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Nigeria’s Mineral Wealth Surpasses $700 Billion, Declares Alake
Nigeria’s Mineral Wealth Surpasses $700 Billion, Declares Alake....KINDLY READ THE FULL STORY HERE▶
Dele Alake, Nigeria’s minister of solid minerals, has revealed that the country’s mineral resources are currently valued at over $700 billion.
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Alake made the statement while speaking at an event on the sidelines of the United Nations General Assembly, with the theme: “From critical minerals to energy transition: Africa in the driver’s seat.”
He said there is potential for further discoveries, demonstrating Nigeria’s readiness to meet the growing global demand for these essential resources.
Highlighting the significance of the solid mineral development sector, Alake stated that President Bola Ahmed Tinubu has made it a central focus of his administration, with the ambitious goal of making it a pivotal contributor to Nigeria’s national Gross Domestic Product.
He emphasised that Nigeria boasts abundant resources such as lithium, graphite, and rare earth elements.
He pointed out that valuable minerals like lithium, graphite, nickel, and more are found within Nigeria’s borders, and there is a steadfast commitment to developing the entire value chain within the country.
Alake invited foreign investors to participate in Nigeria’s solid mineral sector.
He highlighted the deliberate incentives offered by the government to attract investment, including capital allowances of up to 95% for qualifying capital expenditure, tax holidays ranging from 3 to 5 years, the possibility of capitalising spending on exploration and surveys, and free transferability of foreign currency through the Central Bank of Nigeria for servicing foreign loans and remittances of foreign capital, among other benefits.
He also articulated Nigeria’s determination to be vital in the evolving global landscape, particularly within the solid mineral sector.
”Our goal is clear: Nigeria is well-positioned to play an important role in our new world, and we’re ready to collaborate.
”President Tinubu’s vision for the solid mineral sector is ambitious, and we are determined to make it a reality,” the minister said.
The Presidency has rejected calls for the sacking of EFCC Chairman Ola Olukoyede following the anti-graft agency’s decision to freeze the Osun State Government’s accounts days before the August 15 gubernatorial election.....KINDLY READ THE FULL STORY HERE▶
The EFCC had placed a “Post No Bill” order on the accounts on Wednesday, citing suspicious transactions and an ongoing investigation since March 2026, asserting its legal right to freeze accounts for 72 hours based on reasonable suspicion. However, President Bola Tinubu intervened on Thursday, directing the commission to unfreeze the accounts and labeling their action embarrassing due to its timing and political optics.
Following this intervention, opposition figures intensified pressure on Olukoyede to resign. Major Agbo, National Chairman of the NNPP, criticized Tinubu’s directive as undermining the EFCC’s independence by creating the appearance that the commission takes orders from the President, while Yunusa Tanko of the Obidient Movement suggested Olukoyede should step down to protect his personal integrity.
Conversely, sources within the Presidency indicated that while President Tinubu was frustrated with the timing of the move, it does not signal the end of Olukoyede’s tenure, with one official noting that a disagreement with the President is not grounds for dismissal.
In a related development, court documents obtained by SaharaReporters revealed that the EFCC had secured a formal order from the Federal High Court in Abuja on Tuesday, August 5, 2026, to freeze three Osun State Government accounts over allegations of public fund diversion and money laundering. This order authorizes the agency to restrict transactions pending the conclusion of its investigation and potential prosecution.
Market sources indicate that parallel market (black market) operators in Lagos traded the dollar at a selling rate of ₦1430 and a buying rate of ₦1415 on Friday, August 7, 2026.....KINDLY READ THE FULL STORY HERE▶
Meanwhile, official rates via the Central Bank of Nigeria (CBN) recorded a high of ₦1367 and a low of ₦1363. Please note that the CBN does not officially recognize parallel market transactions and advises individuals to conduct foreign exchange dealings through authorized banking channels. Actual transaction rates may also vary depending on specific market conditions and locations.
During the inauguration of the Nigeria Democratic Congress (NDC) reconciliation committee, NDC chieftain Buba Galadima revealed that Bauchi State Governor Bala Mohammed is currently straddling the political fence and could potentially align with either the NDC or President Bola Tinubu of the APC for the 2027 polls.....KINDLY READ THE FULL STORY HERE▶
Galadima shared that Governor Mohammed had previously considered defecting after a late-night meeting, but ultimately backed out due to advice against joining a party that already features a strong presidential candidate.
In a separate development, Governor Mohammed recently swore in four new commissioners—Madaki Ahmad Gololo, Bashir Yau, Bashir Adamu Rishi, and Baraya Ibrahim—to fill vacancies left by officials who resigned to pursue political ambitions, were removed, or stepped down voluntarily ahead of the upcoming general elections. Emphasizing integrity and transparency, the governor noted that the appointments ensure continued representation for the affected local government areas in the State Executive Council.
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