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Nigeria, Russian firm sign MoU for completion of Ajaokuta plant

Published

1 week ago

September 20, 2024

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Shuaibu Audu, minister of steel development, has signed a memorandum of understanding (MoU) with the builders of Ajaokuta steel plant, Messrs Tyazhpromexport (TPE), for the rehabilitation, completion, and operation of the plant and the National Iron Ore Mining Company (NIOMCO).

According to a statement on Friday by Salamotu Jibaniya, the ministry’s spokesperson, the MOU was signed when Audu led a Nigerian delegation to Moscow, Russia, from September 14 to 21.

Novostal M and Proforce Manufacturing Limited — described as members of Tyazhpromexport’s consortium — were also involved in the MoU.

According to the statement, the Nigerian delegation also inspected the facilities of Messrs Novostal M, located in Balakovo in the Saratov region of Russia.

In August, Messrs TPE experts visited the steel plant and the iron ore mining site at Itakpe for preliminary inspections, leading to the invitation for the MoU’s signing.

Speaking on the development, Audu said the deal is a bold step towards creating a sustainable base for the industrialisation of Nigeria’s economy.

READ 10 states ask supreme court to declare Buhari’s directive on naira swap unconstitutional

In his remarks, Chris Isokpunwu, permanent secretary of the ministry, said the Nigerian government is committed to revamping the Ajaokuta steel plant and NIOMCO.

Also speaking, the Russian consortium pledged to meet the expectations of the MoU with the Nigerian government.

Demchenko Ivanovich, president of Novostal M Metallurgical Holding, assured the Nigerian delegation of the company’s readiness to submit a detailed proposal for the project after the comprehensive audit of the plant.

Egorov Anatolevich, general director of Messrs TPE, and Adetokunbo Ogundeyin, group managing director of Proforce Manufacturing, assured the Nigerian team of their dedication to the project due to its critical role in the overall economic development of the West African nation.

They said the full implementation of the MoU would facilitate the revival of the plant and NIOMCO and could create over 500,000 direct and indirect jobs for Nigerians.

According to the duo, it would also increase the size of the economy by billions of dollars, thus contributing immensely to President Bola Tinubu’s desire to grow the economy to over $1 trillion by 2030.

READ EFCC behind my alleged organ harvesting ordeal – Ekweremadu

The executives, however, asked for the provision of an enabling environment by the Nigerian government.

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Tinubu’s planned cabinet reshuffle won’t make any difference, says Buba Galadima

Published

1 hour ago

September 28, 2024

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Buba Galadima, a chieftain of the New Nigeria Peoples Party (NNPP), says President Bola Tinubu‘s planned cabinet reshuffle would not make any difference.

On September 25, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu “has expressed his desire to reshuffle his cabinet and he will do it”.

Speaking on Politics Today, a programme on Channels TV on Friday, Galadima said reshuffling the cabinet would not curb food inflation.

Galadima claimed that the president intends to reward his cronies with the reshuffle.

“That (planned cabinet reshuffle) has nothing to do with me or any Nigerian. What is of importance to all of us is bringing down the harsh conditions of living and the buck stops only on the table of one man. That is President Bola Ahmed Tinubu,” Galadima said.

“No amount of reshuffling can make a difference. As far as that team is only ‘job for the boys,’ nothing will come out of it.

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“Anybody that calls himself president or governor is responsible for their cabinet’s performance. He should be told that some of his appointees are more interested in their pockets than service delivery.

“I expected him to do better than this; and to hit the ground running.”

The NNPP chieftain asked Tinubu to find a solution to the country’s foreign exchange crisis “which has seen the naira performing abysmally”.

There have been growing calls from Nigerians and members of the All Progressives Congress (APC) for Tinubu to reshuffle his cabinet and remove underperforming ministers.

Tinubu’s policies have driven petrol prices to record highs and depreciated the naira to record lows since he assumed the reins on May 29, 2023.

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Israel claims Hezbollah leader killed in Beirut strike

Published

2 hours ago

September 28, 2024

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The Israeli military announced early Saturday that Hezbollah chief Hassan Nasrallah was killed in a strike on Beirut.

“Hassan Nasrallah is dead,” military spokesman Lieutenant Colonel Nadav Shoshani announced on X. Military spokesman Captain David Avraham also confirmed to AFP that the Hezbollah chief had been “eliminated” following strikes Friday on the Lebanese capital.