BUSINESS

Overview of LITHIUM Mining And Buying Licence In Nigeria

Published

1 month ago

Overview of LITHIUM Mining And Buying Licence In Nigeria

Due to its critical role in the shift to sustainable energy sources, lithium, a fundamental component in rechargeable batteries and electric cars, has attracted considerable global attention. Nigeria, a nation abundant in mineral resources, has demonstrated lithium mining potential. The goal of this article is to give a thorough and in-depth analysis of the potential, regulatory environment, and required procedures for purchasing and mining lithium in Nigeria: “Overview of LITHIUM Mining And Buying Licence In Nigeria.”

Understanding Nigerian LITHIUM Mining

Mining for lithium is the process of removing lithium ores from the earth for industrial usage. The creation of lithium-ion batteries, which are used to power electric vehicles and store renewable energy, is one of the most significant uses of lithium, which is a valuable metal util many other industries.

Lithium mining in Nigeria is a recently developed sector. Lithium reserves are abundant in the nation, especially in the northern region. There are no lithium mines currently in operation in Nigeria, and lithium exploration and extraction are still in their infancy.

Due to the huge lithium reserves in the nation, Nigeria has a significant potential for lithium mining. The Geological Survey of Nigeria estimates that the nation contains lithium resources worth 40,000 tons. These reserves are mostly found in the states of Nasarawa, Kaduna, and Plateau.

Overview of LITHIUM Mining And Buying Licence In Nigeria

Lithium mining includes a multi-stage process. To find potential lithium-rich locations, exploration and surveying must first be done. The lithium ores will be taken out of the ground by mining companies once a suitable location is identified. This is accomplished by using Depending on the depth and accessibility of the resources, mining may be done underground or in open pits.

The ores are further processed to eliminate impurities and transform them into a useful form after being extracted. Crushing, grinding, and flotation are frequently used in this process to concentrate lithium ores into higher-grade material.

Lithium can be further processed into lithium carbonate or lithium hydroxide, which are the two primary forms of lithium utilized in battery manufacturing, after it has been concentrated. This entails extra procedures like leaching, precipitation, and roasting.

It is crucial to remember that mining for lithium can have an effect on the environment and society. Natural ecosystems may be destroyed and hazardous substances released during the extraction process. Furthermore, mining operations can interfere with local communities and cause disputes over resources and land rights.

Regulations and ethical mining methods are crucial for reducing these problems. This entails carrying out environmental impact analyses, putting in place suitable waste management systems, and making sure that the communities are fairly compensated.

Overview of LITHIUM Potential In Nigeria

Nigeria has significant lithium potential, with vast deposits of the mineral found in various parts of the country. Lithium is a critical element used in the production of batteries for electric vehicles, energy storage systems, and electronic devices.

One of the main lithium-rich areas in Nigeria is the Jos Plateau, located in the central part of the country. The plateau is estimated to hold significant lithium reserves and other minerals such as tantalite, tin, and kaolin. The lithium deposits in this area are mainly pegmatite-type, which are known for their high lithium content.

Another potential lithium-rich area in Nigeria is the Nasarawa State, located in the north-central region. The region has been identified to have substantial lithium reserves, with ongoing exploration activities to further determine the extent and quality of the deposits.

The Nigerian government has recognized the importance of lithium and has shown interest in developing the country’s lithium industry. The Ministry of Mines and Steel Development has made efforts to attract investment in lithium exploration and mining, aiming to capitalize on the growing global demand for the mineral.

However, despite the significant lithium potential in Nigeria, the country is yet to fully exploit these resources. Challenges such as inadequate infrastructure, limited mining expertise and technology, and regulatory issues have hindered the development of the lithium sector.

To fully harness Nigeria’s lithium potential, the government needs to facilitate investment in lithium exploration and mining. This can be achieved by providing incentives to attract domestic and foreign investors, improving the regulatory framework, and investing in infrastructure development.

Developing the lithium industry in Nigeria could have various economic and environmental benefits. It could create jobs, attract foreign investment, and promote sustainable energy solutions through the production of lithium-ion batteries. Additionally, it could contribute to Nigeria’s efforts to reduce carbon emissions and transition to a cleaner and greener economy.

Legal Framework And Mining Licence Acquisition

In Nigeria, the legal framework for mining is primarily governed by the Nigerian Minerals and Mining Act 2007 (“Mining Act”) and the Nigerian Minerals and Mining Regulations 2011 (“Mining Regulations”). These laws provide the framework for the exploration, exploitation, and development of minerals in Nigeria.

To acquire a mining license in Nigeria, the following steps are usually involved:

Preparing a Feasibility Study: Prior to applying for a mining license, a feasibility study must be conducted to determine the economic viability of the mining project. The study should include information such as the mineral reserves, estimated production capacity, and financial projections.
Application for Prospecting License: The first step in acquiring a mining license is to obtain a Prospecting License (PL). This allows the holder to explore and conduct preliminary studies to determine the presence, quality, and commercial viability of the mineral deposit. The application is made to the Mining Cadastre Office, which is responsible for granting licenses.
Application for Mining Lease: Once the exploration phase is completed and a viable mineral deposit is discovered, the next step is to apply for a Mining Lease (ML). The ML allows for the exploitation and extraction of minerals for commercial purposes. The application is made to the Mining Cadastre Office and requires the submission of certain documents such as a mining plan, environmental impact assessment report, and evidence of technical capacity.
Environmental Impact Assessment: As part of the license application process, an Environmental Impact Assessment (EIA) is required. This involves conducting a study to evaluate the potential environmental and social impacts of the proposed mining activities. The EIA report must be submitted to the Ministry of Environment for approval.
Granting of License: After the application is submitted and all necessary documents are provided, the Mining Cadastre Office will review the application. If the application meets the requirements, a license will be granted. The license is typically valid for a period of 25 years and renewable for subsequent periods of 25 years each.

Value Addition And Downstream Activities

Value addition in lithium production refers to the process of enhancing the quality or properties of lithium products, often through additional processing or refining, to increase their market value. Downstream activities, on the other hand, refer to the various stages in the supply chain beyond lithium production, such as manufacturing, distribution, and sales.

Some value addition and downstream activities in lithium production include:

Refining And Purification: After lithium is extracted from minerals or brine through mining or extraction processes, it often needs further refinement and purification to meet the desired quality standards. This involves removing impurities such as other metals or compounds, ensuring the resulting lithium product is of high purity.
Processing Into Different Chemical Forms: Lithium can be processed into various chemical forms, such as lithium carbonate, lithium hydroxide, or lithium chloride, among others. These different forms have different properties and are used in different applications. Processing lithium into different chemical forms adds value by enabling its use in a range of industries and applications, such as batteries, ceramics, glass, and lubricants.
Battery Manufacturing: Downstream activities in lithium production include the manufacturing of lithium-ion batteries, which are widely used in electric vehicles, portable electronic devices, and renewable energy systems. Battery manufacturing involves assembling various components, including lithium cells, electronics, and casing, to create a functional battery pack.
Energy Storage Systems: Beyond batteries, lithium is also used in various energy storage systems, such as grid-scale storage or off-grid applications. Downstream activities involve the production and integration of lithium-based energy storage systems, which help to stabilize and balance the electrical grid, store renewable energy, and provide backup power in remote areas.
Electric Vehicle Manufacturing: With the rising demand for electric vehicles, downstream activities in lithium production include the production of lithium-powered electric vehicles. This involves the integration of lithium batteries, electric motors, and control systems into vehicles, contributing to a sustainable transportation sector.
Recycling And Waste Management: Downstream activities also encompass the recycling and proper disposal of lithium-based products at the end of their lifecycle. Recycling lithium batteries not only extracts valuable materials but also reduces the environmental impact of lithium mining and production.

Conclusion

Lithium mining in Nigeria has the potential to be a bright spot for the country’s transition to renewable energy, technological advancement, and economic growth. However, successful operations depend on understanding legal procedures, obtaining required licenses, and implementing sustainable mining practices. Nigeria can take advantage of the opportunities presented by lithium mining and contribute to global efforts toward sustainable development by observing the legal framework, interacting with stakeholders, and investigating downstream activities.

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BUSINESS

Resilient Future: The 2023 West Africa Property Investment Summit

Published

3 days ago

softchris4ol

Charting a Resilient Future: Insights from the 2023 West Africa Property Investment Summit

In a significant gathering of real estate influencers, the West Africa Property Investment Summit 2023, which took place on Wednesday, 23rd November, brought together leading figures from Kenya, Ghana, South Africa, and Nigeria. Under the theme “Rewriting the Narrative: Positioning & Strategies for the Future,” the summit served as a vibrant forum for in-depth discussions and strategic planning, aiming to shape the trajectory of West Africa’s real estate landscape: “Industry Leaders Chart Course For Resilient Future At The 2023 West African Property Investment Summit.”

Resilient Future: The 2023 West Africa Property Investment Summit

Resilience in the Face of Macroeconomic Challenges

One of the key speakers, Mr Tola Akinhanmi, the Head of Real Estate Finance at Stanbic IBTC, took centre stage to address the challenges posed by the current macroeconomic environment. Despite grappling with inflation, exchange rate volatility, and fluctuating interest rates, Akinhanmi’s message was one of resilience. He underscored the real estate sector’s intrinsic strength, characterizing it as a long-term asset class that provides essential business infrastructure supporting people’s livelihoods, work, and recreation. Akinhanmi highlighted Stanbic IBTC’s commitment to working closely with sponsors, understanding assets, and structuring solutions that ensure stability, allowing these assets to remain relevant through various economic cycles.

Optimism for 2024: A Balanced Outlook

Oladapo Runsewe, the Projects and City Reports Lead at Estate Intel provided a positive outlook for 2024. Citing statistics from the Nigerian Bureau of Statistics that indicated an increase in the real construction sector’s contributions to the GDP in the last quarter, Runsewe foresaw a balanced and positive effect on the market. He emphasized the inevitability of construction and development continuing, driven by the ongoing demand for housing and real estate investments. However, Runsewe highlighted the imperative for collaboration, urging industry participants and the government to join forces on a larger scale to address the substantial housing deficit, particularly in urban centres like Lagos.

Sustainability as a Driving Force

Temilola Shonola, Head of the Edge Program at the International Finance Corporation (IFC), brought attention to the importance of sustainable building practices. Shonola urged developers to embrace green building, dispelling the misconception that it is an expensive endeavour. She introduced the IFC’s free App designed to simplify the green certification process, making it accessible for builders looking to contribute to environmental sustainability. Shonola stressed that more of the market need to adopt green building practices, not only for environmental reasons but also as a means to reduce utility costs and ensure long-term impact.

Navigating the Commercial Real Estate Cycle

Pepler Sandri, the Director of Capital Markets at JLL, delved into the complexities of the commercial real estate cycle. Acknowledging the sector’s challenges and the impact of the global COVID-19 pandemic, Sandri painted a picture of recovery and resilience. He noted that Nigeria, like many other countries, faced unique macro issues affecting its recovery. Looking ahead, Sandri expressed optimism as interest rates stabilize, predicting a potential recovery in the next 6-12 months in global developed markets. However, he cautioned that Nigeria might experience a longer recovery period, echoing sentiments from Stanbic’s chief economist, who suggested a year or two before a strong trajectory toward recovery becomes evident.

Conclusion: A Call for Collaboration and Sustainable Growth

The West Africa Property Investment Summit 2023 provided an invaluable platform for industry leaders to share insights, strategies, and collaborative approaches to propel the real estate sector forward. As the summit concluded, attendees were left with a renewed sense of optimism and determination to navigate the ever-evolving landscape of West Africa’s property market. The resounding message from the summit echoed the need for collaboration, sustainability, and strategic planning to ensure a resilient and prosperous future for the region’s real estate industry. Read More

BANKING

How Kora Payment Link Helps Online Businesses To Grow

Published

2 weeks ago

softchris4ol

How Kora Payment Link Helps Online Businesses To Grow

The advent of technology with the COVID-19 pandemic has increased the adoption and popularity of online businesses. This is owed to the ability to operate small and medium-sized businesses from anywhere across the globe – which alludes to the fact that the world is now a global village: “How Kora Payment Link Helps Online Businesses To Grow.”

Therefore, there has been a meteoric increase in the number of online shoppers seeking products or services from the available businesses in the digital space.

This is evident in the emergence of e-commerce platforms that operate as an online marketplace for both buyers and sellers. It is also playing out in social commerce through the use of platforms like Facebook, Instagram, or X (Twitter) that people continuously use for their shopping experience.

By and large, online business is today a thriving venture that continues to generate a staggering income for businesses and the local economy.

One of the major perks of online businesses is the flexibility of their payments, such that merchants can offer a range of payment methods. The most common options are bank transfers or card payments, in which businesses provide their customers with bank account details to pay.

But as innovation continues to meet the evolution of online businesses, Kora is making payment strategy seamless for both merchants and their customers. This is through the Kora Payment Link.

How Kora Payment Link Helps Online Businesses To Grow

What Is Kora Payment Link?

A Kora Payment Link is a clickable link that enables business customers to complete a purchase. This is offered as a digital link, which can be used across various social media platforms, websites, or other messaging tools.

How this works is that a customer is directed to a merchant’s online checkout page to complete their transaction anytime they use the Kora Payment Link. This link can be used for both a single transaction, as in a customer invoice and for multiple transactions, as a buy button on social media platforms.

It should be noted that the Kora Payment Link facilitates simple online payments as it does not require a website or code to create and use the link. Therefore, online businesses can easily create a payment link that takes customers directly to the online checkout page of the merchant.

Furthermore, the Kora Payment Link can be used for fundraising, donation, and subscription purposes.

Benefits Of Kora Payment Link To Online Businesses

Accept Payments Anywhere

You can receive payments from your customers across the globe through the payment link that you can easily share on social platforms or websites. This is also a “call to action” strategy to compel your customers to complete their purchase with you without delay.

Keep Payments Simple

Customers do not have to log into a mobile app or website before paying. This is because they can easily click the link anytime and from anywhere to take them to the checkout page to complete their purchase.

Flexible Payment Options

Kora Payment Link provides online businesses various payment options tailored to their preferences. This can be bank transfers, payment cards, or other digital payment methods like Apple Pay or Google Pay.

Therefore, it is the volition of online businesses to design their payment links towards their preferred payment options. Hence attracting customers to complete their purchase with the knowledge that they can use certain payment gateway.

How Online Businesses Can Use Kora Payment Link

Here is a quick step for using the Kora Payment Link:

Create a Kora account and log in.
Navigate to “Payment Link.”
Enter your details and customize your link with certain preferences.
Preview your link and activate it.
Share your Kora Payment Link on social media platforms and other messaging tools.
Start receiving payments.

Conclusion

We can not overemphasize the importance of having a sustainable payment strategy for online businesses to attract more customers who would complete purchases with them. That is why Kora introduced a payment link which merchants can easily share with their customers for transactions.

Kora Payment Link is easy and free to use, and you can get started by creating a Kora account now. [site]

BANKING

How Kora Improves Cross-Border Transactions For Businesses

Published

2 weeks ago

softchris4ol

How Kora Improves Cross-Border Transactions For Businesses

Cross-border transactions are increasingly becoming popular without the concern of waiting days or transfer fees. This is due to the emergence of a fintech company like Kora, which makes cross-border payments simple, cheaper, faster, and easily accessible for businesses: “How Kora Improves Cross-Border Transactions For Businesses.”

A BCC Research of January 2023 revealed that the global cross-border payments market is expected to grow from $176.5 billion in 2021 to over $238.9 billion by 2027. The vehicle for this growth is fintech disruptors like Kora, which offers a digital platform and innovative messaging and settlement layers to improve cross-border business transactions.

How Kora Improves Cross-Border Transactions for Businesses

Ways Kora Is Changing Cross-Border Transactions For Businesses

Improved Convenience

Kora enables you to make transactions fully on its platform, unlike the traditional method of visiting physical branches. This allows you to use the platform anytime and from anywhere without a glitch.

A simple user interface and streamlined onboarding characterize this platform to simplify cross-border transactions. It means you can use Kora to receive funds from your customers or transfer with its bulk payout, multicurrency payout, or mobile money options.

Speed And Efficiency

Kora enables instant or same-day cross-border transactions, which is in the converse of the traditional settlement layers that can take days. Therefore, businesses can complete their transactions in less than one hour on this platform. You do not experience any form of delay in sending or receiving funds on this platform, irrespective of the amount. This is due to its high scalability and optimization of Kora.

Lower Fees

This platform eliminates the meddlesome of third parties like banks and agents in the cross-border transfer chain. As such, it offers a relatively low transaction fee, which is often less than 1% of the transfer amount. This is a major perk of Kora compared to its contemporaries.

Enhanced Transparency

Kora offers an advanced tracking dashboard that provides real-time access to your funds and the estimated delivery timelines. This is because the platform has state-of-the-art blockchain technology that provides complete transparency in the tracking of your funds. It helps to reconcile your income with expenses.

Security And Compliance

Kora employs features like two-factor authentication (2FA) and other security measures to add extra security layers and protect user transactions and funds. This platform is in total adherence to global compliance standards to protect users’ funds and data.

Reduced Foreign Exchange (FX) Risk

Cross-border transactions often involve multiple banks and currencies whose operations result in significant foreign exchange fees and currency volatility that create discrepancies between transferred and received funds.

This is largely the case when businesses in a particular country receive payments from another country.

However, Kora reduces foreign exchange risks that are associated with cross-border transactions by routing funds efficiently at the best exchange rate. On the other hand, Kora users can avoid foreign exchange concerns by using the multicurrency account on the platform that allows them to receive payments in currencies other than their local currency.

Conclusion

Cross-border payment is important to businesses as it enables their growth in the global market. But as digital payments continue to gain traction, there is a need for businesses to know how to leverage the technology to boost sales.

One major platform you can use for your cross-border transactions with your customers is Kora. This is due to the simplicity and scalability it offers you.

You can also start making cross-border transactions seamlessly when you create a Kora account now. [site]