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RMAFC Unveils New Data Rendition Template For Solid Minerals

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Joel Ajayi 


The Revenue Mobilization Allocation and Fiscal Commission, in conjunction with the Federal Ministry of Solid Minerals Development, has introduced a new solid minerals data rendition template for effective monitoring of revenue from the solid mineral sector in Nigeria.


Speaking during a one day sensitisation exercise on the implementation of the new template on Tuesday in Abuja, Chairman of the Commission Dr. Muhammed Bello Shehu OFR who was represented by the Chairman of the Solid Minerals Monitoring Committee of RMAFC at the occassion reiterated the Commission’s commitment to promoting the diversification of the Nation’s revenue sources in line with the Renewed Hope Agenda of  President Bola Ahmed Tinubu GCFR, which aims to harness the country’s revenue potentials from other key sectors of the economy such as solid minerals, tourism, manufacturing and the blue economy.


The Chairman who underscored the importance of the new template said, “The implementation of the new data rendition template could not have come at a better time, given the current economic realities the country is facing.

The need to diversify our national revenue sources cannot be overemphasized, especially considering the nation’s over-dependence on hydrocarbon revenues, which are often affected by fluctuations in the international oil market, as well as challenges such as crude oil theft and vandalism.”


Dr. Shehu disclosed that, in line with its constitutional mandate as enshrined in the 1999 Constitution of the Federal Republic of Nigeria (as amended), the Commission had conducted two nationwide solid mineral revenue monitoring exercises in 2016 and 2022 aimed at boosting revenue generation from the mining sector. He added that the exercises had considerably improved the level of revenue generation from the sector.


He, however, lamented that despite the growing scale of activities in the country’s mining sector, only a negligible amount was being remitted to the Federation Account. This, according to him, was largely due to inadequate and ineffective monitoring of mining operations.

He therefore emphasized his determination to make sure that the Commission under his leadership  work assiduously to ensure that all revenues due to the Federation Account from the mining sector were fully and promptly remitted into the Federation Account.


The new data rendition template, he explained, was designed to capture and manage relevant information such as the quantity of minerals produced, details of producing companies and their locations, as well as licenses, fees, and permits paid by mining companies.

The Chairman assured that the proper utilization of this data rendition template will enhance transparency and accountability by ensuring that mining operations and revenues are effectively tracked and managed.


In his remarks, Hon. Ibrahim  Shettima, Chairman, Solid Minerals Monitoring Committee and Federal Commissioner representing Niger State in the Commission stated that the event was organized to bridge identified gaps to engender the timely and accurate rendition of revenue data on a state-by-state basis by relevant government agencies and operators in the solid minerals sector.


Speaking further, Hon. Shettima explained that the exercise aimed to establish an independent, reliable data platform for the Commission  and serve as a credible source for comparison and policy decision-making.


Other stakeholders such as  Director Mining Inspectorate, Federal Ministry of Solid Minerals,Engineer Imam Ganiu, D.G Mining Cadestre Office, Engr. Obadiah Nkom and the President of the Miners Association of Nigeria Mr. Segun Ayanleke  acknowledged that Nigeria has the potential to be a key player in the global mining industry if the  sector is efficiently and effectively managed. They, therefore, called for proper implementation of policies around the sector so as to achieve optimal results. They also advocate for stronger synergy between government and private stakeholders in the sector.


The high point of the event was the presentation of papers by resource persons on the general overview of the global and nigerian mining sectors, assessment of revenue contribution using data rendition, overview of the functions and activities of the Federal Ministry of Solid Minerals Development (FMSMD) as a major economic driver and the functions and activities of the Mining Cadastre Office (MCO).


Papers were also presented on the role and experience of the Miners Association of Nigeria and the new data rendition template as a requirement for accurate and Timely Data Reporting in the Solid Minerals Sector.

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NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

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By Joel Ajayi

The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.

For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.

According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.

Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.

Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.

With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.

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