The federal government is seeking to alleviate the pressure on the naira caused by the foreign exchange crisis by locally producing barite, which will reduce product imports.
Barite is a weighting material used in drilling mud for oil and natural gas drilling. It is mainly used to prevent the explosive release of gas and oil during drilling. It is also used in the plastics, rubber, cosmetics, pharmaceutical, paper and coating industries.
At a press conference in Port Harcourt on Thursday, Mr. Olamilekan Adegbite, Minister of Mines and Steel, stated that barite is one of the seven strategic minerals designated by the ministry as the highest priority for development, adding that the initiative is expected to save the country Imported barite with millions of dollars.
Mr. Adegbite stated that the ministry will commission an open market portal to connect all stakeholders in the barite value chain to a center for easy coordination, stocking, effective costing and seamless sale of barite.
The minister said that the government led by President Muhammadu Buhari has been unswervingly supporting the development of the solid minerals sector.
"We have promoted the development of a roadmap for industrial minerals to optimize Nigeria’s industrial minerals to meet manufacturing, industrial and construction standards, thereby reducing import dependence.
"The desire to promote the local production of these minerals is to save foreign exchange and create jobs and wealth for citizens. Some of these minerals include calcium carbonate, kaolin, barite, gypsum, mica, etc.
"Under the impetus of the visionary leadership of Mr. President, with the increase in funding, we have achieved remarkable results and progress on the roadmap goals, which is evident in the Nigerian barite launched today.
"A major component of the plan is to promote local ingredients in the production, quality assurance and sales of barite. I know that the barite bags we are showing today meet the standards of the American Petroleum Institute, which is a global benchmark accepted by the petroleum industry. ."
In his speech, the Governor of the Central Bank of Nigeria, Godwin Emefiele, praised the ministry for placing the country among barite producing countries.
Mr. Emefiele, represented by his special adviser, Mr. Anthony Ifechukwu, affirmed that the era of foreign exchange procurement for imported barite is over, and promised that CBN will support the development of the solid minerals sector.
"I am particularly excited that the product we launched today is called'Nigerian Barite'. I am optimistic that this brand will soon develop into a leading force in the barite field in Africa and other regions.
"The benefits of this work cannot be overemphasized, because Nigeria will now become a barite producer, thus enhancing our ability to meet the needs of oil and gas companies in the supply chain.
"This activity will not only create jobs, but also alleviate poverty, create new professional skills, and ultimately increase the gross domestic product (GDP) of our economy. The multiplier effect on income and indirect work also makes the program an economic Of game changers, especially as we enter the post-COVID-19 era.
"I am here today to affirm our support for the development of a stable strategic mineral sector.
“This historic release is not only important for us in CBN, but also very timely because we have been in contact with stakeholders in the mining industry,” he said.
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The Nigerian Customs Service (NCS) stated that in October this year, it received 19.8 billion naira from the Onne Seaport in Rivers State.
This was disclosed by Mr. Auwal Mohammed, the Comptroller of Customs of Onne Port, who pointed out that this feat has not been recorded since the establishment of the order.
Mr. Mohammed stated that this feat was achieved due to the command’s tenacity and determination to combat smuggling, promote trade, and generate revenue through due process in line with the federal government’s fiscal policy.
The Chief of Customs of Onne subsequently assured the public that the command was determined to minimize the threat of smuggling unhealthy goods into the country.
He said: "Although it is difficult to completely eradicate smuggling activities worldwide, the command headquarters is determined to suppress smuggling activities and minimize them.
"No country can stop smuggling, but what we do is suppress it and reduce it to a minimum, because no matter how smart we are, together with other agencies, the more we adopt new methods to stop smuggling, they also improve. A strategy to bring these contraband into the country."
The boss of Onne Customs mentioned that the poor condition of the east and west roads is a major challenge for his headquarters, as this road connects the headquarters with the rest of the country, especially the Eleme axis of the road, which delays the transportation of containers. And departure.
He urged the media to remain objective in news reports. He said: "Those who engage in illegal activities in the port will not be satisfied with us. They will do whatever it takes to damage our image.
"So, if they come to you for a complaint, try to clarify the information as much as possible before publishing. Don't let anyone use you to tarnish our image."
The International Monetary Fund (IMF) stated that it will provide technical assistance and policies to the Central Bank of Nigeria (CBN) on the digital naira called eNaira launched by President Muhammadu Buhari in October 2021 Suggest.
eNaira was launched by top banks under the Central Bank Digital Currency (CBDC) last month and has received mixed feelings since its launch.
A few hours after its launch, it was removed from the Google Play store due to some negative reviews and poor ratings. But after the problem was solved, it was restored.
In an article published on Tuesday by Mr. Jack Ree of the IMF’s African Department, the global bank pointed out that the launch of eNaira has aroused “extreme interest from outside—including the central bank” because of “its size and complexity” Nigeria’s economy. "
Although the International Monetary Fund stated that it has "participated in the eNaira launch process, including providing product design reviews," it will not hesitate to continue to "provide technical assistance and policy advice."
The organization further stated that it is also willing to provide assistance in the areas of "data analysis, cross-border research, sharing eNaira experience with other countries, and discussing the further development of eNaira, including its design, regulatory framework and other aspects." "
In a report obtained by the Business Post on Tuesday, the International Monetary Fund stated that eNaira is not without risks, including "monetary policy implementation, cyber security, operational flexibility, and financial integrity and stability."
However, it emphasized that the Nigerian authorities have adopted “risk management measures” because the transfer of funds from bank deposits to eNaira wallets is subject to daily transaction and balance restrictions to mitigate the risk of weakening the role of banks and other financial institutions.
"By using a hierarchical authentication system and implementing stricter controls on relatively less-verified users, financial integrity risks, such as the risk of possible money laundering using eNaira, can be mitigated."
It is worth noting that CBN put forward the idea of eNaira to promote financial inclusion in order to allow approximately 90% of the population to “use eNaira”.
Digital currency has also been introduced to facilitate remittances, as it will allow diasporas to transfer funds to Nigeria by acquiring eNaira from international remittance operators and transferring it through wallet-to-wallet transfers to recipients in Nigeria for free.
It is expected that eNaira will also bring greater transparency to informal payments and strengthen the tax base, because if the adoption of eNaira enhances consumption through greater financial inclusion, informal and formal businesses may also benefit.
According to a regulatory document seen by The Business Post, the Lagos-based company Ronchess Global Resources Plc is planning to list on the Nigerian Exchange (NGX) Limited.
Ronchess Global is a company headquartered in Victoria Island, Lagos. The company is working on road construction, and according to its website, its main focus is "consistently providing excellence and customer satisfaction, so we focus on areas of service where we have proven expertise and a good track record."
Ronchess is also a supplier of traffic solutions, mechanized road markings and materials, and has highly skilled airport solution technicians who specialize in various types of runway and taxiway marking and maintenance.
In order to expand its business and explore the Nigerian capital market, the company plans to be listed on the exchange and adopts the method of introduction.
In order to achieve this goal, the company instructed its stockbroker FSDH Capital Limited to submit an introduction listing application to the Nigerian Exchange.
"Commercial Post" learned that the request to join the stock exchange has been approved. According to documents seen by this newspaper, the approval was approved on Monday, November 8, 2021.
The company hopes to join NGX's growth board and list 91,000,000 ordinary shares of N1.00 each at a unit price of N81.00.
Last year, NGX created a growth board to provide eligible Nigerian entities and foreign companies with a platform to increase global visibility, which will promote global capital flows.
At the time of creation, four companies were transferred to the department, they were Chellarams Plc, LivingTrust Mortgage Bank Plc, McNichols Plc and The Initiates Plc.
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