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Tinubu Government Seeks Donor Support To Revive Steel Industry

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Tinubu

Tinubu Government Seeks Donor Support To Revive Steel Industry

Tinubu Government seeks donor support to revive steel industry. FG seeks donor support to revive steel industry

Minister Shuaibu Audu made this appeal during a meeting with donor agencies on Tuesday in Abuja.

News Agency of Nigeria • February 19, 2025

Ajaokuta steel company

The Ministry of Steel Development is seeking technical and financial assistance from donor agencies to revive the Ajaokuta Steel Company Limited and the National Iron Ore Mining Company.

Minister Shuaibu Audu made this appeal during a meeting with donor agencies on Tuesday in Abuja.

mR Audu stated that the ministry’s primary focus was the revitalisation of publicly owned steel assets, particularly ASCL and NIOMCO.

“Our objective is to prepare these institutions for privatisation by upgrading their infrastructure and operational capabilities, transforming them into robust engines of local production.

“This initiative aims to boost domestic steel output, reduce dependence on imports, and generate valuable foreign exchange,” he said.

He urged donor agencies to collaborate in creating a sustainable legacy of development, job creation, and industrial innovation for future generations.

According to mR Audu, supporting the revitalisation of key steel assets and infrastructure, investing in capacity development, and advocating regulatory and trade reforms would contribute to national progress.

He stated that donor commitment would unlock Nigeria’s steel sector’s full potential, reduce reliance on imports, foster local innovation, and position the country as an industrial leader in Africa.

“Together, we can build a future where Nigeria’s steel industry drives economic growth, creates jobs, and anchors our economic diversification,” he said.

The minister described the vision outlined in the 2025 capital budget as ambitious yet necessary, stressing that its success depended on strong partnerships.

He noted that transforming a capital-intensive industry like steel required significant financial resources, but funding gaps remained a major challenge.

“Additionally, achieving these objectives demands institutional reforms that extend beyond government efforts alone,” he said.

He expressed confidence that donor support would pave the way for a thriving steel sector, powering Nigeria’s industrial growth and securing a prosperous future for all.

According to him, Nigeria is on the brink of major industrial progress and hopes that partnerships will help expand the scope of its projects.

He added that the ministry would establish technical teams and appoint desk officers to coordinate with donors for mutual benefit.

Tinubu

Tinubu

Responding, Osuji Otu, Nigeria’s representative at the United Nations Industrial Development Organisation, acknowledged the ministry’s role in driving industrialisation.

He stated that UNIDO would soon unveil its 2024–2028 country partnership programme to support the ministry’s initiatives.

Other partners, including the United Nations Development Programme and the Australian High Commission, assured the ministry of their support in providing technical assistance for its projects.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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