Commodities

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Ivory Coast to increase cocoa price by 50%

Abidjan, April 1, 2024 – Ivory Coast’s President Alassane Ouattara will increase the official cocoa farmgate price to 1,500 CFA francs ($2.47) per kg from Tuesday from the current 1,000 CFA, sources at five different export companies said. The sources, who requested anonymity because of the sensitivity of the issue, said they were citing a decision at a government meeting on Saturday. Earlier in the day, Ouattara had validated a proposal for a price of between 1,100 and 1,200 CFA francs per kg before reversing his decision and asking that …

Customs arrest 120 truckloads of foods being smuggled out of Nigeria

Abuja, March 5, 2024 – About 120 truckloads of food items from Nigeria were arrested by the Nigerian Customs Service (NCS) while being smuggled out of the country in the last two weeks. Adewale Adeniyi, the Comptroller General of the Nigerian Customs Service (NCS), said this on Tuesday during a sectoral debate organised by the House of Representatives. He said the president had directed that the arrested trucks be diverted to the local markets in the area to force down prices of these items. Adeniyi urged the country to avoid quick …

Dele Alake appointed Chairman, Africa Minerals Strategy Group

Cape Town (South Africa), Feb. 6, 2024 – Dele Alake, Nigeria’s Minister of Solid Minerals Development, has been appointed Chairman of the newly established Africa Minerals Strategy Group (AMSG). Alake was unanimously appointed as the inaugural meeting of the group held on the sidelines of the 30th Investing in Africa Indaba in Cape Town, South Africa. The event was attended by ministers of mineral development of Uganda, Democratic Republic of Congo (DRC), Sierra Leone, Somalia, South Sudan, Chad, Botswana, Zambia and Namibia. More than 15 countries have pledged support, with …

FG yet to recover N2trn royalties, taxes from miners – Alake

Kaduna, Feb. 1, 2024 -The Federal Government is yet to recover over N2 trillion unpaid royalties from miners and operators in the country. Dele Alake, the Minister of Solid Minerals Development, said this on Thursday at a meeting with Licensed Minerals Holders and Laterite/Sand Operators Dealers in Kaduna State. He was represented by Kutman Hosea Ali, the Acting Zonal Mines Officer, North-West Zonal Office. Alake said the current administration was bent on stopping operations of illegal miners in the country. “Miners and Operators owed the federal government more than N2 …

FG grants 499 permits to dealers in solid minerals

Abuja, Jan. 30, 2024 – Dele Alake, the Minister of Federal Ministry of Solid Minerals Development, on Tuesday said government had given permits to 499 dealers to the buy and sell solid minerals in the country. He announced this at conference on solid minerals in Abuja on Tuesday. Alake listed the minerals for which permits were given to include lithium, gold, tin, coal, tantalite, iron ore, kaolin, feldspar, beryl, barite, columbite, mica, and aquamarine. He said: “The Ministry continues to facilitate the processing of applications for permits to refine minerals …

Tinubu approves appointment of inter-ministerial committee on steel projects

Abuja, Jan. 11, 2024 – President Bola Tinubu has approved the appointment of an inter-ministerial committee for the execution of three steel development projects, including the revival of the Ajaokuta Steel Mill. Shauibu Audu, the Minister of Steel Development, disclosed this to journalists after a meeting with the president on Thursday. He said the main task of the committee would include sourcing funds for the revitalisation of the moribund Ajaokuta Steel Company Limited. The minister said the committee would also work to actualise the establishment of a steel company of …

Nigeria willing to attract investors through tax waivers – Alake

Riyadh (Saudi Arabia), Jan. 11, 2024 – Dele Alake, the Minister of Solid Mineral Development, says the federal government is willing to attract investment to the mining sector through tax waivers on imported mining equipment.   Alake said this during a meeting with Bandar AlKhorayef, his Saudi Arabian counterpart, on the sidelines of the ongoing Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.  He highlighted the importance of partnerships, stressing that critical minerals deposits in Nigeria were crucial to global energy transition.  Alake expressed the willingness of the Nigerian team to …

Local value addition is key to development of mineral sector – Alake

Riyadh (Saudi Arabia), Jan. 11, 2023 – Dele Alake, the Minister of Solid Minerals Development, says local value addition is key for the development of the sector in Nigeria. The minister said this during a panel discussion at the ongoing Future Minerals Forum (FMF) in Riyadh, Saudi Arabia. He called for international support to enhance local value addition in the mining sector a this was crucial in fostering the growth of both the mining industry and the broader African economy. He said that the focus should now move from the …

Powerful Nigerians behind illegal mining, insecurity – Alake

Abuja, Dec. 12, 2023 – Dele Alake, the Minister of Solid Minerals Development, on Tuesday says powerful Nigerians behind illegal mining of the country’s mineral deposits. Alake said this on Tuesday when he appeared before the House Committee on Solid Minerals to defend the ministry’s 2024 budget.  He also said powerful Nigerians were behind the insecurity in areas of the country with solid mineral deposits. Alake said government was identifying those individuals with a view to taking appropriate action against them. “One discovery that we have made is that a …

Tinubu considers solid minerals sector as pillar of diversification efforts – Alake

Abuja, Dec, 4, 2023 – Dele Alake, the Minister of Solid Minerals Development, says President Bola Tinubu has identified the solid minerals sector as a pillar of Nigeria’s current efforts to diversify the economy. A statement issued in Abuja by Kehinde Bamigbetan, the Special Adviser to the minister, said Alake made this while discussing prospects for deep sea mining in Nigeria’s coastal waters during a visit to the Commonwealth Secretariat in the United Kingdom. Alake said that the ministry had developed a seven-point agenda that included  establishment of a solid …