Iran should be barred from Qatar World Cup

November 11, 2022

FG, LASG promise joint action on Eko Bridge, others

November 11, 2022

Quacks are taking over our profession in Ogun, Medical Doctors seek intervention

November 11, 2022
Load More

Discussion about this post

ADVERTISEMENT

LATEST NEWS

Japan’s justice minister resigns after death penalty quip

11 months ago

Quinquagenarian docked for alleged wilful damage, land grabbing

11 months ago

Mitigating impact of emerging biosecurity threats

11 months ago

2 public servants docked over alleged failure to produce suspect

11 months ago

Company donates 40 WPS licenses for ABU’s smart classrooms

11 months ago

Security men docked for alleged theft of generator in Lagos

11 months ago

Ebonyi’s Gov. Umahi plans to produce 10,000 young multimillionaires using agriculture

11 months ago

Blatter says Iran should be barred from Qatar World Cup

11 months ago

FG, LASG promise joint action on Eko Bridge, others

11 months ago

Quacks are taking over our profession in Ogun, Medical Doctors seek intervention

11 months ago
PDP logo

PDP to lodge formal complaint to police over attacks on its campaign trails

11 months ago

2023: South-South Committee promises massive votes for Tinubu

11 months ago

Presidency commends Saudi Humanitarian support to Nigerian conjoined twins

11 months ago

APC chairman optimistic of Tinubu’s victory in 2023 Elections

11 months ago

2023 Elections: Former Information Minister tasks editors on agenda setting

11 months ago

North-West is indebted to Tinubu, says APC contact committee

11 months ago
Load More
BROAD NEWS — WITHIN NIGERIA

WITHIN NIGERIA MEDIA LTD.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

Follow us on social media:

CORPORATE LINKS

  • About
  • Contacts
  • Report a story
  • Advertisement
  • Content Policy
  • Private Policy
  • Terms
 
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • REPORT A STORY
  • PRIVACY
  • CONTACT US

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

No Result
View All Result
  • HOME
  • FEATURES
  • BROAD NEWS
    • National
    • Metro
    • Politics
    • Entertainment
    • Sports
    • Economy
    • Education
    • Business
    • Agriculture
    • Environment
    • Foreign
    • Health
    • Law
    • Lifestyle
    • Opinions
    • Religion
    • Security
    • Technology
    • World
  • NEWS PICKS
  • ENTERTAINMENT
  • GIST
  • MORE
    • VIDEOS
    • ARTICLES

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName