***“Together, we can unlock Africa’s mineral wealth,” says Alake

Nigeria and South Africa have taken a bold step toward deepening their collaboration in the mining sector, as both nations seek to harness their vast mineral resources to fuel industrialization and economic growth across the continent.

Speaking at the Nigeria-South Africa Technical Working Visit on Mining Sector Cooperation in Abuja on April 16, 2025, the Minister of Solid Minerals Development, Dr. Oladele Alake, emphasized the importance of the partnership in advancing Africa’s development agenda.

“Our partnership can unlock Africa’s mineral wealth, create jobs, and drive sustainable growth,” Alake said. “With South Africa’s world-class mining expertise and Nigeria’s rich mineral deposits, we are laying the foundation for a strategic collaboration that will benefit both nations and the continent at large.”

The visit brought together senior government officials and technical teams from both countries, led by South Africa’s Minister of Mineral Resources and Energy, Hon. Gwede Mantashe, and Nigeria’s Minister of Steel Development, Prince Shuaibu Audu Abubakar.

At the heart of the engagement is a proposed Memorandum of Understanding (MoU) on cooperation in geology, mining, and mineral processing. The agreement aims to:

Facilitate technology and knowledge transfer;

Promote cross-border investments in mining;

Support capacity building and joint research;

Align strategies with the African Mining Vision;

Enhance value addition in the mineral sector.

Dr. Alake noted that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes diversification through solid minerals. He reaffirmed Nigeria’s commitment to building a transparent, investment-friendly mining environment.

“As we pursue reforms, we are equally committed to environmental sustainability and community development,” Alake added.

In his closing remarks, Minister of Steel Development, Prince Shuaibu Audu, hailed the meeting as a milestone in Nigeria-South Africa relations.

“This session has laid the groundwork for technical and strategic alignment. We are ready to implement the key resolutions reached and move toward tangible outcomes,” Audu said.

He commended the South African delegation for their insights and reiterated Nigeria’s interest in deepening cooperation in mineral processing, metallurgy, and mining governance.

Both ministers expressed optimism that the partnership would position Nigeria and South Africa as continental leaders in responsible and inclusive mineral development, while contributing to the broader goals of the African Continental Free Trade Area (AfCFTA).

The two countries are expected to finalize and sign the MoU in the coming months, paving the way for new investments, job creation, and sustainable exploitation of Africa’s mineral wealth.

***FAAC Disburses N931.3bn Statutory Revenue, N593.7bn VAT

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.578 trillion as March 2025 federation revenue to the Federal Government, 36 states, and the 774 local government councils.

This was disclosed in a statement issued by Mr. Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General of the Federation, following the FAAC meeting held on Tuesday in Abuja.

The shared revenue comprised N931.325 billion from statutory allocations, N593.750 billion from Value Added Tax (VAT), N24.971 billion from the Electronic Money Transfer Levy (EMTL), and N28.711 billion from Exchange Difference revenue.

According to the FAAC communiqué, total gross revenue available in March stood at N2.411 trillion, higher than February’s N2.308 trillion. Deductions for the cost of collection totalled N85.376 billion, while N747.180 billion was earmarked for transfers, interventions, and refunds.

Revenue Breakdown

From the total distributable revenue of N1.578 trillion, the Federal Government received N528.696 billion, the State Governments N530.448 billion, and the Local Government Councils N387.002 billion. Additionally, N132.611 billion was disbursed to oil-producing states as 13% derivation revenue.

Under the N931.325 billion statutory revenue, the Federal Government received N422.485 billion, States N214.290 billion, and LGAs N165.209 billion, while N129.341 billion was allocated as derivation revenue.

For the N593.750 billion VAT pool, the Federal Government received N89.063 billion, State Governments N296.875 billion, and LGAs N207.813 billion.

From the N24.971 billion EMTL, the Federal Government got N3.746 billion, States N12.485 billion, and LGAs N8.740 billion.

The N28.711 billion Exchange Difference revenue was shared as follows: Federal Government — N13.402 billion, States — N6.798 billion, LGAs — N5.241 billion, and N3.270 billion as derivation revenue.

Trends in Revenue Sources

FAAC reported a significant increase in collections from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) for March 2025. However, revenue from Oil and Gas Royalties, VAT, EMTL, Excise Duty, Import Duty, and CET Levies experienced declines.

*** Locally produced rice re-bagged as imported brands, says Commission

In a major clampdown on food fraud, the Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday sealed five wholesale shops in Utako Market, Abuja, for allegedly re-bagging and selling locally produced rice as imported brands such as Royal Stallion and Mama Gold.

The enforcement exercise, led by Mrs. Boladale Adeyinka, Director of Surveillance and Investigations at the FCCPC, followed credible intelligence gathered by the Commission. The operation was carried out in collaboration with officers of the Nigeria Police Force and other security agencies.

“Our investigation revealed that locally milled rice is being deceitfully packaged in bags of well-known foreign brands, which are no longer officially imported into Nigeria,” Adeyinka said during the raid. “This practice is not only deceptive but exploitative, as traders are taking advantage of consumers’ preference for foreign brands to hike prices.”

According to her, brands like Mama Gold ceased export activities as far back as 2015. “Yet, in 2025, these bags are still flooding our markets. The traders admit to knowing these products are no longer imported, yet they continue to sell them,” she said.

The Commission has confiscated the offending products and invited the shop owners for further investigation. Administrative penalties and fines are expected to be applied in accordance with the FCCPC Act.

Adeyinka urged consumers to verify the source of rice they purchase, especially when seeking foreign brands, and to patronize only recognized importers and distributors to avoid deception.

Some traders affected by the raid claimed ignorance. Mr. Emmanuel Nneji, one of the shop owners, said he was unaware that Stallion had discontinued production and that he sourced his goods from Kaduna and Kano. “If I had known, I wouldn’t have bought the product. I don’t want to suffer losses,” he said.

Another trader, who declined to be named, admitted the rice was re-bagged but said he sold it at a cheaper price of N18,000 for a 10kg bag—much lower than the N25,000 to N28,000 typically charged for authentic imported rice.

Mr. Alex Igwemma, Secretary of the Utako Market Traders Association, criticised the Commission’s unannounced visit but acknowledged that traders should have known the brands were no longer available. He urged members to ensure the authenticity of goods sold to consumers.

The FCCPC reaffirmed its commitment to protecting consumers from unfair trade practices and warned that more enforcement actions would follow in other markets across the country.