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Business

FG reiterates support for the development of the steel industry in Nigeria

The Mines and Steel Development Minister has restated FG’s sustainable support towards the growth of the Nigerian steel industry.

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FG liberalize mining sector, grants 5 years tax concession to miners and other perks

Olamilekan Adegbite, the Minister of Mines and Steel Development, has restated the Federal Government’s sustainable support towards the growth of the steel industry in Nigeria.

The Minister made this disclosure during a working visit to a facility owned by Premium Steel and Mines Limited (PSML).

While speaking at the facility in Ovwian, Aladja, Delta State, he re-emphasised the government’s commitment to the industry, and intention to use the sector to diversify the country’s economy.

He explained that the opportunities embedded in the steel industry are huge enough to boost the government revenue, create employment for the growing youth population, and place Nigeria on the path of sustainable growth and development.

The Minister in this regard said, “ In this kind of investment, a lot of people will be employed, primarily in the production value chain, so it is a welcomed development”

In his subsequent statement, the Minister noted the gains the country can tap from the production of liquid which is used for producing vehicle bodies.

Adegbite explained, “with liquid steel, we can produce flat sheets, Nigeria can begin to make its own vehicle bodies and produce engine blocks.”

What you should know

  • In a bid to stimulate the activities of players in the industry, the Government is working on a Metallurgical Industry Bill which is expected to support the steel industries and encourage private sector participation and involvement in the industry.
  • On key developments on-going in the sector, it is important to note Segilola Gold Mine, Nigeria’s first and largest industrial-scale gold mine owned by the Canadian mineral exploration company, Thor Explorations Limited, which is set to be completed in the first half of 2021.
  • When the gold mine becomes fully operational, it is expected to create about 400 direct and 1,000 indirect jobs by carefully exploring the abundant wealth inherent in the gold value chain.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

1 Comment

1 Comment

  1. Nelson Emmanuel

    February 24, 2021 at 8:41 am

    Then why aluminium smelter company of Nigeria (Alscon) still remain a dead zone?

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Business

US supports appointment of new service chiefs, affirms close ties with Nigeria

The US Government has endorsed President Buhari’s appointment of ex-military service chiefs.

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FG to attract foreign investors for Actors Guild of Nigeria

The United States Government has expressed its support for the recent appointment of military service chiefs by President Muhammadu Buhari.

The new appointments are expected to bring new approaches to combating terrorism in the northeast and provide national security across the country.

According to a statement signed by the spokesperson for the US Department of States, Ned Price, this disclosure was made by the new US Secretary of State, Antony J. Blinken, during a phone call conversation with Nigeria’s Minister for Foreign Affairs, Geoffrey Onyeama, on Monday, March 1, 2021.

He also acknowledged the threats that violent extremists posed to Nigeria and regional security as a whole.

While highlighting the importance that the United States placed on its relationship with Nigeria, Secretary Blinken outlined a holistic approach to the US-Nigeria partnership based on their shared values of democracy, respect for human rights and robust people-to-people relations.

The statement said that as part of efforts to ensure a good relationship with Nigeria, Blinken referred to President Biden’s revocation of immigrant visa restrictions on Nigeria as an affirmation of the close ties between Americans and Nigerians.

He also reiterated the support of the United States for Dr Ngozi Okonjo Iweala as the new Director-General of the World Trade Organization (WTO).

Talking about the conversation with his US counterpart, Geoffrey Onyema expressed his delight at the discussion which covered a broad range of bilateral and multilateral issues.

He said, “Very glad to re-engage, through a very nice phone call with US Secretary of State, Secretary Blinken. We covered a broad range of bilateral and multilateral issues and look forward to increased cooperation.”

On his part, Secretary Blinken said, “Delighted to speak with Foreign Affairs Minister, Geoffrey Onyema. We deeply value our bilateral relationship with Nigeria and look forward to rejuvenating our partnership based on shared values of democracy, respect for human rights, and robust people-to-people relations.”

What this means

This appears to be a renewed partnership and bilateral relationship between the United States and Nigeria, which seemed to have suffered some setbacks during the Trump administration.

This was clearly evident in visa restrictions on Nigeria and the refusal of the last US administration to support the confirmation of Nigeria’s Ngozi Okonjo-Iweala as the Director-General of the WTO despite the unanimous support of member states.

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US Ambassador opens centre in Lagos, to boost entrepreneurial skills among Nigerian youth

US Ambassador to Nigeria has launched a centre where youths can gain entrepreneurship skills through programs and workshops.

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The United States Ambassador to Nigeria, Mary Beth Leonard, opened the first-of-its-kind Window on America in Nigeria on Monday.

The Centre is expected to serve as a community center where young people develop their ideas, as well as their leadership and entrepreneurship skills through programs and workshops designed especially for them.

This was disclosed in a statement shared by Temitayo Famutimi, Information Specialist, Public Affairs Section (PAS), U.S. Consulate General and seen by Nairametrics.

According to the statement, the Centre, which was Hosted at the Lekki Slum2School Innovation Hub in Lagos, is as a result of a partnership between the US Consulate General, Lagos and Slum2School Africa, founded by Otto Orondaam, a 2016 alumnus of U.S. government’s Mandela Washington Fellowship.

The Ambassador noted that the new Window on America is open to everyone in the community, offering its services, programs and resources to the public at no cost.

She said, “We are happy to open the very first Window on America space in Nigeria here in Lekki.

“In the next few months, we will follow with six additional new Windows on America in the south and 12 across the country. We want our Windows on America to promote mutual understanding between the United States and the people of Nigeria.”

In addition to providing public programming space, the Lekki Window on America will support five core programs: English language learning, educational advising, alumni activities, cultural programs, and information about the U.S.

What you should know

  • Visitors to the window will typically include students, teachers, entrepreneurs, academics, journalists, civic organizations, government officials, and community leaders, in addition to many others.
  • Windows on America are American spaces that provide welcoming environments where visitors can learn about the United States, including its government, history, culture, and educational system through programs, lectures, books and electronic resources provided by the U.S. Government.
  • In addition to the Lekki Window on America, 12 more will be opened in major cities across the country, including Abeokuta, Awka, Benin City, Enugu, Osogbo, Uyo, Zaria, Minna, Dutse, Makurdi, Gombe and Lafia, in order to engage more Nigerian audiences in their local communities.

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