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FG Signs Agreement with Egyptian Company on Gold Mining

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The federal government has signed an expression of interest agreement with leading luxembourg incorporated private gold development and mining company in cairo, egypt. The agreement signed between the ministry of mines and steel development and the company messrs la mancha incorporated is for the investment in gold mining in nigeria. Minister of state, mines and steel development, uchechukwu ogah, stated that with the signing of the expression of interest by la mancha, efforts to attract big investors into the sector have started yielding the desired result. He added this will boost the diversification of the economy through the minerals and metals sector. Director of press for the ministry etore thomas, in a statement, said nigeria as the largest economy in africa and with its vast and mostly untapped solid mineral resources has the potential for industrialization through the mineral sector.

The Federal government has signed an expression of interest agreement with leading Luxembourg incorporated private gold development and mining company in Cairo, Egypt.

The agreement signed between the Ministry of mines and steel development and the company Messrs la Mancha incorporated is for the investment in gold mining in Nigeria.

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Minister of state, mines and steel development, Uchechukwu Ogah, stated that with the signing of the expression of interest by la Mancha, efforts to attract big investors into the sector have started yielding the desired result.

He added this will boost the diversification of the economy through the minerals and metals sector.

Director of press for the Ministry Etore Thomas, in a statement, said Nigeria as the largest economy in Africa and with its vast and mostly untapped solid mineral resources has the potential for industrialization through the mineral sector.

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Finance

BOI Disburses N969.6bn in 5 years

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BOI Disburses N969.6bn in 5 years

The Bank of Industry (BOI) has disbursed loans worth N969.7 billion to borrowers in five years to support various businesses.

BOI deputy head, business development, Mrs Aderonke Akinluyi, disclosed this at a webinar by the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday in Lagos.

Akinluyi said the funds were disbursed between 2015 and 2020 to over three million micro, small and medium enterprises (MSMES), and 653 large enterprises.

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Speaking on the theme: “funding opportunities for businesses in the bank of industry,” Akinluyi said the bank during the period created 6.98 million direct and indirect jobs.

She also disclosed that the bank was currently collaborating with over 330 business development service providers (BDSPS) to offer advisory and business support services aimed at improving intending MSMES.

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Finance

CBN to sell N722bn treasury bills in Q3’21

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CBN to sell N722bn treasury bills in Q3’21

The Central Bank of Nigeria, CBN, said it will sell N722 billion worth of Treasury Bills (TBs) in the third quarter of 2021 (Q3’21).

The apex bank disclosed this in its Nigeria Treasury Bills Issue Programme for Q3’21 released weekend.

The apex bank said that the Treasury Bills would be issued in tranches with the first tranche rolled out on June 3, 2021, while the last tranche is scheduled for August 28, 2021.

During the period, CBN will issue Treasury Bills worth N41.35 billion on 91 days’ tenor, N151.13 billion on 182 days and N529.68 billion on 364 days.

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A breakdown of the Programme revealed that in June, CBN plans to sell N106.1 billion worth of Treasury Bills, comprising N7.26 billion worth of 91 days’ bills, N9.52 billion worth of 182 days’ bills, and N89.32 billion worth of 364 days’ bills.

In July, CBN targets sale of N407.34 billion worth of Treasury Bills comprising N22.53 billion worth of 91 days’ bills, N92.84 billion worth of 182 bills and N291.97 billion worth of 364 days’ bills.

In August, CBN plans to sell N208.68 billion worth of Treasury Bills comprising N11.55 billion worth of 91 days’ bills, N48.76 billion worth of 182 bills and N148.37 billion worth of 364 days’ bills.

Read Also: CBN Vows to Sustain Foreign Exchange Restrictions On Import of Food Items

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Imports, exports freight charges cost Nigeria N32trn in 5yrs

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Imports, exports freight charges cost Nigeria N32trn in 5yrs

Nigerian businesses paid foreign shipping lines a whopping $45 billion (about N21.6 trillion) as freight charges between 2015 and 2019.

With increases in the charges since 2020, the unofficial figures is expected to be around $60billion (about N28.8 trillion) by end of this month, assuming cargo throughput remains at same level.

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A huge portion of this cost is said to be coming from a War Risk Insurance, WRI, premium slammed on Nigeria-bound cargoes by foreign insurance firms. But shippers indicated that if WRI was removed from the Nigerian Ports Authority, NPA, figures, then the inclusion would have brought the total cost burden on Nigerian importers and exporters to the region of N32 trillion over the period.

This development was the immediate fallout of the collapse of the nation’s shipping line, the Nigerian National Shipping Line, NNSL, and the inability of the private sector to fill-in the gap.

Consequently, foreign shipping lines and cargo underwriters are said to have capitalized on the situation to impose freight charges and WRI most of which are only applicable to Nigerian cargoes.

Confirming the situation last week with a breakdown of the nation’s shipping position, the out-going Executive Secretary of the Nigerian Shippers Council, NSC, Hassan Bello, said during the period under review, a total of 26,147 foreign vessels berthed at Nigerian ports with a dry cargo throughput of 372 million metric tonnes and total wet cargo throughput of 613 million metric tonnes.

Read Also: Shippers’ Council targets 24hr port operations

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"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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