The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture on Wednesday raised the alarm about the growing activities of cartels and criminals trading in the solid mineral sector.
NACCIMA National President, Dele Oye, gave the warning in Abuja at the 2024 Export Conference of the Nigerian Exporters Hub and the inaugural shipment of 10 containers of local produce to China.
Oye warned that venturing into the export business, especially in terms of gold and other natural mineral resources category, can expose newbies to criminal elements operating in the same sector.
The expert, however, said with the right guidance and partnership with reputable exporter organisations like NEXHUB, the risk could be mitigated.
He said, “We are all aware of the criminalities in that sector. The biggest area where the criminalities exist is because there is no perfect market. Most of the purchases are indirect. So even if you have the product, you don’t have the real market. You are forced to deal with the cartel that currently exists at their price.
“This is because if you bring gold to my house to sell and I tell you this is the price I want to pay, you can’t take it away. If you take it away, maybe one of my securities may like it and decide to buy it from you. So what we are trying to do here is to give effect to those who have suffered for several years sleeping beside their minerals by linking them to the market.
“That is why all of us here should take it seriously. There may be one or two minerals in your village. You can go back and find out. Nigerians should be happy to sell something and earn in dollars. Why I am even more happy is the experiment we are doing with NEXHUB regarding our solid minerals.”
The Director of Federal Produce Inspection Service, Sule Dafang also shared his position.
Dafang stated that the huge population of Nigeria would be an advantage economically only if a larger part of it is willing to move from consumption to production.
He said, “A country that wants to develop its economy and its industrial base must certainly look inward to see the very things it has comparative advantage over and leverage on them to build its economy. Our agro base in this nation is quite enormous.
“Every state in this nation is blessed with multiple resources and the best we can do to help ourselves to get out of the doldrum we are today is by developing the very resources we have.
“We need to take advantage of the moment we live. I want to assure you that the FG has continued to work hard to ensure the ease of doing business improves and gets better. Statistics have also shown that we are getting better as a nation.”
Fielding questions from journalists, NEXHUB Managing Director Babatunde Faleke said that, unlike investors who depend heavily on imports, players in the industry don’t fret or have sleepless nights over the challenge of forex.
“The issue of forex does not affect our business because we generate them rather than source for them. Only exporters can truly demystify the problems of foreign exchange in Nigeria through their earnings. Nigerians should be happy to sell something and earn in dollars.
“I believe you also heard the success stories of our subscribers. We teach people how to export, the destinations and who to sell to,” he stated.
The Chairman of NEXHUB, Victor Ayemere also concurred when he said potential investors in the export business would well to conquer the fear of losing their consignments on seas.
“People should do away with the fear in some quarters that your ship and its goods may capsize. The exportation of produce or goods is not limited. Everybody is encouraged to do it.
“For as long as you can bring all your commodities together, we will show you where and how to export them. That is the major thing Nigerian Exporters Hub does”, he said.
