Business
Large Scale Mining, Key To Industrial Revolution – Sada
The Minister of Mines and Steel Development,Mr. Musa Sada has said in Abuja that the development of large scale mining was key to achieve industrial revolution in any nation.
Sada, who stated this when he visited Nasaman Nigeria Ltd, an indigenous mining company, said it was part of the government’s plan to source for fund to ensure mining companies grew bigger in the country.
Sada said the World Bank, through its sustainable management of mineral resources project, gave grant to artisanal and small scale miners to economically empower and train them on safe mining practice.
“We are now in another phase of developing intermediate and large scale mining companies through sourcing for fund from financial houses, government funds and donor agencies.’’
He said this development would assist the country to achieve industrial revolution plan where companies would pay high taxes, employ more people and create value chain.
“You will not get what you want out of mining if you do not industrialise. The industrial revolution plan and mining roadmap are already going on so we can find a meeting point,’’ he said.
He said the N200 billion SME intervention fund was part of the target to achieve the industrial plan and also the Bank of Industry had similar facilities to support development of natural resources.
He said this was the time to start implementing the natural resources fund in the development of the mining sector, adding that the fund was not for running of the offices or buying cars.
He said the Federal Government usually set aside annually 1.68 per cent of budget for the development of the natural resources such as agriculture, water and solid minerals sector.
“Currently all the work that is ongoing in agriculture and water resources sector are largely from the fund, although there are other sources of funding.
The minister said the ideal of 1.68 per cent was to create other sources of revenue for government out of it, adding that the ministry’s roadmap had been addressing it.
“At a point in time we must start to access those funds to make substantial impact on the revenue; that is what we are looking at. It is actually a moving fund kept aside for this development,’’ Sada said.
He called on Nigerians to invest in the sector to ensure development of mining in the country.
However, Mr Mamma Ali, the Chairman of the company, appealed to the Federal Government to invest heavily in mining as the sector had a future in it.
Ali urged government to provide mining intervention fund for investors, to ensure fast development of the sector, adding that finance had been a major challenge militating against the development of mining.
The chairman said the company, which started mining in 2000 in the country, had already been partnering with UN to operate in compliance with the international convention and other protocols.
He said the company had been into mining of gold, iron ore, coal, bauxite, tantalite, cassitarite, precious and semi precious stones around Niger, Zamfara, Kebbi and Kogi, among others.
He said the company had established the first machanised, large-scale, chemical free gold processing facility in the country and intended to replicate the equipment across the country.
He said the machine could process 200 tonnes of gold daily and so far many Nigerians had been trained on how to operate it, to avoid recurrence of Zamfara lead poisoning in any part of the country.
He said the machine, which involved crushing and grinding of gold ore annually, could generate net cash flow 13.7 million dollars.
Mr Henry Mitchell, the Executive Director (Operations) of the company, during his presentation, said the partnership between the ministry and the company would drive the extractive industry to great height.
He said the mining sector, if well developed, would create over five million jobs for Nigerians and increase the revenue base of the country.
Mitchell said the under development of the sector had led to importation of minerals which could ordinarily be produced locally such as iron ore and salt.
The executive director said that the launch of Industrial Revolution Master Plan was a sign of President GoodLuck Jonathan’s commitment to develop the sector.
He said that key elements of the company were commercial asset development to generate revenue, indigenous skills development and formalisation of artisanal mining communities.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter