Capital markets integration to tackle liquidity challenge -Ndanusa Gas pipeline hit again, affects electricity capacity
Nigeria’s mining sector can create over 5m jobs –Expert Kaduna, Sokoto to experience two-day power cut
Chairman of the Board of the Securities and Exchange Commission (SEC) Mr. Suleyman Ndanusa has said the capital markets regional integrating would deepen and improve the markets liquidity.
He made it known while speaking shortly after the opening session of the 5th meeting of the West African Capital Markets Integration Council (WACMIC) yesterday.
He said integrating the markets would not only empower Nigeria’s largely underdeveloped mining sector has the potential to create wealth and employment for over five million people if the sector is given the needed attention.
This position was articulated by the Executive Director (Operation) of Nasaman Limited, a gold mining company, Henry Mitchell, in a presentation to the Minister of Mines and Steel Development in Abuja.
He said currently the sector employs only approximately 500,000 workers directly and 2 million indirectly.
Mitchell, who advises the United Nations on artisanal mining practices in Nigeria, lamented that the majority of gold mining in Nigeria is “performed on an informal basis by a marginalised workforce who endure appalling conditions and have access only to dangerous, rudimentary and the region to be a formidable force to other emerging markets, but would also tackle the challenge of depth and liquidity which would help create a bigger market for both local and foreign investors.
He assured that all the capital markets of countries within the West African sub-region would be integrated by the first quarter of 2016.
The SEC Chairman, who expressed satisfaction with the progress so far made in the integration process, said significant achievement had been recorded in two out of the three phases for integration required for capital market integration. inefficient processing methods.”
He said most of artisanal mining activities are concentrated in Zamfara, Kebbi, Niger and Kogi states leading to dangerous health implications, including the lead poisoning in Zamfara in the past.
“Mercury amalgamation is widespread and leads to the release of mercury vapour - a potent neurotoxin,” he explained the effect of artisanal mining.
“The sector ripe for development. It currently contributes only 0.37 percent of GDP but experienced 11 percent growth in 2012. Now is the time to commit to the development of the industry,” he said.
The Minister of Mines and Steel Development, Architect Musa Mohammed Sada, pledged the commitment of the federal government to support Nasaman in the empowerment of artisanal miners to reduce the inherent risks.
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The three phases are the direct access market phase; the qualified West African stockbroker phase and the West African capital market phase which is the ultimate phase.
Ndanusa said, “According to the timetable, by the end of 2015, we should have substantially gone through all the stages. We have three stages and we attained stage 1 in April 2014; we are working towards stage two and three. So obviously, latest by first quarter of 2016 we should have attained the three stages for integrating the capital market in West Africa.”
He charged the council to push harder for the harmonization of market processes, regime instruments, while ensuring the environment is as adaptable as possible and that compliance cost minimal
“Let us push harder for the harmonization of market processes, regimes and instruments, while ensuring the environment is as adaptable as possible and that compliance costs are minimal. We should also properly situate financial literacy and financial inclusion within the architecture of this integration project. The people of this Region must, after all, be carried along for the ultimate actualization of this lofty dream” Ndanusa said. The Kaduna Electricity Distribution Company (KAEDCO) yesterday issued a statement saying it will carry out turnaround maintenance between tomorrow and Sunday during which pre-paid customers may not be able to recharge their energy metering systems.
The statement signed by Head, Corporate Communication, AbdulAzeez Abdullahi said customers were advised to load enough credit to avoid power cut during the period. It said “the company wishes to inform its pre-paid customers that the Company’s IT engineers will carry-out maintenance work on its server on Saturday 7th and Sunday 8th March, 2015. The Transmission Company of Nigeria (TCN) yesterday said vandals struck at the EscravosLagos Pipeline System (ELPS) Gas Pipeline at Inikorogha, Gbaramatu Kingdom, Delta State, blasting away about 24 inches of the pipeline.
In a statement by its Public Affairs Manager, Seun Olagunju, TCN said ‘this latest act of sabotage by unscrupulous Nigerians has once again affected gas supply to electricity generation and resulted in the reduction of generated power to the national grid.’
It recalled that the vandals struck the Trans-Forcados Pipeline (TFP) last month and while restoration efforts were being completed, they struck again.