These are the five things to know to start your Wednesday:
Association urges FG to outline blueprint on solid minerals for efficient mining activities
The Miners Association of Nigeria (MAN) has called on the Federal Government to create a clear agenda for mineral resources management to enhance mining activities across the country.
The President of MAN, Dele Ayanleke, expressed concerns about state governments interfering with mining operations, urging the government to establish a solid minerals sector plan.
He emphasized the association’s willingness to collaborate with relevant stakeholders for a regulated and sanitized mining environment. Ayanleke criticized some state governments, including Taraba, for attempting to regulate or ban mining activities, stating that the competence to determine mining legality rests with federal agencies.
He stressed the need for the federal government to uphold the constitution’s Exclusive Legislative List and encourage mining best practices.
BoI, LASG move to improve manufacturers’ financial prospects under AfCFTA
Lagos State Government and Bank of Industry (BoI) have advised manufacturers to explore available financing options for improved competitiveness under the African Continental Free Trade Area (AfCFTA).
Speaking at the Manufacturers Association of Nigeria’s AGM, BoI’s Managing Director, Olukayode Pitan, highlighted the importance of seamless access to finance for sustaining the manufacturing sector.
He emphasized the need to keep businesses organized, adopt digital solutions, and avoid fraudulent ideas. Pitan also mentioned that Development Financial Institutions like BoI and African Export Import Bank offer favorable financing options.
Lagos Governor Babajide Sanwo-Olu encouraged manufacturers to utilize various avenues of financing for competitiveness, sustainability, and harnessing AfCFTA’s potential. Manufacturers sought government aid, infrastructure improvements, and reduced taxation.
Climate change costs Nigeria $7bn in 2022 floods, 600 lives lost
The Nigerian government reports that the floods in 2022 caused $7 billion in direct economic damage, with over 600 lives lost.
Vice President Kashim Shettima described this as the worst impact of climate change in the country, speaking at a UN event. He highlighted how the floods brought the nation to a halt and pointed out that the $7 billion is about 1.6 percent of Nigeria’s 2021 GDP.
Despite Nigeria’s small contribution to global carbon emissions, it ranks among the top 10 most vulnerable countries to climate change effects. The Vice President emphasized the challenges posed by drought, desertification, erratic rainfall, sandstorms, floods, and damage to land and infrastructure.”
Global job growth slows, unemployment to rise: ILO report
The International Labour Organisation (ILO) predicts that global employment growth in 2023 will be just 1 percent, a significant drop from 2022.
Around 3 million more people are expected to become unemployed, reaching a total of 208 million. This is largely due to the rising cost of living, pushing people into poverty and working poverty.
Vulnerable workers, such as those in absolute poverty and informal economies without legal rights or protection, are hit hardest. Low-income countries won’t recover pre-pandemic employment levels this year, partly because informal work has increased. ILO urges nations, including Nigeria, to work towards Sustainable Development Goal 8 for decent work.
Technological advancements and global challenges complicate the future of work.
Skepticism surrounds Piedmont lithium’s bid to supply Tesla
Piedmont Lithium faced skepticism and frustration during a meeting with local North Carolina officials about its plans for a lithium mine that would supply Tesla’s electric vehicle batteries.
The proposed open-pit mine has been seeking approvals for over two years and is facing resistance from concerned residents worried about water supply issues and environmental impact.
Despite assurances from Piedmont that widespread well drying is not expected, officials and residents remain cautious. The company’s CEO’s absence at the meeting was criticized.
Piedmont emphasized technical experts’ presence and offered solutions to potential water problems, such as assisting neighbors with deeper wells or municipal connections. The project highlights the tension between the desire for domestic lithium production and local environmental concerns.”