International Partners Invited for Foreign Investment: KPMG Highlights Nigeria's '44 Solid Minerals' Wealth

  press review | June 17, 2024

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44 Solid Minerals: KPMG Highlights Nigeria’s Mineral Wealth, Calls for International Mining Partnerships To Attract FDI. KPMG says joining global mining bodies will validate Nigeria’s mineral deposits and boost investor confidence.

Arise – 17.06.2024

Global audit, tax, and business advisory firm, KPMG, has stated that to fully attract Foreign Direct Investment (FDI) into Nigeria’s over 44 solid minerals scattered in over 500 locations nationwide, the country, through its agencies, must sign up for relevant international mining organisations.

In its June report on the country’s solid minerals sector, KPMG stated that based on its mineral wealth, Nigeria should naturally be a preferred mining destination for many multinationals.

The firm listed Nigeria’s mineral deposits to include, but not limited to, gold, barite, bentonite, limestone, coal, bitumen, iron ore, tantalite/columbite, lead/zinc, gemstones, granite, marble, gypsum, talc, iron ore, lead, lithium, nickel, and silver.

It stated, however, that a myriad of challenges had plagued the sector, hindering its ability to attract and retain the much-needed foreign participation and investments.

The report stated, “Therefore, in addition to its continuing efforts to mitigate the identified domestic challenges and to improve the ease of doing business in Nigeria, the federal government (through the relevant ministries or key mining associations) should consider becoming a member of renowned international mining organisations.

“They include: The Committee for Mineral Reserves International Reporting Standards (CRIRSCO), the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), and the International Council of Mining and Metals (ICMM), amongst others.”

KPMG stated that membership and affiliations with such globally renowned mining organisations would confer several benefits to Nigeria and mining stakeholders, and had the potential to put the country in pole position to attract FDIs.

It said, “Some of the other benefits include the following: validating the veracity and existence of acclaimed mineral deposits, especially of critical metals, earning and maintaining global trust by promoting high standards of reporting of identified mineral estimates and strengthening the social and environmental performance of the mining sector, in view of the increasing ESG-investment considerations.”

It identified other benefits as, “Building recognition of the mining sector contribution to local communities and society at large and strengthening laws and policies to achieve short and long-term sustainable development goals.”

Given what it described as the recent strides and advancements recorded in the Nigerian mining sector, KPMG said the country could maximise its potential by sending positive signals of readiness for business to the global community.

It said such signals would be energised by certifications obtained from membership of the appropriate organisations, which could strengthen investor confidence and make the country the preferred investment destination for mining majors.

As of May 2024, KPMG stated that a total of 7,182 companies and individuals were licensed to operate in the upstream subsector, including exploration, mining lease, quarrying lease and small scale mining licence.

It listed some of the challenges in the sector to include the lack of critical infrastructure, particularly adequate electricity supply and access roads to sites of mineral deposits, as well as limited geoscience data and information.

KPMG stated, “A major issue facing the sector is the apparent lack of adequate, accessible and reliable geological data on available mineral resources and their locations which affects the sector’s ability to attract investors.

“Every investor requires access to credible data to facilitate investment decision making. Most of the available geological/geoscience data are dated. This raises questions about the credibility of the resource information and impacts the bankability of mining projects.”

However, it said the federal government, in May 2024, through the office of the Nigerian Geological Survey Agency, introduced the Nigerian Mineral Resources Decision Support System (NMRDSS), a web-based application that provides read-only access to geo-scientific and geo-economic data of Nigeria.

KPMG said another issue hobbling the growth of the minerals sector in Nigeria was insecurity.

It stressed that although a number of the mineral rich communities in the northern region of Nigeria had now been liberated from the occupation of terrorist groups, communal and religious conflicts occurred intermittently in the Middle Belt region, an area known to be rich in minerals and metals.

It said the recent operations of the Mines Surveillance Task Team to tackle the challenges of illegal mining and the recent inauguration of the Transport and Mining Marshals were a step in the right direction, as it could help to foster a more secure climate for operators.

The firm said, “Illegal mining activities in some of the regions pose attendant Health Safety & Environment (HSE) risks and community challenges.

However, it is expected that with the strengthening of the nation’s security apparatus, it will help to contain and curtail the nefarious activities of illegal mining.

In the meantime, we need to know that there is an ongoing cholera epidemic in Lagos: help is needed and UNICEF is calling for urgent action

Lagos is a city in Nigeria with 16,348,100 inhabitants, which therefore has the second most populous urban area in Africa after Cairo. Its metropolitan area exceeds 21 million inhabitants, making it the fourteenth most populous in the world and the most populous among African cities. Capital until 1991 when the seat of government was moved to Abuja, it remains the commercial and economic center of the state. The city is becoming the protagonist of enormous demographic growth in recent years, so much so that it has been considered the first city in Africa and seventh in the world for the speed of population growth, as well as having been the fourth city in the world by population, after the megacities. Chinese Chongqing, Shanghai and Beijing.

Cholera Outbreak In Lagos: UNICEF Calls For Urgent Action As LASG Confirms 15 Deaths

The Lagos State government has confirmed 17 cholera cases out of 350 suspected cases, as well as 15 deaths. The United Nations Children’s Fund (UNICEF) has said recurrent cholera outbreaks in Nigeria are critically affecting children and the population at large. This is as the Lagos State government on Saturday confirmed 17 cases of the disease out of 350 suspected cases in 29 wards in the state. This was contained in a statement issued on Saturday by UNICEF’s Chief of Lagos UNICEF Field Office, Celine Lafoucrier, in response to the cholera outbreak in Lagos and other parts of the country.

Lafoucrier said children faced substantial health risks, particularly those below the age of five, who were prone to severe dehydration and a higher mortality rate. She urged governments at all levels to focus on the provision of clean and risk-free water to prevent the spread of cholera in the country. According to her, despite the state government’s efforts to provide water to its population, the current outbreak has demonstrated the need for an urgent government focus on ensuring that the water provided to the population is clean and risk-free.

“Addressing the challenges of cholera outbreaks requires a deliberate focus of state policies.

“And this includes the provision of high-standard water and sanitation facilities as well as strengthened healthcare systems capable of responding to demand in times of outbreaks.

“There should be campaigns on cholera prevention to protect children and the population at large,” she said.

Lafoucrier said that good water and sanitation infrastructure played a crucial role in reducing disease outbreaks, such as cholera, which causes an estimated 100,000 deaths annually.

“Water, sanitation, and hygiene (WASH) interventions are fundamental in preventing and responding to cholera epidemics.

“Safe water supplies, hygienic sanitation, and effective water management are key elements in this effort.

“Ultimately, preventing cholera centres on good sanitation and hygiene practices.

“Key actions include proper disposal of faeces, eliminating open defecation, and ensuring access to potable water.

“Regular hand washing with clean, running water and soap is vital.

“Additionally, avoiding the consumption of uncooked vegetables, unwashed fruits, raw or undercooked seafood, and food from street vendors is important to reduce the risk of cholera infection,” she said.

According to her, safer water can annually prevent 1.4 million child deaths from diarrhea, 500,000 deaths from malaria, and 860,000 child deaths from malnutrition.

She said that it could also protect 10 million people from serious illnesses like lymphatic filariasis and trachoma.

Lafoucrier, however, said that disease outbreaks ultimately hinder Nigeria’s progress in achieving health-related Sustainable Development Goals (SDGs), particularly SDG 3, which focuses on ensuring healthy lives and well-being for all.

Meanwhile, the Lagos State government has confirmed 17 cholera cases out of 350 suspected cases in 29 wards in the state.

According to a statement on Saturday, the state government said it had recorded 15 fatalities from the cholera outbreak.

The statement signed by the Director of Public Affairs at the state Ministry of Health, Tunbosun Ogunbanwo, noted that the government has activated its Public Health Emergency Operations Centre at Mainland Hospital, Yaba, Lagos.

It said the PHEOC was convened to address the increasing number of severe gastroenteritis cases across multiple LGAs in the state.

The statement added that the Commissioner for Health, Prof. Akin Abayomi, disclosed this while speaking on steps taken to control the outbreak in Lagos State.

“He revealed that 350 suspected cases of cholera were reported in 29 wards across multiple LGAs in Lagos State with 17 confirmed cases and 15 fatalities so far,” the statement partly read.

The commissioner was quoted as saying, “The laboratory investigation and test results have so far confirmed Cholera sub-type O-1. This subtype is associated with more severe disease. The pattern of new cases per day varies across LGAs, according to our ongoing surveillance and monitoring updates.

“Although this is an increase from the numbers published 3 days ago, cases are now dramatically subsiding in previously affected LGAs due to our interventions and surveillance efforts, however, we are recording some new cases in previously unaffected LGAs, signalling the need for residents to adhere strictly to precautionary, personal, and environmental hygiene measures.

He added, “The Directorate of Environmental Health of the Ministry of Health in collaboration with the Lagos State Environmental Protection Agency of the Ministry of Environment, have collected samples of water sources, food and beverage samples in all the affected LGAs, while inspections of facilities are ongoing.

“We are prepositioning cholera kits in health facilities across the State. Our efforts to control the outbreak also include the distribution of Oral Rehydration Solutions, and public health education campaigns.”

Abayomi noted that a Lagos State Government Ministry of Health high-level team just concluded a meeting with the Director General of the Nigeria Centre for Disease Control and Prevention, Dr Jide Idris, and his team as well as partners from the World Health Organisation to ensure all interventions are optimised.

Abayomi urged residents to support the state government’s efforts by adhering strictly to precautionary measures, cooperating with health authorities, and participating in community-wide sanitation activities to mitigate the spread of cholera, particularly as the Sallah celebration approaches.

“During this Ileya festive season, residents are advised to drink safe water, cook food thoroughly, maintain personal hygiene, wash hands regularly, use sanitiser, and avoid overcrowded places.

“Reporting symptoms like watery diarrhoea or vomiting immediately is also crucial, to save lives and prevent transmission to other members of the community.

“Treatment for suspected cholera is provided free of charge at all government facilities as part of government standard public health response,” he said.

The commissioner added, “We will continue to monitor the situation closely and provide regular updates. Residents are advised to stay informed and adhere to public health advisories to ensure their safety and well-being during this period.”

Lagos State Tourism Hosts Three-Day Trade Fair To Boost SMEs

Governor Sanwo-Olu’s tourism SA has assured of government’s commitment to SME viability, urging business owners to collaborate for mutual benefit.

In a move to boost small and medium-scale businesses, the Lagos State Ministry of Tourism, Arts, and Culture, in collaboration with Naija Brand Chick, has launched a three-day trade fair aimed at providing a platform for local businesses to thrive amidst challenging economic conditions.

The event, which commenced on Friday, attracted about 220 vendors showcasing a diverse range of products and services.

Idris Aregbe, Special Adviser to Governor Babajide Sanwo-Olu on Tourism, highlighted the importance of the trade fair as part of the state’s strategy to support and nurture businesses.

“We have a master plan in Lagos that we are following. Our goal is to broaden our scope, emphasising that Lagos tourism is not just about entertainment and events but also about engaging with creatives and impacting every Lagosian’s life,” Aregbe stated.

Addressing the broader economic challenges affecting the ease of doing business in Nigeria, Aregbe reassured that the Lagos State Government is committed to ensuring SMEs remain viable.

He urged business owners to collaborate with the government to create mutually beneficial outcomes.

 “The government cannot do it alone; we need individuals and partners to come onboard,” he explained.

Aregbe also cited the broader vision of promoting Lagos as a gateway to Africa.

He called on all Lagosians and Nigerians to support this initiative, stressing that a functional Lagos and Nigeria require collective effort.

“It’s about viewing Africa through the lens of Lagos and ensuring that we extend Lagos’s reach to the world,” he said.