Alake Hails $1bn Proposed Iron-oreto-steel Project in Solid Minerals Sector Says it will enhance FG’s local value-addition model
Emmanuel Addeh in Abuja
The Minister of Solid Minerals
Development, Dele Alake, yesterday hailed the $1 billion new iron-ore-to-steel project
planned for Kogi state as a breakthrough in the federal government’s campaign to
make local value addition the model of development in the solid minerals sector.
Addressing the promoters, Chart and Capstone Integrated Limited of Nigeria and Sinomach-
He of China-on the sidelines of Continued on page 5
NECA, NACCIMA, CPPE: Adverse Effect of FG’s Policies Behind Declining Manufacturing Contribution to GDP...
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Opposition PDP is Dead, Kwankwaso Declares You’re inconsequential, don't pose any threat, party fires back Chuks Okocha in Abuja National Leader of New Nigeria People’s Party (NNPP),
Senator Rabiu Kwankwaso, has described the Peoples Democratic Party (PDP) as dead, saying the party has
lost focus and teeth. However, PDP, while reacting, said not only was Kwankwaso inconsequential in the scheme
of things, but NNPP that he led was also an unconstitutional political party, which posed no threat.
The former Kano State State. governor spoke at the weekend He insisted that PDP had lost during the inauguration of a renovated party office in Katsina Continued on page 5
Rewane: Petrol Price Hike’ll Transfer N5trn from Nigerians to Govt, Worsen Energy Poverty Situation may trigger social unrest Says improving GDP numbers masking economic realities Price of Dangote's refined petrol to be set by international crude oil price Dike Onwuamaeze Prominent Nigerian economist and Chief Executive Officer of Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, has projected that the latest increase in the pump price of petrol by 50.1 per cent, from N568 to N855 per litre, would take N5 trillion from Nigerian consumers to the government and heighten energy poverty. Rewane also predicted that the new price of petrol would increase the number of Nigerian citizens trapped in energy poverty to 168 million in 2025, from 161 million in 2023. He added that though the price hike could strengthen the
exchange rate of the naira, as liquidity decreased, but it “may instigate social unrest as citizens react in frustration”. Rewane made the projections last week in his monthly presentation at the Lagos Business School (LBS) Breakfast, titled, “All That Glitters are Not Gold.” He stated that commencement of petrol production by Dangote refinery would offer relief to consumers by addressing the supply challenges, but price of petrol in Nigeria would be determined by the global price of crude oil. “The macroeconomic and Continued on page 5
LICENCE TO CONSTRUCT FLOATING LNG PLANT... L-R: Authority Chief Executive Officer, NMDPRA, Engr. Farouk Ahmed; Group Managing Director/CEO, UTM FLNG, Dr. Julius Rone OFR, ROI; Hon. Minister of State Petroleum (Gas), Mr Ekperikpe Ekpo at the signing and issuance of Licence-to- Construct (LTC) to UTM FLNG Ltd to construct Nigeria's first Floating Liquefied Natural Gas (FLNG) Facility, at the NMDPRA headquarters in Abuja last Friday
Amid Economic Challenges, FG Opens New Opportunities with LTC to UTM FLNG...
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