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FG Lauds Kaduna Govt for Attracting $1.5bn Steel Investment

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By Mathew Dadiya, Abuja

The Federal Government has commended the Kaduna State government for its effort at attracting the construction of steel company worth over $1.5 billion investment by African Natural Resources and Mines Limited.

The steel company, which will commence full operation in 2021 with the commissioning of the Phase 1 of the project, would revolutionise the Nigeria steel industry.

Speaking at the company’s site in Gujeni, Kaduna State at the weekend, the Minister of Finance Budget and National Planning, Mrs Zainab Shamsuna Ahmed described the company’s effort and resilient in building strong business entities in the country as a boost to the nation’s economy.

The African Industries Group are a diversified Group involved in the production of steel, chemicals, commodities, building materials and power. 

The Minister said that the company’s steel project  would not only contribute to Nigeria’s industrialisation drive, but will help conserve its foreign exchange.

“This will be the first company that is producing steel made in Nigeria; high quality steel that will be used by our industries and will help us to conserve our foreign exchange and also help us fast-track our journey towards industrialisation, ” Mrs Ahmed said.

She said that the company’s 50 years of operation in the country and venturing in the steel industry, would impact not only the mining industry but other  sector of the economy. “Producing 1 million metric tons of steel…the impact will go beyond the mining industry.”

The used the opportunity to thank the company for its intervention in the fight against COVID-19.

Group Managing Director African Industries Group, Alok Gupta who spoke earlier, said explained that their work in Kaduna would revolutionized the steel industry in Nigeria. 

Gupta said that, on a national scale, the steel produced can be used by industries where more specialized steel is required, especially the auto industry. 

”Ultimately, this will result in further development of industries, a reduction in import of raw materials and conservation of foreign exchange, ” he said. 

”We will be mining iron ore to produce DRI which will in turn allow African Industries to manufacture a higher-grade steel more efficiently. 

”This investment will elevate the profile of Nigerian Steel Industry at the global platform. In the long term it will dramatically increase domestic steel production.

”We are capable of producing over 1 million Metric tons in a year. We believe Nigeria has a brighter future in the steel industry. With its vast potential, this nation will soon be a steel hub. We are proud to be part of the looming steel revolution in Nigeria. Having invested over $ 1.5 billion, we are hopeful that the expected steel revolution will have multiplier effects on Nigerian economy.

By 2021 we would have been operating in Nigeria for 50 years. It will also be the year in which we will commission Phase I of our project. Our strong belief in Nigeria’s progress and prospects has helped us to grow in the past five decades. I want to assure the minister that our investments in Nigerian economy will continue.”

On power generation from its operations, Gupta further explained that, “within the immediate location, there will be significant economic and industrial development in this area by means of creation of several allied industries and social infrastructure. The surplus power we generate will further assist in developing other industries and residences and it will help in urbanization of the local area.

While thanking the Minister of Finance for her unwavering support for the realization of the lofty project,  he extolled the efforts of the Ministry of Finance in boosting the economic development of the country. 

“Honorable Minister, I hope this visit will demonstrate the contribution made by our Group to Nigeria’s Industrial Sector. Our long-standing commitment and investments are not successful in isolation. The policies, infrastructure and incentive policies of government are vital to this country’s economic development. We welcome the continued support of our partners in government.”

Gupta added that the group has been in the forefront of supporting many laudable projects in the country, boasting, ”Our Group donated N1.35 billion to the federal government to combat the ravaging effects of COVID-19. Also, recently we donated the sum of N20million to our host government, Kaduna state government under the able leadership of Mallam Nasir el-Rufai for the forth coming Kaduna Marathon, to mention but a few.”

He assured the minister of continued support to projects that would impact positively on the lives of the good people of Nigeria. 

Traditional Ruler of the host community HRH Audu Abdullahi Waziri, calls for the full cooperation of the community towards the company’s developmental efforts. He urged them to be patient as the company’s presence in the community will bring nothing but development to the people of the area. “We don’t want to hear any grudge again about this company,” he said.

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Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

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Chief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to reduce the price of petrol   to N300 per litre ,to make things easy for Nigerians during the festive season.

George, the Atona Oodua of Yorubaland, made this plea at an interactive session with newsmen on Wednesday in Lagos.

The price of Premium Motor Spirit, popularly known as petrol, is currently above N1,000 per litre.

According to the elder statesman,Nigerians  are going through hardship, the President should give an order to reduce fuel price, specifying time frame the people will enjoy such window of relief.

He said that the federal government as well as well- meaning individuals and businesses could bear the cost of such price slash , to bring happiness to all Nigerians.

The PDP leader, who noted that December and January are  special months , said that such gesture could start from the  middle of December and run through January.

“I have been thinking, as a Nigerian, what can we do because the anger and the hunger are almost equal on the streets of Nigeria.

“What am I suggesting is that Mr President should sit down with his managers and give an order that from the middle of December to the end of January, the cost of petrol will be N300 per litre.

“The government can absorb the losses in the interest of the suffering people.

“If they (government) want others to contribute, let us know how much that is going to cost and ask people to donate, to bear the cost.

“We will be sending a lot of messages of happiness across the tribes and homes.

“Everybody in Nigeria will be happy because it will positively impact on this period of the year. It is a challenge and he (Tinubu) can do it.

“We need this in this December and January to put smiles on the faces of Nigerians, ” George, a PDP Board of Trustees (BOT) life member, said.

Advising the President to take further measures to bring relief to the people, he said that the gesture would crash prices of essential commodities and services for the benefit of all .

He said that government’s efforts should be concentrated on reducing high inflation rate, unemployment, poverty and youth restlessness  in order to create a better future for Nigerians

Speaking on the recent presidential election in Ghana, George noted that Nigeria’s electoral system  needed reforms to guard against electoral frauds and manipulations.

According to him, the nation will continue to grope for development if the system fails to encourage best candidates  to emerge.

Stating that election must reflect the wishes of the people and be devoid of  religious and tribal sentiments, George said that Ghana election should be a wake up call for Nigeria.

“INEC performance must improve. The commission must make sure that the voice of the people is  heard in elections.

“Electoral offenders should be made to face the music and sent to jail. We must be very firm about due process, credibility and transparency in elections,” he said.

Urging the President to revisit resolutions in the 2014 Constitutional Conference, George said that the current constitution was not federal in principle and practice.

“We should not deceive ourselves, the constitution is a problem. It is a military constitution, it is not democratic,” he said.

George called on the National Assembly to ensure devolution of powers and electoral reforms that would do away with manual collation of election results and mandate electronic transmission of election results from polling units.

George disagreed with political watchers saying no  vacancy in  presidency in 2027.

On the dwindling strength of the former ruling party, George, who noted that all organisations had its ups and downs, said that selfish interests and disregard for  party rules remained PDP’s major challenge.

He said that PDP could bounce back and win presidential election if the leadership decided to elevate national interest above selfish interests and adhere to the party’s constitution.

“We will tell ourselves some serious old truth. We messed ourselves  up. ” he said.

Stating, however, that the PDP was not dead, George said that lack of justice, equity, fairness and the inability to adhere to the  party’s zoning and rotational principle cost the party victory in 2023.

Calling on the party’s founding fathers alive to wake up and rescue the party, George said that Nigerians were still waiting for the former ruling party to take over power and put things right. (NAN)

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Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

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President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in Ibeju Lekki, Lagos, in the next few weeks.

Mr Ahmed Dangiwa, Minister of Housing and Urban Development, announced this during an official assessment visit, on Wednesday in Lagos

Dangiwa said Lagos would represent the South-west, while the president would do that of the North-West in Kano, before doing that of the four other regions.

“Arrangements is already on ground, we have gotten sites, and work has commenced for 2000 houses in the Renewed Hope City that we intend to build in Ibeju-Lekki,” he said.

Towards achieving the set goal, the minister said the visiting team also paid a courtesy visit to Gov.

Babajide Sanwo-Olu to discuss area of collaboration between the federal and state governments.

He disclosed that the federal and Lagos state governments had agreed to set up a Tripartite committee and ensure all the issues of concerns between the parties were resolved amicably for the benefit of all.

Earlier, the Minister embarked on an assessment visit of deplorable Federal Government buildings and assets across Lagos state in a bid to commence rehabilitation on them in a few months.

Dangiwa said the rehabilitation was necessary as the deplorable buildings posed a challenge and security concerns to the Lagos state government. (NAN)

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Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

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Gov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House of Assembly for consideration and passage into law.

Alia told the lawmakers that out of the total budget size, N175.4 billion is for recurrent expenditure while the N374.

7 billion is for capital expenditure.

The governor said that the total estimate represented a 47.

5  per cent increment over the 2024 revised and approved figure of N373 billion.

He stated that the appropriation bill tagged “Budget of Human Capital Development, Food Security, and Digital Economy” was to consolidate the gains made in 2024.

Alia further explained that the proposed recurrent expenditure of N175.

4 billion was 13.55 per cent higher than the previous year.

According to him, budgeted capital expenditure of N374.7 billion represents a 71.5 per cent increment on the 2024 revised capital expenditure.

“The budget breakdown indicated that the sum of N212.2 billion, representing 38.52 per cent is for administration; N196.6 billion, representing 35.68 per cent is for the economy; law and justice will take N26.6 billion, representing 4.84 per cent while social welfare will gulp N115.5 billion, representing 20.96 per cent.

“We have the vision. We have the will. And most importantly, we have the people ready to work alongside us to turn this vision into reality.

“Together, we will build a state where every citizen has the opportunity to succeed, where food is plentiful, and where the digital economy opens new frontiers of opportunity for all,” he said.

The governor said the intention of the government was to stay within the limits of its recurring revenue to build the state without accruing unnecessary debts for generations unborn.

He, however, said that since the 2025 budget was a deficit one, it proposed a borrowing plan of a conservative sum of N26bn, representing a modest 4.7 per cent of the proposed aggregate expenditure for 2025.

“This is lower than the state’s debt-to-GDP ratio of 8.2 per cent which is within the benchmark of the 25 per cent debt sustainability threshold.

“Despite these favourable debt ratios, I want to reiterate that borrowing will only be considered as a last resort and for regenerative investment purposes,” he added.

Alia stated that the problem of Internally Displaced Persons (IDPs) remained a challenge, adding that they have reasonably improved their living conditions.

He said the Bureau of International Cooperation and Development has elicited substantial grants from donors, totalling N85bn. (NAN)

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