The Federal government yesterday raised hopes of a major break-through in the country’s effort developing alternative mineral resource  aside from oil and gas, when it revealed the discovery  of gold to the depth of 3,000 meters with an estimated two million ounces in the Western part of Nigeria.

The Minister of Mines and Steel Development, Mrs. Diezani Alison-Madueke who disclosed this at the presentation of the World Bank-sponsored Nigerian Airborne Geophysical Survey Data phase II in Abuja,  said the import of the latest development is that Nigeria may well be on her way to joining  countries like Ghana in supplying gold to the world market.
According to Madueke, a  coring done last year by the small mining companies, to the depth of 3,000 meters, has proved more than 300,000 ounces, with 2 million ounces estimated..

“ The importance of this fantastic piece of news is probably best appreciated within the context of the knowledge  that Nigeria has gold schist belts in the western half of the country that are very similar to those of Ghana”, she said.
She said  surveys have shown that Nigeria is richly endowed with a range of solid minerals which if properly managed and exploited may in the near future become the engine of our national economic growth.

She said the Ministry has decided to place special focus on seven of the minerals which includes,  bitumen/tar sand with estimated reserves of 27bn barrels of oil equivalent, coal (2.7 billion tonnes), iron ores (3 billion tonnes), limestone (2.23 billion tonnes), barytes (14 million tonnes) and lead/zinc sulphides one million tonnes) .

Madueke described the completion of the geophysical survey phase II as something that would facilitate  mineral exploration, ground water prospecting, pollution and geo-hazard monitoring.

“The survey also measures the Digital Elevation Model (DEM)  and Shuttle Radar  Topographic Mission (SRIM) which provide detailed information on terrains, vegetations, landforms, settlements, roads and drainages.  The data is therefore extremely useful in security   surveilance and development planning”, she said.

The Minister further said plans are underway geological, mineral and geo-chemical mapping of the country with a view to providing all the necessary data  needed  to adequately tap the mineral resources to our economic advantage.

She said the Ministry is putting in place a genstone certification process, adding that it has reached aggreement with internationally renowned Nigeria-born Jeweler to design a Jewelry line, using exclusively Nigerian gemstones.

This line of Jewelry will be launched for the international and domestic market in March this year, she said.

Earlier, the geologist involved in the preparation the survey data, Prof. Collins Reeves said a mechanism will be put in  place to enable interested scientists to study, interpret and analyse the geophysical survey data and that the outcome of their study will be made public next year.

He said the experience of Brazil could be helpful in Nigeria quest  for effective utilization of solid mineral resources.

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Region Kwara Nigeria

Sector Agriculture & Agri-processing, Energy

Foreign and local investors have the opportunity to invest in the production of ethanol in Kwara State, situated in central Nigeria.

Investment Opportunity

Cassava, an edible starchy tuberous root, is grown in large quantities across Kwara State and well suited for the production of ethanol. Ethanol is generally produced by the fermentation of sugar, cellulose, or converted starch. Apart from food and pharmaceutical uses, ethanol is finding itself alternative use for biofuel in most of the developed world.

Investors looking to process cassava into ethanol can either cultivate their own crops or buy from local farmers. Many of the ‘new Nigerian farmers’ from Zimbabwe are currently involved in the commercial cultivation of cassava. Alternatively the oil from the seeds of the Jatropha plant can also be used for ethanol production. Kwara State’s climate and soil is conducive for the growing of Jatropha.

The federal government has introduced Nigeria’s Biofuel Production Programme to establish a thriving a fuel ethanol industry by utilising agricultural products. A number of incentives have been introduced to stimulate Nigeria’s biofuel industry. These include:
# Pioneer Status All registered businesses engaged in activities related to biofuels production and/or the production of feedstock for the purpose of biofuel production and co-generation within the country shall be accorded Pioneer Status within the provisions of the Industrial Development (Income Tax Relief) Act.
# Withholding tax on interest, dividends, etc.
# Waiver on import and customs duties
# Waiver on Value Added Tax Biofuel companies that are involved in the production of biofuels feedstock; or the production of biofuels and/or the generation of electricity from biomass shall be exempted from payment of Value Added Taxes on all products and services consumed by them.
# Long term preferential loans

Reasons to Invest in Kwara State

Incentives: The Kwara State Government is willing to extend a number of incentives to serious investors. These include the provision of land and infrastructure, tax holidays and assistance with obtaining financing.

Labour: Kwara State is home to the well-respected University of Ilorin and construction of the new Kwara State University will soon be completed. Kwara State therefore has a large number of graduates who can be employed by companies investing in the state.

Cargo terminal: A new cargo terminal at the Ilorin International Airport will soon be completed and will allow for goods to be transported via air, both locally and internationally.

Power supply: Due to the recent completion of the Ganmo sub-station, the state capital, Ilorin, currently enjoys very close to 24 hours a day of uninterrupted power supply. Many business owners are delighted by the fact that they have to make very little use of generators.

Political will: The government of Kwara State is devoted to creating an enabling environment for business and investment. The state is also committed to continuity of policies which will ensure that an investor friendly environment remains even after the end of the current administration’s tenure.

Investment insurance: Nigeria is a member of MIGA (Multilateral Investment Guarantee Agency) and the ICSD (International Centre for Settlement of Investment Disputes). Potential investors are therefore insured against a wide range of non-commercial risks.

Contact Details Investors interested in this project should contact Fela Ibidapo, Special Assistant to the Executive Governor, Kwara State (Investments) at felaibidapo@gmai

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Nigerian-owned Mainstreet Technologies’ Main One Cable will connect countries in Africa to those in Europe, becoming the second competitive cable (after the Glo-1 Cable) in West Africa by June 2010.

The Main One Cable Company has concluded the shore-end laying of its undersea fibre optic cables in Lagos, Nigeria and Accra, Ghana respectively.
The shore-end cable laying is a critical intermediary procedure to install the undersea cables on the shores of countries in which the cable system is expected to berth.
This in preparation for the end-to-end laying of the full stretch of the fibre optic cable from its origin in Portugal.

Funke Opeke CEO, Main One Cable

Funke Opeke CEO, Main One Cable; Main One Cable is the Second Competitive Cable Planned to Give Broadband Access to West Africa by 2010.

With the Bachelor of Science degree in Electronic and Electrical Engineering from the Obafemi Awolowo University, Ile-Ife, in 1981, Opeke proceeded to Columbia University, New York, United States of America, where she obtained a Master of Science Degree in Electrical Engineering in 1984.
Funke has been described as an industry veteran of highly competitive environments with over 20 years experience as a telecommunications executive.

She is a highly accomplished and results-oriented engineer who has worked in several major telecommunications companies in the United States with her most recent appointment prior to her return to Nigeria being as the Executive Director, Performance Assurance, Verizon Communications, one of the largest telecommunications companies in the world.

Opeke joined Verizon Communications as Executive Director in 2001. Between 2001 and 2005, she managed different portfolios including the Business Architecture and implementation of Verizon’s global backbone network; Global Managed Network Services, and Performance Assurance for the Wholesale Services Line of Business.

She had held senior positions at several other companies in the United States including Telcordia Technologies (Bellcore), Piscataway; AlliedSignal Corporation, Morristown; PA Consulting Group, Highstown; and RCA American Communications.

Following that she moved to MTN Nigeria where she was the company CTO, her responsibilities included the planning and management of the entire MTN Nigeria network.

At the time of her engagement, MTN Corporate Services was quoted as saying that Opeke’s appointment is evidence of MTN’s commitment to recruit the best Nigerian brains and to contribute to the development of Nigerian human capital.

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China keen on Nigeria's oil reserves

Groups to dig deep for leases

Three of the world’s biggest oil companies are poised to pay hundreds of millions of dollars to hold on to prime concessions in Nigeria following keen Chinese interest in the planet’s 10th richest crude reserves.

ExxonMobil, the largest US oil group, is to pay a “signature bonus” of as much as $600m after securing a new 20-year lease to three blocks it has operated for four decades and which currently produce 580,000 barrels a day, people familiar with the situation said.

Royal Dutch Shell is close to finalising similar renewals that might see it surrender some concessions, industry insiders said, while Chevron, the second placed US group, is yet to agree a deal even after some of its leases expired at the end of last month.

The negotiations underscore the importance of Nigeria’s oil, both to western groups whose traditional dominance is weakening, and to the country’s government, which depends on petroleum revenues for 80 per cent of its income.

Militant attacks in the oil-producing Niger Delta, coupled with under-investment, have seen production fall well below capacity in recent years.

The leases expired a year ago but were extended for 12 months. Shell took out a court injunction to prevent any change of ownership before entering talks.

Few people expected big oil groups, which have been the mainstay of the industry through its 50-year history, to be ejected from blocks they operate as minority partners in joint ventures. But one person familiar with Exxon’s renewal talks said they were like “a cliff-hanger”, and concluded only days before the leases lapsed.

Cnooc, the Chinese state-owned oil company, in June sought to buy stakes in 23 blocks – including some of those up for renewal – in order to secure as many as one in six of Nigeria’s 36bn barrels of reserves.

Cnooc is willing to pay up to $50bn for the stakes, Nigerian officials said, but it may be granted far fewer than it is seeking.

Odein Ajumogobia, minister of state for oil, has said the government would be willing to sell part of its own holdings in the joint ventures to the Chinese.

Several people with knowledge of the renewal talks said the competition from China – which has signed several big energy deals in Africa to fuel its growth – had strengthened the government’s hand.

The Nigerian government hopes to use the money raised from the leases to plug part of a $10bn deficit in next year’s budget, a senior official said.

The companies declined to comment.

Copyright The Financial Times Limited 2009.

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Do you want to visit Nigeria for free?

Coming soon on this website, your dream opportunity to see Nigeria before you decide to relocate.

• Are you fed up of the USA, Europe or wherever you might be?

• Do you want to take part in a TV Show?

• Is the recession hitting you hard?

• Have you ever thought of relocating to Nigeria or investing in a country that is still growing while many others are in recession?

• Perhaps you are just curious enough to see for yourself ?

You have come to the right place.

We are launching a TV show focused on showcasing the opportunities of investing or settling in Nigeria.

It will cover all aspects of your visit to Nigeria:

• right from your arrival at the Airport,
• to your Hotel,
• to Job search & investment/business  meetings (arranged by gateway nigeria)
• visits to places of interest.
• read more here

If you want to be the first to get more exclusive details of this free trip.

Leave a comment below by answering this simple question:

“Who was the first ever President of Nigeria?”

Leave your answer in the comments box below to get exclusive details of this free trip.

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In 1989, I stumbled upon a study on sugar. It was stated then that, in 1986, France produced a ton of sugar at a cost of $700 but was selling same to African countrres at half the cost price. The question was how could France sell sugar at half its production cost per ton? In that study, it was revealed that the actual objective of setting up sugar factories in the advanced economies was not primarily to produce sugar. It was revealed that the by-products of sugar cane after extracting sugar molasses, filter-cakes and bargess are in turn raw materials for 18 different strategic industries such as industrial yeast, industrial alcohol, shoe polish, ceiling boards, glass lamination etc and these subsidiary industries were the actual reasons for setting up the sugar factories.

Thus, instead of the advanced economies allowing African countries to intensify domestic production and achieve multiplier effects, they sold sugar to our countries at rock bottom prices to discourage our nations from producing. They know the potentials of sugar are almost equivalent to oil in any serious economy. As at that year, 1989, Nigeria was producing only 4% of her consumption rate. In spite of the setting up of the Nigeria Sugar Development Council by the Abacha administration, little improvement was done. Instead, the richest Nigerian entrepreneur today, Dangote, owes his rise to the billionaire club largely on sugar importation at the initial stage.

Despite the global turbulence in commodity prices in the last 12 months, there has been one surprise star performer – sugar. Prices have risen 86% this year to reach a 28-year high at the end of August. Prices have, in fact, more than doubled since January 2008. With the market as a whole facing an estimated deficit of 7.8m tons this year – equivalent to 3.8% of global output – it is understandable that prices have risen. Many factors contribute to this. In Brazil, the world’s largest producer, there was too much rain, and the cold weather has not helped either.

Indian production fell from 28.6m tons to 16m tons due to a poor monsoon season, and restricted growth in planting due to weak prices last year. In 2008, India’s population consumed around 15% of global production. Indian production is not expected to meet demand before 2011 and problems in Pakistan, Russia and Thailand – not to mention the effects of a possible EI Nino – explain the steep rise in prices.

African producers, accounting for 6.4% of global production, and who among them have probably greater capacity than other current large producers to expand their output, may well be set to benefit from the high prices. Africa already does rather well with its sugar trading accounting for 7% of global exports. Its share of global consumption has swollen from 3.9% in 2000 to 4.9% in 2007. This share is likely to continue growing.

As a country’s income grows, there is a tendency for its sugar consumption to grow too, although this tends to plateau at around 35kg per capita year amongst middle-income countries. India’s rapidly growing appetite for sugar has meant that the country is now the world’s largest consumer of sugar, although Brazil remains the world’s greatest per capita consumer. Only Gambia (53.8kg) and Swaziland (97.4kg) consume more than this in Sub-Sahara Africa. Countries with per capita consumption substantially below the global average are likely to see that consumption rise.

Sugar still remains a cheap source of calories for consumers, so demand is likely to remain resilient globally, if static in the face of downturn and high prices. In Africa, consumption of sugar is expected to rise. The increasing significance of sugar as a source of ethanol for fuel is also driving demand. Brazil has had enormous success with this fuel source, a policy it pursued to improve energy security in response to the 1970s’ oil shock.

Other nations are also following suit. President Omar Hassan AI-Bashir has just opened Africa’s first sugar-to-ethanol plant in Sudan, utilizing sugar from one of Africa’s biggest sugar plants in Kenana. The plant was built with Kuwati support. Nigeria is also looking to emulate the Brazilian bio-fuel model, following a memorandum of understanding between the two countries in 2005 and the recent visit of President Yar’Adua to Brazil a few weeks ago.

With 30m/tons per hectare yields the global average, Nigerian 15m/tons per hectare yields have plenty rooms for improvement. Nigeria has 400,000 hectares of land suitable for high-yield sugar-cane production and the country is seeking to increase its production of sugarcane. Feasibility studies are looking along the course of rivers Niger and Benue. Some of the new production is scheduled for bio-fuels. Sugar production potentials is unlimited in the country. Recently, Nigeria’s biggest sugar refiner, Dangote Sugar, announced profits of N21.87bn ($149m) – up 2% on last year. The company is the major supplier of sugar to the nation’s beverage manufacturers. Indeed, the next major growth sub-sector in the economy may be sugar

Written by Abba Mahmood

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By Olayinka Latona

In order to check or eliminate the taboo associated with the social vulnerability of People Living With HIV/AIDS in Nigeria and to signify a major landmark in the campaign against HIV/AIDS, Mannerism Communications (MACOM) in conjunction the body of People Living with HIV/AIDS (PLWA) and the National Agency for the Control of AIDS (NACA)is hosting the first ever “Miss Positive, Nigeria “beauty pageant.

The contest is unique as it is aimed at developing a national movement for an intensive awareness campaign against HIV/AIDS stigmatisation with primary focus on youths and adolescents.

The event is scheduled for November 23- 28, 2009. Suzan Olori, Project Manager, noted that the eventual winner will reign for one year and will be responsible for executing an HIV/AIDS project in several communities in Nigeria.

Project Director, Mr. Ojo Martins, told Good Health Weekly that the Miss Positive beauty pageant seeks to promote openness, an active lifestyle and tolerance for PLWA in all spheres of life. He said the beauty contest is going to involve both HIV/AIDS positive and negative women, aged 18- 28.

“This contest is going to be an annual event. Our aim is to promote openness and active life styles for those infected and thereby sensitise the populace. The avenue will also provide a unique opportunities for brands to come-up close with the general public through their corporate social responsibilities.”

Apart of the essence of Miss Positive beauty pageant, Ojo said the event is also about networking with PLWA. “Miss Positive is beyond gathering of people and telling them about HIV/AIDS or advising them to use condoms. Rather it is coming out to tell the world that I am positive and how do the people protect me and my interest? It is different from other approach or what we are used to.

“It is an approach where anybody that is positive is proud and once he or she knows that he will not be stigmatised, it will be easier for such person to live an open life.

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Article written by Leo Okoro

Background
PRESIDENT J. F. Kennedy of the United States of America (USA) at Nigeria’s independence in 1960, referring to Nigeria, said “a new nation is born in Africa that has the resources and power to rise to our USA level in 15 to 20 years.” He added: “Let’s give them a unique birthday gift.”

That Nigeria is the giant of Africa cannot be overemphasized. The country is making all preparations towards becoming one of the top twenty economies of the world by the year 2020. Africa has always looked on Nigeria to establish an industrial base founded on establishment of micro, small and medium scale enterprises of which sand paper-manufacturing industry is one.

The springing up of such industries will go a long way in eradicating poverty, unemployment, hunger, youth restiveness, terrorism and other social vices. Even development, peace and progress will be engendered in the country.

Sandpaper is a strong paper coated with sharp sand or similar substances used for rubbing rough surfaces smooth. Standard sandpaper has measurement of about 30cm x 21cm. Sandpaper is of different forms, the smooth and rough sandpaper. The rough sandpaper is used to smooth very rough surfaces while the smooth sandpaper is used on mildly rough surface to make it smooth. Sandpaper is an imported product in Nigeria. Statistics show that almost 100 per cent of sandpaper used in Nigeria is imported, as there are no well-known local manufacturers of the product in Nigeria.

The project
The project is setting up a production plant to manufacture sandpaper. The plant will be capable of producing 405,000 sheets of sandpaper per annum at production rate of 1,500 sheets per day, employing 8 members of staff at the on set working for 270 days per annum. The raw materials needed for this project are sharp sand, broken bottles, sharp stone, paper and gum. These raw materials are easily sourced locally in Nigeria.

Machinery
The machines required are Samola sandpaper machine and the drying oven system. The Samola machine comprises of 10HP electric motor, 3HP roller electric motor, dual pulley, hammer pulley, dead rolls spreader, twin roller system, paper roller desk, and adhesive molder. The oven system is for drying of the product and it is powered by gas. The machines can be locally fabricated. Imported (foreign) machines are also available at higher prices.

Production process
The production process is very simple. The sharp sand, stone and broken bottles chips are mixed up in the right proportion and fed into the hammer mill. The hammer mill reduces them to the required sizes and screens the materials into granules. The paper is passed through a gum bath and the gritty granules are made to come into contact with the gum surface of the paper using the spreader. The dead rolls spreader spreads and presses the granules unto the gummed paper. The paper with the gum and the granules is passed to the oven system for drying. After drying, the sandpaper so produced is packaged ready for sale.

Uses/market
Virtually, all sandpapers used in Nigeria are imported from China, Taiwan and Europe as there are no well-known local productions. The lack of local production has created a wide supply-demand gap, as demand far outstrips supply, and the available products sold at high prices. There is large market for the product in Nigeria as the demand for the product is ever on the increase in industries like building construction, metal/steel, furniture/woodworks, electrical/mechanical, shoe industries, etc.

Profitability
The plant producing at annual installed capacity of 405,000 sheets of sandpaper of 30cm x 21cm per sheet, selling at an average prices of N150 per sheet is capable of generating a net turnover of N60.8 million per annum. A net profit of N5.5 million in the first year of operation is realistic with an anticipated annual growth rate of 15 per cent. The pay-back period is about three years.

Funding
Finance for this project can be through equity contribution of the promoters, commercial and micro-finance banks. Other specialized banks like the Bank of Industry (BOI) are handy to augment financing of this project.

Implementation
Implementing this project begins with conducting a detailed feasibility study and producing a report that ascertains the actual cost/benefit scenario of the project.

Recommendation
The writer strongly recommends this project to all interested investors as the industry is very virgin, attractive, feasible and quite lucrative. All prospective investors can contact the writer for a bankable feasibility report and further assistance.

Investment requirement

Preliminary expenses                          100,000
Factory site                                              400,000
Plant and machinery                        1,500,000
Motor vehicles                                    1,500,000
Furniture/fitting and equipment    300,000
Working capital                                      300,000
Contingency                                             100,000
Total                                                   4,200,000

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Written by Henry Kester Ewruje

The world is going through a global economic crisis but African countries have remained relatively unaffected by the first round of the crises.
In a write-up for Gateway Nigeria, Naija4ever, started that “Nigeria’s economy grew by 5% last year despite the Niger Delta crisis and the epileptic power supply. Why am I not surprised?
With this kind of economic growth, I cannot but agree that the attainment of vision 2020 by the federal government is possible, when the country hopes to become one of 20 top economies in the world.
The Central Bank of Nigeria gave the nations economy a clean bill of health with the domestic macroeconomic environment remaining resilient in 2008 despite continuing global economic melt down.
Financial experts say the economy is likely to remain insulated from the adverse effects of global financial crises because of limited exposure of our financial institutions to the global financial markets and the underlying cause of the crises.
Many things have been said and written about the country’s hyra-headed multifariously stunted economy. The economy is no doubt in dire straights.
Some aspects of the economy need urgent attention such as electricity, high prices of petroleum products, health care, food crises, insecurity, education, infrastructure, agriculture, Niger-Delta and employment.
Competence and confidence are fast losing ground in the country and in our people.
Surprisingly, economic and financial experts say the nation is a safe haven for investment.
Since Obasanjo’s tenure as president the only areas where growth were recorded were in the banking and telecommunications sector, but there are reports of likely explosion in other areas of the economy.
As much as we want to before optimistic about Nigeria, we are struck in the face by some brazen realities that it will be foolish to live in a false sense of grandeur. What business can anyone do with less than one hour of electricity a day? Anyway, there are those who can afford diesel for their generators.
Life however, becomes meaningless when the people abandon hope. Only emergency actions can ameliorate the extensive damage done to the psyche of Nigerians and the structure of the economy. The country’s natural and human resources have not been properly husbanded and deployed since independence in 1960.
Nigeria has come out tops in global surveys carried out on every negative indicator-poverty, human rights violation, life expectancy, transparency, government, science and technology, HIV/AIDS. Literacy, health, unemployment, violence and corruption.
Many people are thinking that the country would soon collapse.
Surprisingly, the highly credible Merrill lynch came out in November last year, with an economic survey, and the result is that Nigeria is the world’s safest economy, meaning the least vulnerable economic environment.

By this pronouncement, Nigeria may attract huge attention and investments. This is at a time when the USA, leads other countries in the risk zone including the UK, Euro zone, Bulgaria, Sweden, Hungary, Romania, South Korea, Switzerland and Australia.
Merrill Lynch came out in the economic survey that Nigeria, including Mexico, Philippines, Columbia, Egypt, Oman, Indonesia, Peru, China and Russia.
Merrill Lynch and Co, Inc is global financial services firm. Through its subsidiaries and affiliates, the company provides capital market services, investment banking and advisory services, wealth management, asset management, insurance, banking, and related financial service worldwide.
Merrill Lynch has its headquarter in New York City, and occupies the 34 stories of the Four World Financial Centre building in Manhattan. It survives on future studies and forecasts, and does not joke about it.
Nigeria should attract huge attention and investments. It is time for Nigerians abroad to come back home, and invest in the economy.

Nigeria is ripe for investment.

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That Nigeria is the giant of Africa can not be overemphasized. PRESIDENT J. F. Kennedy of the United States of America (USA) at Nigeria’s independence in 1960, referring to Nigeria, said “a new nation is born in Africa that has the resources and power to rise to our USA level in 15 to 20 years.” He added: “Let’s give them a unique birthday gift.” The country is making all preparations towards becoming one of the top twenty economies of the world by the year 2020. Africa has always looked on Nigeria to establish an industrial base founded on micro, small and medium scale enterprises.

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