Commodities

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Commodities

TSF commends FG for launch of first ultra-modern mineral analysis laboratory in Nigeria

Abuja, Dec. 20, 2024 – The Tinubu Stakeholders Forum (TSF) has welcomed the unveiling of an ultra-modern mineral analysis laboratory in Sabon-Wuse, Niger State, as a major achievement in Nigeria’s journey towards excellence in the mining sector. In a statement signed by its Chairman Ahmad Sajoh and Secretary Josiah Afolabi, the group said it was a groundbreaking development by the federal government which aligns perfectly with President Bola Tinubu’s Renewed Hope Agenda. “For us, the inauguration of this laboratory, the first of its kind in Nigeria, represents a crucial step …

Commodities Manufacturing/Industry

Biden finally to block Nippon Steel sale deal

Washington, Dec. 11, 2024 – President Joe Biden plans to formally block the $14.1 billion sale of United States Steel Corp. to Nippon Steel Corp. on national security grounds once the deal is referred back to him later this month, people familiar with the matter said. The Committee on Foreign Investment in the United States panel, which has been reviewing the proposed takeover for much of this year, must refer its decision to Biden by Dec. 22 or 23, said the people, who asked to not to be identified discussing …

Commodities Foreign

Ghana’s illegal mining boom seeps into presidential election

Accra, Dec. 5, 2024 – Dressed in a white singlet with a scarf tied around his head, Frank crouched near a muddy pit, preparing to plunge his hands into the soil in search of gold. Around him, shirtless men, their bodies smeared with dirt and glistening with sweat, worked tirelessly under the blazing sun, near Ghana’s capital Accra. But their activities come at a cost — degraded farmlands, polluted water bodies, shrinking forests and damage to Ghana’s cocoa crops, a major source of export revenue. Ghana, the world’s sixth-largest gold …

Commodities

Nigeria, France MoU on mining, a landmark achievement – TMV

Abuja, Dec. 4, 2024 – The Tinubu Media Volunteers (TMV) has applauded the Memorandum of Understanding (MoU) signed between Nigeria and France on mining during the recent state visit by President Bola Tinubu to France. In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary Shadrach Sunday, the group said the MoU would go a long way in making the solid mineral sector more lucrative and vibrant.  “We note that for the first time in Nigeria, clarity and sanity are being witnessed in the solid minerals sector under the …

Commodities

Gold climbs to record high as Mideast, US elections drive demand

Lagos, Oct. 21, 2024 – Gold reached a record high on Monday, with safe haven demand continuing to support prices as traders monitored escalating tensions in the Middle East and the increasingly tight US election race. Bullion climbed as much as 0.3% to an all-time high of $2,729.30 an ounce, topping last week’s peak by a few dollars. The bullish sentiment has also spilled over to silver, which was trading at the highest since 2012. Markets are focused on geopolitical risks in the Middle East, with Israel discussing its next …

Agriculture Commodities Foreign Manufacturing/Industry Maritime/Shipping

Ghana’s economy grew by 6.9% in Q2 2024, fastest in five years

Accra, Sept. 18, 2024 – Ghana’s economy grew by 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors, the country’s statistics agency said on Wednesday. The strong growth represents a significant recovery for the producer of gold, oil and cocoa which has been grappling with its worst economic crisis in a generation due to skyrocketing public debt. “The 6.9% growth rate is highest since the second quarter of 2019 and it was driven largely by strong expansion in …

Commodities Money market

FAAC shared N3. 47trn to FG, states, LGAs in Q2, 2024

Abuja, Sept. 17, 2024 – The Federation Accounts Allocation Committee (FAAC) disbursed N3.473 trillion to the three tiers of government in the second quarter of 2024. The Nigeria Extractive Industries Transparency Initiative (NEITI) reported this in its latest Quarterly Report on Federation Account Revenue Allocations for the second quarter (Q2) of 2024. This figure represented an increase of N46.77 billion or 1.42 per cent over the amount disbursed in the first quarter of 2024. The federal government received N1.102 trillion, representing 33.35 per cent of the total allocation, while the …

Commodities General News

FG arraigns 2 Chinese, 5 others for illegal mining activities

Abuja, Sept. 2, 2024 – The Federal Government has arraigned seven suspected illegal arrested in Kogi and Ondo states as part of efforts to sanitise the mining sector. Segun Tomori, the Special Assistant (Media) to Dele Alake, the Minister of Solid Minerals Development announced, disclosed this in a statement on Monday. He said three of the suspects, two Chinese nationals and a Nigerian, were arrested by Mining Marshalls for violation of existing mining regulations in an operation code-named “Operation Hayakin Kogo,” in Ikah Community of Ankpa LGA, Kogi State The …

Commodities

Egypt increases electricity bills by 50%

Cairo, Aug. 21, 2024 – A massive increase in the price of electricity is on the cards for households in Egypt as the country gradually phases out subsidies. Raises will range from 14.45 per cent to 50 per cent, depending on the consumption bracket of individual homes. For households with prepaid meters, the increase came into effect on Saturday, while people with regular meters will see rates go up from 1 October. The gradual phase out of electricity subsidies is part of an agreement with the International Monetary Fund to …

Commodities

FG to increase cocoa production to 500,000 tonnes by 2025

Abuja, July 16, 2024 – The Federal Government plans to increase cocoa production to 500,000 metric tonnes by 2025  This to improve cocoa production from the 340,000 metric tonnes achieved in 2022.  Nura Rimi, the Permanent Secretary in the Federal Ministry of Industry, Trade, and Investments, disclosed this at the Pre-National Trade Dialogue Series Meeting in Abuja on Tuesday.  The theme of the meeting was “The State of Nigeria’s Global Trade Ecosystem: Bridging the Gaps for a Renewed Programme”. Rimi, who was represented by Kaura Irmiya, the Ministry’s Director of …