Latest news with #RenewedHopeAgenda
The Star
09-06-2025
- Business
- The Star
Feature: From pit to prosperity -- Nigerian miners find renewed hope from solid minerals revival
by Olatunji Saliu ABUJA, June 9 (Xinhua) -- As the early morning sun stretched long shadows across the rocky terrain of a small mining site in Nigeria's central state of Nasarawa, 43-year-old Abubakar Musa, a third-generation artisanal miner, sifted meticulously through the freshly unearthed soil. For about two decades, Musa's livelihood -- like that of countless informal miners across Africa's most populous country -- was a precarious gamble. His work teetered on the edge of legality, exposed to market volatility and rife with exploitation. But today, a quiet confidence radiates from him. "Things have truly changed," Musa told Xinhua in a recent interview, a glint of hope lighting his eyes. "We now work with dignity, and our future feels secure." Musa's optimism captures the remarkable transformation sweeping through Nigeria's solid minerals sector, now two years into President Bola Tinubu's administration. Long plagued by illegal operations and the unchecked export of raw materials, the once-overlooked sector is being reimagined as a pillar of economic diversification -- drawing record investment, boosting government revenue, and empowering local communities. At the heart of this revival is a radical shift in policy: a decisive move toward local value addition. Under Tinubu's Renewed Hope Agenda, the Ministry of Solid Minerals Development rolled out a seven-point roadmap in 2023, aimed at formalizing the sector, curbing illicit practices, and ensuring that Nigeria's vast mineral wealth drives national development. One cornerstone is the "no raw material export" policy. Any new mining license must include a plan for domestic processing, transforming raw output into higher-value products within Nigeria. Minister of Solid Minerals Development Dele Alake told the media recently that the shift has already paid off. In 2024 alone, the sector attracted over 800 million U.S. dollars in processing-related investments, fueled by tightened regulations and growing investor confidence. "Nigeria has not had it this good in the solid minerals sector. We are restoring confidence, building data, enforcing the law, and returning value to Nigerians from their resources," Alake said. According to Alake, government revenue from the sector has surged, jumping from 6 billion Nigerian nairas (about 3.85 million dollars) to over 38 billion Nigerian nairas (about 24.4 million dollars) in 2024. First-quarter figures for 2025 already indicate strong continued growth. "The days of exporting raw minerals from pit to port are over," Alake said, emphasizing the government's resolve. "We are now focused on turning our mineral wealth into domestic economic value -- jobs, technology, and manufacturing." This strategic pivot is perhaps most visible in Nigeria's lithium sector. Alake highlighted two major processing plants -- one near the Kaduna-Niger border and another near Abuja -- as key examples of the new direction. These facilities are designed not just for extraction, but as integrated industrial hubs that add value, drive innovation, and create thousands of direct and indirect jobs. Foreign partners have taken note, particularly Chinese firms, which are increasingly prominent in Nigeria's push toward localized processing. Sinic Engineering Limited, a Chinese company with over five years of experience in Nigeria, is playing a key role in this transformation. Vice General Manager Wei Guoting told Xinhua that the company provides integrated engineering mining services, including procurement and construction contracts, mine development, open-pit mining, and mineral processing operations -- all while maintaining high-level international standards. "For instance, we have deployed 3D geological modeling and intelligent exploration technologies to precisely delineate resource reserves and establish a tiered resource evaluation system, enabling scientific targeting of high-grade deposits," Wei said. Equally important, Wei noted, is the firm's commitment to localization. Sinic has developed a robust training program for local workers, earning the nickname "Sinic Skills Training School" among the local community. To date, the company has trained more than 1,000 Nigerian technical professionals. Back in Nasarawa, the impact is clear on the ground. Musa, who once toiled informally with little security or reward, is now part of a formally recognized mining cooperative -- one of over 250 created under the government's formalization drive. These cooperatives have absorbed tens of thousands of miners into the formal economy, providing access to finance, training, and safer working conditions. "Before, we just sold stones for whatever price we could get," Musa said. "Now, we are part of a larger chain, with training on safer practices and a clearer understanding of the value of what we extract." As the sun continued its climb over the Nasarawa hills, a renewed sense of hope emerged from the country's rugged mining heartlands and the lives being reshaped within them.
Broadcast Pro
03-06-2025
- Business
- Broadcast Pro
NBC and Nigcomsat launch satellite plan to transform broadcasting
For the first time, Nigerian households will gain access to high-quality digital broadcasts via affordable satellite dishes, hybrid devices, and internet-enabled set-top boxes. The National Broadcasting Commission (NBC) and Nigerian Communications Satellite Limited (NIGCOMSAT) have jointly introduced The Big Picture, a flagship initiative under Nigerias renewed Digital Switchover (DSO) project. Backed by President Bola Ahmed Tinubu and in line with his Renewed Hope Agenda, this strategic shift marks a significant step toward transforming Nigerias broadcasting landscape by leveraging the countrys sovereign satellite infrastructure. At the heart of the initiative is NigComSat-1R, Nigerias only communications satellite in orbit, which will play a critical role in delivering Direct-to-Home (DTH) broadcasts across the entire Nigerian territory. This satellite-first approach eliminates the traditional dependence on terrestrial transmission towers, accelerating the nationwide rollout of digital broadcasting by over 65%. It also offers a scalable, cost-effective, and future-ready model for expanding digital access and promoting national storytelling. Key figures, including NBCs Director-General, Barr Charles Ebuebu, and Nigcomsats Managing Director, Jane Nkechi Egerton-Idehen, have welcomed this forward-thinking strategy, emphasising its importance in maximising the use of national satellite assets and ensuring inclusive access to digital content. For the first time, millions of Nigerian households will be able to access high-quality digital broadcasts through affordable satellite dishes, hybrid set-top boxes, and internet-enabled devices. An estimated 10 million homes equipped with DVB-S2-compatible televisions or decoders will have immediate access to free-to-air channels, while others will benefit from next-generation hybrid devices that combine satellite feeds with online streaming capabilities. These new branded devices are designed with the countrys youth-dominated demographic in mindover 60% of the population is under the age of 25. They will feature pre-installed apps, voice search functionality, parental controls, and seamless integration with NigComSats Electronic Programme Guide (EPG), offering an intuitive and engaging user experience. In a data-driven upgrade to Nigerias broadcasting ecosystem, NBC is also partnering with global analytics firm GARB to introduce real-time audience measurement technology. This will enable broadcasters, advertisers and content creators to analyse viewership trends across regions and devices, helping to tailor content more effectively and drive higher audience engagement. The introduction of this system is expected to boost advertising revenue by as much as 300% by 2026. The success of The Big Picture will rely on robust collaboration between public and private stakeholders. The Broadcasting Organisation of Nigeria (BON) and other content partners are expected to supply 60% of programming for the new 120-channel platform, using both original and repurposed content. Meanwhile, local manufacturers will contribute by producing around 5 million compliant devices annually, a move projected to create over 20,000 jobs in assembly plants nationwide. This ambitious initiative also dovetails with President Tinubus By-Nigeria industrial policy, aiming to stimulate local manufacturing, strengthen economic resilience, and champion Nigerian creativity and innovation. As the country transitions to a fully digital future, The Big Picture stands as a transformative blueprint for democratising access to information and revitalizing Nigerias cultural narrative through technology.
Yahoo
29-05-2025
- Business
- Yahoo
Life is improving in Nigeria, Tinubu says
President Bola Tinubu has told Nigerians that the worst is behind them and that the country is getting better, in a speech to mark the end of his second year in office. Halfway through his term, Tinubu acknowledged the pain his reforms had unleashed, adding that he did not take the patience of Nigerians for granted. "Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation," he said. On the day he took office in May 2023, he announced the end of a long-standing fuel subsidy - a move that caused a huge surge in prices, leaving many Nigerians unable to buy enough food to eat. Tinubu said: 'Despite the bump in the cost of living, we have made undeniable progress. Inflation has begun to ease, with rice prices and other staples declining." Inflation was 24% last month, according to the official figures, compared to 22% when he took over. This is an improvement from this time last year when it stood at 34%. Weeks later Nigerians took to the streets in a nationwide protest that left several people dead. A fall in the rate of inflation does not mean that prices are falling - just that they are rising at a slower rate than before. Could Nigeria's careful ethnic balancing act be under threat? The World Bank predicts that Nigeria's total output, or GDP, will grow by 4% this year - a faster rate than the 3% when Tinubu took over. However, unemployment remains a major concern, with many graduates still complaining about not being able to find jobs. The president said he had little choice about removing the subsidy, saying the huge cost was a "chokehold on our nation's neck, strangling our nation's future", while allowing corruption to thrive. After his inauguration and under what he called a "Renewed Hope Agenda", Tinubu pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift Nigerians out of poverty. Public affairs analyst professor Adeosun Olufemi told the BBC he feels the president has made positive gains in some areas, adding that the governors of Nigeria's 36 states should take the blame for some of the problems over the past two years. "After the president announced fuel subsidy removal, money allocated to state governors increased heavily but what have they done with it?" he asked. The president, 73, won the bruising 2023 election with 37% of the vote – defeating former Vice-President Atiku Abubakar and former governor Peter Obi in a three-way race. There is massive speculation that some of the major political parties could form a coalition ahead of the next election in 2027 to challenge Tinubu, who is expected to seek a second term. Nigeria's fierce political rivals share joke at pope's inaugural mass 'I scarred my six children by using skin-lightening creams' Blank questions, power cuts and a suicide: Nigeria's exams fiasco Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica Focus on Africa This Is Africa
Zawya
29-05-2025
- Business
- Zawya
Nigeria: FG's $188mln Sukuk attracts over $1.3bln in record-breaking subscription
The Series VII Sovereign Sukuk through which the Debt Management Office (DMO) offered N300 billion on behalf of the Federal Government of Nigeria (FGN), recorded an unprecedented subscription level of over N2.205 trillion. This represents an excess of 735 per cent of subscriptions. The Debt Management Office (DMO) described this as clear evidence of the huge investor appetite for the ethical instrument introduced by the DMO in 2017 as an innovative strategy to expand the nation's investor base and provide opportunities for all Nigerians to participate in the activities of the capital market. An analysis of the subscriptions showed that the subscribers cut across various segments of the public: retail, non-interest banks and financial institutions, banks, pension fund administrators, asset/fund managers and others. The DMO said like the previous series, funds realized from the Issuance will be used by the FGN to construct new roads and rehabilitate existing ones, as well as build bridges in the six geo-political zones of the country and the Federal Capital Territory (FCT). It added that the raising of funds through Sukuk to finance infrastructure projects aligns with Mr. President's Renewed Hope Agenda of which infrastructure development is a key pillar. The management stressed that the DMO remains committed to providing safe and liquid investment products to the public and supporting the FGN's development plans.
Zawya
29-05-2025
- Business
- Zawya
Nigeria: Tinubu declares economic reforms working
• Says only alternative to reforms was fiscal collapse • Reaffirms commitment to security, national development • Highlights progress made amid rising cost of living President Bola Tinubu, in a nationwide broadcast to mark his second year in office on Thursday, declared that the economic reforms implemented by his administration have begun yielding positive results. The President stated that Nigeria is 'on course to building a greater, more economically stable nation,' despite acknowledged difficulties faced by citizens due to the reform process. In a wide-ranging address from Lagos, President Tinubu reflected on his administration's achievements and laid out his vision for continued national renewal under the 'Renewed Hope Agenda.' President Tinubu reaffirmed that the removal of fuel subsidies and the unification of the foreign exchange market were critical first steps taken to save Nigeria from a looming fiscal disaster. 'It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens' welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows,' he said. According to him, these painful yet necessary decisions have started bearing fruit. He cited a sharp drop in the fiscal deficit – from 5.4% of GDP in 2023 to 3.0% in 2024 – alongside improvements in foreign reserves, which rose from $4 billion in 2023 to over $23 billion by the end of 2024. Tinubu warned that inaction would have led Nigeria to a financial abyss. 'The only alternative to the reforms our administration initiated was a fiscal crisis that would have bred runaway inflation, external debt default, crippling fuel shortages, a plunging Naira, and an economy in a free-fall,' he said. To avert such a scenario, the administration ended Ways and Means financing and repositioned the Nigerian National Petroleum Company (NNPC) as a net contributor to the Federation Account through local refining and subsidy removal. Acknowledging the hardship triggered by inflation, Tinubu noted that food prices, particularly rice, had begun to decline, signalling relief. He pointed to a recovering oil and gas sector – with rig counts up over 400% in 2025 compared to 2021 – and over $8 billion in new investments. Other macroeconomic gains include a rise in real GDP growth (4.6% in Q4 2024), narrowing debt service-to-revenue ratios, and the elimination of opaque tax waivers in favour of targeted incentives for agriculture, manufacturing, and technology. Tinubu touted the administration's tax reform drive, which lifted Nigeria's tax-to-GDP ratio from 10% to 13.5% in one year. He said the new framework prioritises fairness and economic justice: 'Essential goods and services such as food, education, and healthcare now attract 0% VAT, while rent, public transportation, and renewable energy are fully exempted.' A Tax Ombudsman will soon be introduced to protect small businesses and vulnerable taxpayers, while a new fiscal policy framework will guide responsible borrowing and disciplined spending. The President highlighted investments in healthcare and education as pillars of his national development strategy. Over 1,000 primary health centres are being revitalised, with 5,500 more undergoing upgrades. He also announced that six cancer treatment centres are being established, with three already operational. On education, Tinubu cited progress in infrastructure and the student loan scheme to support indigent students. Social investments, skill development, and empowerment programmes have also expanded youth access to economic opportunities. The President noted revitalisation in the solid minerals sector, driven by a shift from 'pit-to-port' extraction to value-added production. He praised the National Agency for Science and Engineering Infrastructure (NASENI) for setting governance benchmarks and driving digital-first industrialisation, citing the launch of electric vehicle assembly lines and Africa's most advanced diagnostic kit factory. Initiatives such as Innovate Naija, Irrigate Nigeria, and the NASCAV drone programme for female engineers are positioning young Nigerians at the forefront of national transformation, he said. Turning to national security, Tinubu stressed that without safety, economic growth cannot be sustained. 'Every Nigerian deserves to live without fear,' he stated, affirming his administration's commitment to securing lives and property. He credited improved interagency cooperation and intelligence operations for recent gains in the fight against banditry in the northwest, where previously abandoned farms are now back in use and highways safer. 'Our military, police, and intelligence agencies are committed to responding to emerging threats,' Tinubu said. President Tinubu reiterated the government's commitment to food security, noting investments in mechanised farming, fertiliser supply, and thousands of tractors for farmers. He also listed ongoing road infrastructure projects nationwide, including the Lagos-Calabar Coastal Highway, Second Niger Bridge access roads, and the Abuja-Kaduna-Zaria-Kano dual carriageway, among others. In the energy sector, the administration is upgrading transmission infrastructure and expanding off-grid solar energy to power homes, schools, and businesses. The President announced Nigeria's readiness to host the inaugural Motherland Festival, aimed at celebrating the nation's culture, creativity, and tourism potential. He said the event would attract global attention and affirm Nigeria's leadership role in Africa and its place as a global partner. He also acknowledged the strategic importance of the Nigerian diaspora, highlighting policies such as the diaspora bond and non-resident BVN to facilitate greater participation in national development. President Tinubu closed his address with a note of optimism, declaring, 'By the Grace of God, we are confident that the worst is behind us. The real impact of our governance objectives is beginning to take hold.' He called on citizens to remain united, assuring them that the government is committed to a stronger, more inclusive Nigeria where prosperity is broadly shared and future generations can thrive. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
