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Nigeria Set To Benefit From Deep Sea Mining – Dakuku

Dr. Dakuku Peterside, director general, Nigerian Maritime Administration and Safety Agency (NIMASA), has stated that Nigeria is set to benefit from the deep sea mining through effective harnessing of the opportunities by working with the International Seabed Authority (ISBA).
The NIMASA DG who made this known at the opening ceremony of the 23rd Assembly of the International Seabed Authority (ISBA) held in Kingston, Jamaica said that irrespective of the numerous resources in Nigeria, there was the need to work more closely with the ISBA in the area of seabed resources exploration.
Dr. Peterside who led the Nigerian Delegation to the event commended ISBA on its role in the optimal utilization of seabed resources among maritime stakeholders and solicited for assistance in the area of capacity building to survey deep sea and establish data base of mineral resources available for the benefit of all mankind.
He stated further that the Federal Government is currently developing policies that will aid the harnessing of seabed resources and will be working closely with the ISBA.
According to Dr. Peterside, “the Nigerian Federal Ministry of Transportation is developing a country blue economy policy and strategy which will incorporate the sustainable development of the country’s deep seabed resources”.
Speaking further, he said at the moment the Nigerian Navy Hydrographic office has been undertaking hydrographic survey and charting of our maritime area, and added that in the same vein NIMASA is working with Nigerian Navy to effectively enforce the United Nations Convention on the law of the sea and other relevant international maritime instruments to which we are a party around our continental shelf.
He also noted that, while seeking exploitation of the mineral resources within the Seabed off our national maritime jurisdiction, marine environment preservation and protection will continue to be given top priority.
Dr. Dakuku used the opportunity to congratulate Mr. Michael Lodge of the United Kingdom on his appointment as Secretary General of ISBA Council and Eugenio Joao Muianga of Mozambique on his election as President of the Authority’s 23rd session.
He added that Africa is proud of the feat of Eugenio Joao Muianga and pledged that Nigeria is ready to cooperate with and support the work of the Authority while looking forward to benefiting from available opportunities.
The International Seabed Authority is an autonomous international organization established under the 1982 United Nations Convention on the Law of the Sea and the 1994 Agreement relating to the Implementation of Part XI of the United Nations Convention on the Law of the Sea.
The Authority, which has its headquarters in Kingston, Jamaica, came into existence on 16 November 1994, upon the entry into force of the 1982 Convention and as at July 25, 2016 it has 168 member countries of which Nigeria is one.
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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud


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AfDB Supports Francophone Africa Start-ups with €6.5M

The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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