Economy
Ajaokuta Steel Complex to Create 500,000 Jobs – Buhari, while reflecting on the Season
President Muhammadu Buhari, in the course of the week, said the Ajaokuta Steel Complex would provide about 500,000 estimated jobs for Nigerian youths.
The president revealed this during his one-day state visit to Kogi on Thursday, even as some youths said would have been happier, if the jobs are provided now.
The President also spoke of the determination of his administration to position Kogi as an industrial hub, as well as a solid mineral power base.
He explained how the Federal Government achieved the resolution of all legal entanglements that had bogged down the progress of the Ajaokuta Steel Complex.
According to him, the project stands to benefit the people of the state immensely.
“It is like the President is now running the extra mile, as time runs against his tenure”, a youth, Johnson Edafe whose view was sought said, stressing that Nigerians are more interested in the empirical, rather than in the hypothetical.
Also Read: Ajaokuta Steel Coy to Generate $1.6bn Annually – Buhari
The president had earlier hosted the leadership of the FCT and representatives of the FCT community, who paid him Christmas homage at the Presidential Villa, Abuja, at the beginning of the week.
During the Christmas homage, Buhari lauded the Minister of the Federal Capital Territory (FCT), Malam Mohammed Bello for exhibiting the virtues of transparency, honesty and integrity while managing the affairs of the FCT.
According to the Nigerian leader, he deliberately appointed Bello as FCT minister and refused to redeploy him because of his good character.
He said Bello had proven to be a better manager of both financial and human resources.
Buhari also told his guests that he would not be hanging around the FCT, after May 29, 2023, in order not to meddle in the affairs of the office of his successor.
He reiterated that he would return to Daura, Katsina State, his hometown, at the end of his tenure.
According to him, his decision not to make Abuja a permanent abode is to allow his successor a free hand to operate and run the affairs of government.
The president also told members of the FCT community that he had not built a new house in Daura or anywhere and hoped to live in his same house of many years.
The president also inaugurated the Defence Intelligence Agency (DIA) newly acquired Estate in Idu-Karmo, Abuja, on Wednesday.
At the event, Buhari said the befitting accommodation would enhance productivity and coordination of activities of staffers of the agency in view of the increasing number of personnel facing new challenges and responsibilities
He also used the opportunity to charge security agencies that would be engaged with various support services in the 2023 general elections to maintain a high sense of professionalism.
Buhari urged the agencies to handle the distribution and monitoring of classified materials and other logistics ‘‘professionally and in accordance with Standing Operation Procedures.’’
While reiterating his earlier directive to security agencies to remain apolitical, the president said they must desist from behaviour that could bring disrepute to their organisations and the country ‘‘by compromising the democratic process.’’
On Wednesday, the Nigerian leader heaped praises on the newly promoted Commander, Brigade of Guards, Maj.-Gen. Mohammed Usman.
He described him as an outstanding officer who was serving the nation with great zeal.
The president, assisted by the Chief of Army Staff, Lt.-Gen. Faruk Yahaya and the wife of the Commander, Dr. Rekiya Usman, decorated the officer with the rank of Major-General.
Speaking shortly after the ceremony in the Presidential Villa, the president recalled his tumultuous military career marked with coups, counter-coups and detention.
He described Usman as a very lucky officer to have risen to the height of his military career with distinction and without hiccups.
The president also expressed sadness over the passing of Prof. George Obiozor, the President General of Ohaneze Ndigbo, worldwide.
He extended heartfelt condolences to Obiozor’s family, the government and the people of Imo as well as Ndigbo, at home and in Diaspora.
The president said that the contributions of the unique leader and strong proponent of peace and a stable polity, who also held other strategic public positions, would never be forgotten.
On Friday, Buhari hosted the Senate President, Dr. Ahmed Lawan at the State House, Abuja.
Lawan, who spoke to State House correspondents at the end of the meeting revealed that the president would sign the 2023 appropriation bill on Tuesday.
Lawan said that he discussed some national issues with Buhari, including the president’s recent additional loan request, the legislature’s support to the Independent National Electoral Commission (INEC) ahead of the general elections and the 2023 Appropriation Bill.
Buhari had on Saturday paid tribute to the late Pope Benedict XVI who was greatly admired globally for his selfless leadership and renowned learning as a theologian.
He commiserated with Pope Francis, the Catholic Church in Nigeria and around the world, as well as all Christian faithful mourning the passing of Pope Emeritus Benedict XVI.
He also lauded the deceased for his dedication to advancing inter-faith dialogue and peace.
According to Buhari, the late Pontiff will be remembered as a true servant of God.
The president concluded the week under review with his administration’s last New Year message released by his media aide, Malam Garba Shehu in Abuja on Saturday.
He reassured Nigerians that under his watch, their collective will and votes in the 2023 general elections would be fulfilled.
Buhari thanked the almighty God who saw Nigerians through the year 2022 and had given them the opportunity to see another New Year.
”It as an opportunity to reflect on the past year, reposition, and move forward in the new year,” Buhari said.
Mrs Kemi Awodein, President, Association of Issuing Houses of Nigeria (AIHN), says the Central Bank of Nigeria’s aggressive interest rate hikes helped stabilise investor confidence and channel more funds into fixed-income instruments in 2024, boosting market participation and liquidity.
Awodein stated this in a statement issued on Thursday night after the association’s Annual General Meeting and presentation of the 2024 financials in Lagos.
She said the apex bank relied on steep rate adjustments to contain inflation and restore balance to the financial markets.
The AIHN financials showed that total funds and liabilities rose from N452.6 million in 2023 to N518.2 million in 2024.
Total income grew from N86.56 million to N123.6 million within the same period, while expenditure increased from N50.08 million to N60.75 million, resulting in surpluses of N36.4 million in 2023 and N62.9 million in 2024.
Highlighting the dynamics of the fixed-income market, she said: “Key drivers for fixed income instruments in 2024 included CBN’s aggressive interest rate hikes to combat inflation.”
“There were significant interest rate hikes in February and March 2024, a total of 600 basis points.”
“In 2024, CBN hiked the benchmark interest rate eight times and by 875 basis points to 27.5 per cent from 18.75 per cent at the beginning of the year.”
Awodein noted that while the high-interest environment crowded out private-sector issuances, it also strengthened investor inflows and improved liquidity.
She added that government borrowing surged, with Open Market Operations (OMO) bills and Treasury bills sales rising sharply to N12.83 trillion in 2024, compared with N716.7 billion in 2023.
“Despite these challenges, as the year progressed, there was renewed investor confidence, driven by government policies and the anticipation of interest rate cuts in other markets.”
“Significant in the year was the successful issuance of the first domestic dollar bond by the Debt Management Office,” she said.
The AIHN boss said equity capital raises gained momentum following the March 2024 recapitalisation directive by the CBN, with several banks concluding transactions by year-end.
“Activity in the sector will continue in earnest in 2025 as the March 2026 deadline approaches,” she said.
Awodein also cited Aradel Holdings Plc’s transition from NASD to the Nigerian Exchange as a major milestone that expanded investment opportunities and deepened liquidity.
She added that long-term debt capital raising remained subdued due to the high-rate environment, with most activities concentrated in Commercial Paper issuances.
Notable transactions included Seplat Energy’s 650 million dollar bond for expansion and Airtel Africa’s 500 million dollar capital raise to strengthen telecoms infrastructure.
According to her, by the end of 2024, banks such as Fidelity Bank, GTBank, Access Bank, FCMB and Zenith Bank had initiated issuances toward meeting new capital requirements.
“Access Bank completed its recapitalisation in 2024, while other banks are expected to conclude their transactions before Q1 2026,” she said.
The equities market opened the week lower on Monday, as indices dipped by 0.25 per cent due to profit-taking in medium and large-capitalised stocks.
Market capitalisation fell by N246 billion, or 0.25 per cent, closing at N97.582 trillion, compared with Friday’s N97.828 trillion.
Similarly, the All-Share Index lost 387.35 points, or 0.25 per cent, settling at 153,739.11.
Consequently, the year-to-date return declined to 49.37 per cent.
Market breadth closed negative, with 38 losers against 19 gainers.
Honeywell Flour Mill led the losers’ chart, dropping 10 per cent to N18 per share.
Northern Nigeria Flour Mills fell by 9.98 per cent, closing at N84.30, while Aradel Holdings declined 9.21 per cent to N710.
Ja Paul Gold dropped 7.95 per cent to N2.20, and Ikeja Hotel shed 7.71 per cent to close at N17.35.
Conversely, Union Dicon Salt topped the gainers’ table, rising 9.93 per cent to N7.75.
Omatek Ventures appreciated 9.92 per cent to N1.33, while NAHCO advanced 7.62 per cent to N113.
International Breweries gained 6.35 per cent to N13.40, and Champion Breweries rose 6.33 per cent to N15.95.
The market analysis showed increased deals, but lower value and volume, with 627.5 million shares worth N25 billion traded in 36,425 deals.
This contrasts with 5.2 billion shares valued at N45.2 billion exchanged in 30,598 deals on Friday.
United Bank for Africa recorded the highest volume and value, trading 136.84 million shares worth N5.54 billion.
Aso Savings and Loans followed with 108.94 million shares valued at N120.4 million, while Access Holdings traded 68.2 million shares worth N1.62 billion.
GTCO exchanged 49.8 million shares valued at N4.55 billion, and Zenith Bank transacted 31.8 million shares worth N2 billion.
Sen. Francis Fadahunsi, Chairman, Senate Committee on Industry, has expressed dismay over the low patronage of made-in-Nigeria automobiles by the federal and state governments in the country.
Fadahunsi made the observation when the committee members visited Anambra Motor Manufacturing Company (ANAMMCO) in Enugu on Friday.
The chairman said they found out from the visit that there was a lot of potential that was being wasted in Innoson Motors and ANAMMCO because of non-patronage of the federal and state governments.
According to him, if the federal and state governments are patronising our indigenous vehicle assemblers, manufacturers and CNG buses, Nigeria will be a better place instead of wasting our money and foreign resources to import vehicles.
“What we have seen in Enugu and Anambra is in line with the President’s New Hope Agenda. There are no types of buses that the government is looking for that these local assemblers and manufacturers cannot produce.”
“What they need is a legal backing and funds from the same federal government that established them to carry on.”
“Their foreign partners are physically present imparting technical knowledge on them, and before next year, you will see that Nigerian-manufactured vehicles are everywhere,” he said.
He called on Ministries, Departments and Agencies to patronise made in Nigeria vehicles, adding that in buying them, they would be reinvesting in the economy and creating jobs for unemployed youths.
Fadahunsi also said that the Senate Committee would convince their colleagues to start patronising vehicles produced in Nigeria and assist in enacting bills to make them thrive.
Mr Oluwemimo Osanipin, Director-General of the National Automotive Design and Development Council (NADDC), commended the committee for the oversight function, adding that the automobile sector had the capacity to generate a lot of multiplier effects in the economy.
He tasked governments with policies that would encourage the buying of local manufactured goods and stimulate demand, which also allowed individuals to buy.
“That is why the government is pushing for a credit scheme through credit cards and legislation that will promote investment in the auto sector.”
“So the legislation has been looked into, and this will equip the legislators to know when to come in and appreciate the need for that bill to be passed faster,” he said.
Osanipin added that the committee’s visit would offer them the opportunity to identify the challenges of auto operators and areas needing support.
The Chief Operating Officer of ANAMMCO, Mr Bennett Ejindu, described the visit as a “positive development”, saying it underscored the importance the President Bola Tinubu administration and Senate attached to industrial development.
Ejindu recalled that ANAMMCO was set up in the 1970s, saying, “It gives me a kind of hope that the authorities within Nigeria, both those making laws and those executing them, are interested in reviving automotive manufacturing in Nigeria”.
He stated that the abandonment of the industry between 1970 and 1986 made the world think that Nigeria was not serious about developing the automotive industry.
The operating officer added that governments could also assist in resurrecting the industry through direct involvement and the creation of an enabling environment for the industry to thrive.
“But with the interest that we are seeing now from the government, it gives us a kind of hope that things will turn around. This firm has the potential to manufacture vehicles for Nigerians,” he said.
Listing infrastructure as the major challenge of automobile companies in Nigeria, Ejindu called for the passage of the National Automotive Industry Development Policy (NAIDP) bill to build investors’ confidence in the country’s automobile industry.
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