He identified the most crucial needs of the country now as energy and power and advised that since government is putting the necessary infrastructures in place to address these needs, steel companies operating in the country should continue to maintain high product quality and put them out at reasonable prices for consumers, especially now that the pressure on the dollar is reducing.
Oscarline Onwuemenyi 15 March 2017, Sweetcrude, Abuja – The Federal Government has said that it would partner with states in…
The minister noted that the management of Abuja Steel Mill had requested for coal for the production of steel, adding that the ministry would support local steel manufacturers that could solve steel deficit.
It noted that there are no large-scale miners in operation in Nigeria today outside the limestone industry, as investors perceive the policy and investment climate to be hostile to business and lack of required infrastructure.
“After a careful review of Nigeria’s efforts and the NSWG’s comments throughout the validation process, the EITI board has decided that Nigeria is making meaningful progress in implementing the EITI Standard.”
Authorities want to revive it as part of Buhari’s efforts to lessen the economy’s dependence on crude, which accounts for 90% of export earnings and the price of which has dropped 62% from a 2008 record. Ajaokuta cost more than $4.5-billion from 1979 to 1993, according to the World Bank.
According to him, the new cement factory can use both coal and LPFO (Low Pour Fuel Oil), and will source its power needs from the power plant, with the excess generated power moved to the national grid.
He said, “We have gotten approval for the implementation of the constitutionally guaranteed 13 per cent derivation for mineral revenue to states. This is similar to the derivation that which oil-producing states are currently enjoying from the Federation Account.”
“There is no denying the fact that our country has massive corruption problems. We must acknowledge, however, that we have not been idle in our bid to combat corruption. Efforts directed at fighting the monster in Nigeria are as old as the country itself.”
“The combination of all of the efforts above has seen an almost 300% leap in revenues accruing from the sector jumping from N700million to about N2billion per month within a year alone,” the minister said.
