STEELS DEVELOPMENT: Minister Receives President of Chinese Company, Inner Galaxy Steel Group and Chief Executive, Stanbic IBTC Bank PLC ..as Steel Company Commits $300 million to New Steel Plant in Nigeria The Honourable Minister of Steel Development, Prince Audu has received a delegation of Chinese Company, Inner Galaxy Steel Company Limited who has committed to investing about $300 million to set up a new Steel Plant for the production of specialised steel products in Ogun State, Nigeria. This is as the country moves towards diversifying its economy under the Renewed Hope Agenda of the present administration. Prince Audu while receiving the delegation in the company of the Permanent Secretary of the Ministry, Dr. Chris Osa Isokpunwu, with other Directors, alongside the Chief Executive Officer of Stanbic IBTC Bank PLC, Mr. Wole Adeniyi and his team on Wednesday, October 16, 2024, in the Ministry's Headquarters in Abuja, described the move as a welcomed development, stating it shows the Group's confidence in the leadership of President Bola Ahmed Tinubu to turn the fortune of the nation around through the Steel Sector. The Honourable Minister assured them of the Federal Government's support in creating an enabling environment and providing other fiscal incentives for their sustainable operation in Nigeria, adding that the Ministry will review the proposal of the Company as well as involve relevant Government authorities for concessionary benefits within the current operational framework so as to facilitate the proposed foreign direct investment. In his remarks, the Permanent Secretary of the Ministry, Dr. Chris Osa Isokpunwu lauded the new investment interest of the Chinese Company, noting that the Honourable Minister is keen on driving the steel revival efforts of Mr. President. Dr. Isokpunwu, reiterating the trust in the expertise of the Chinese, stated that he expects Inner Galaxy Group to follow through with their promises by investing in local manufacturing and not becoming a transit point for steel importation. Earlier, President of the Inner Galaxy Group Mr. Li stated that the Group, which has been in operation in Nigeria for over twenty years with current investments in Steel production in excess of $1 billion is seeking the cooperation of the Ministry to facilitate a further investment of $300 million for the establishment of a new Steel Plant in Nigeria for the production of specialised steel products like plates, angles, beams, and stainless products amongst others. Mr. Li noted that the investment is expected to increase the steel production output of the country, reduce Nigeria’s reliance on imported specialised steel products and conserve scarce foreign exchange with attendant employment generation opportunities—both direct and indirect employment estimated at about 10,000 with other multiplier effects in the economy. Also, Mr. Wale Adeniyi, CEO of Stanbic IBTC Bank, while speaking, assured the Ministry of the Bank's readiness to support the numerous initiatives of the Ministry, especially the proposed Industrial Park with a Free-Trade Zone and CNG Park at Ajaokuta Steel Territory.

MINISTER OF STEEL DEVELOPMENT LAUDS PRESIDENT TINUBU’S CNG INITIATIVE AS PRESIDENTIAL PROGRAM HANDOVER CNG VEHICLES, LAUNCHES CONVERSION INCENTIVE PROGRAM TO TRANSPORTERS IN KOGI STATE ...says Ajaokuta to become one of Nigeria’s CNG hubs The Honourable Minister of Steel Development, Prince Shuaibu Abubakar Audu, has lauded the Compressed Natural Gas (CNG) Initiative of President Bola Ahmed Tinubu GCFR, as the Presidential CNG Initiative (P-CNGI) launched its pilot Conversion Incentive Program and the handover of CNG buses to transporters in Kogi State. Prince Audu, in his address at the inaugural launch of the CNG initiative program on Wednesday, 02 October 2024 in Lokoja, Kogi State, told Kogites that the “Renewed Hope Agenda” of President Tinubu has been brought to their doorstep, noting that the CNG initiative of Mr. President seeks to reduce the cost of transportation by over 40 percent to cushion the impact of the removal of fuel subsidy. The Honourable Minister also noted that plans are underway to make Ajaokuta one of the CNG hubs of Nigeria, as the Ministry is on the verge of presenting a proposal to Mr. President for the establishment of an Indutrial Park within the Ajaokuta environ, which will also host a CNG park and a Free Trade Zone.  “Mr President said at his Independence Day speech that because Nigeria spends over $10billion annually on fuel subsidy, Nigeria was on the brink of an economic collapse, and therefore he needed to do something very quickly, which was why petroleum subsidy was removed. There are some challenges that have come with that, which is the high cost of food prices, and Mr. President has told all of us that he is doing something to reverse that trend to ensure that prices of food come down quickly, one of which is the provision of CNG Venices to Nigerians.  “Mr. President has mandated that we should have one million CNG vehicles and/or conversions, and it needs to in place before the end of 2025. So, one million vehicles will be converted from petrol to gas in the next year, and this is very significant.  “As the Minister of Steel Development, I want to tell you some of the benefits of this CNG conversion site and the critical role Ajaokuta plays in that light. Ajaokuta is a gas hub for Nigeria. There are gas lines passing from Warri all the way to Ajaokuta, from Ajaokuta to Kaduna and Kano (AKK Pipeline), meaning that there are billions of cubic feet of gas that are being transported from Ajaokuta to other parts of Nigeria annually.  “We are taking a proposal to Mr. President to declare Ajaokuta an Industrial park that will also have a CNG park which will be one of the CNG hubs in Nigeria. And instead of having situations where most of the CNG conversion centres and CNG parks are outside of Kogi State, Ajaokuta has the land, Ajaokuta has the gas, and Ajaokuta has the facility for conversion kit production. The Industrial park will attract steel companies to Ajaokuta. So, anything that we need is within our environs. And most importantly, that will create thousands of jobs for Kogites and Nigerians as a whole.  “So, the Renewed Hope Agenda of President Bola Ahmed Tinubu is here and will turn around the economy, therefore, the desire of Mr. President to grow the economy by $1 trillion by 2030, and we will achieve that by the special grace of God,” Prince Audu stated. Kogi State Governor, Alhaji Ahmed Usman Ododo said that the CNG initiative is a significant milestone in the “Renewed Hope” Agenda of President Bola Ahmed Tinubu, thanking the President for the initiative, which aims to reduce reliance on petrol, which would in turn alleviate the sufferings of the people. Gov. Ododo, who was represented by the Deputy Governor, Elder Joel Salifu Ododo, pledged the commitment of the state to the project, with a promise to train 250 youths in CNG conversion and empower them to enable them to key into global technologies. The Program Director/Chief Executive of the P-CNGI, Engr. Michael Oluwagbemi, said that the P-CNGI chose Kogi for its inaugural launch because the state beyond being a confluence state of water bodies is also significant in the transportation system as a link between the north and other parts of the country, and also hosts an important gas hub.  He said that the event was not designed just to reduce transportation fares for commercial drivers or fulfil Mr. President’s promise to ensure that transporters get their vehicles and tricycles converted for free, but also an opportunity for Nigerians to benefit from the abundant resources of the country, urging everyone to key into the transformative initiative of Mr. President.

THE HONOURABLE MINISTER OF STEEL DEVELOPMENT, PRINCE SHUAIBU AUDU, RECEIVED THE AUSTRALIAN HIGH COMMISSIONER TO NIGERIA, MS. LEILANI BIN-JUDA PSM, IN HIS OFFICE TODAY They discussed how to explore opportunities between Australia and Nigeria in the Metallurgical Industry as well as to conclude plans by the Hon. Minister to engage top Australian government officials and Business Executives during the Minister's upcoming trip to Sydney, Australia, where he will be representing Nigeria at the International Mining and Resources Conference Week taking place in October 2024.