…As FG, UNODC partner to combat terror-financing in mining
By ABAH ADAH, Abuja
Minister of Steel Development, Prince Shuaibu Abubakar Audu, has affirmed that the Nigerian steel sector can contribute 100 billion US dollars to the 1 trillion dollar-economy target for 2030 set by President Bola Tinubu.
The Minister stated this while responding to questions from journalists at a press briefing held Thursday in Abuja on the upcoming maiden National Steel Summit scheduled to hold on 16th through July 17, in Abuja.
AljazirahNigeria recalls that after receiving the mantle of leadership two years ago, President Bola Tinubu set an ambitious target of growing the economy to a least of US$1 trillion by 2030.
The Minister said: “Yes, on the steel sector contributing to the one trillion dollar economy target set by Mr President, there is no reason why the steel sector cannot contribute at least 10% of that figure to the economy if we aggregate everything together.
” The steel sector should be contributing at least 100 billion dollars to the economy all things being equal If you aggregate the cost of steel from Lagos- Calabar Super Highway, Lagos- Badagry – Sokoto Super Highway and then the component of steel from other axis, it should be up to a hundred billion dollars.So that is our expectation”, Audu said.
As for Ajaokuta Steel Company which is the flagship of the Nigerian steel and metal sector, started over 40 years ago and built up to over 90 per cent but never completed to produce, the Minister said efforts are being made frantically to revive it through Public-Private-Partnership ,PPP.
According to him, everything is being done to expedite Ajaokuta ‘s revival; financial and technical audits are to be concluded soon to ascertain the status of the giant steel project and the additional investment needed to get it on its feet for production; the Chinese are being approached for investment as the original builders, the Russians, are currently locked in war with Ukraine.
“Right now we have awarded a contract for a technical and financial audits for the Ajaokuta steel company. That process has started; we’ve gone through procurement and all that. The technical and financial audit will give us the exact current state of the company and the resources needed to getting on its feet”, the Minister said
meanwhile, Nigeria is partnering with the United Nations Office on Drugs and Crime ,UNODC, to strengthen the country’s capacity to detect, investigate, and prosecute illicit activities, particularly those connected to solid minerals exploitation.
This was disclosed by the Minister of Solid Minerals Development, Mr Dele Alake, after receiving a delegation from UNODC led by Mr Tom Parker in Abuja.
The collaboration signals Nigeria’s increasing focus on leveraging international expertise and technology in restoring order to the extractive industries, an area historically plagued by illegal mining, lost revenue, and environmental degradation.
“The initiative is designed to strengthen Nigeria’s capacity to detect, investigate, and prosecute financial crimes linked to conflict and terrorism, particularly those associated with the solid minerals sector”, Mr Alake said.
The UNODC team commended recent Nigerian efforts to tackle illegal mining, specifically the establishment of the Mining Marshals, a dedicated security outfit launched earlier this year.
The Marshals, according to the Minister, have already begun arresting and prosecuting illegal operators across mining hotspots.
“Since their deployment, the Marshals have been active in arresting and prosecuting illegal miners. Encouragingly, we are already seeing a shift, as many operators are now working to regularise their activities and comply with the law.
“President Bola Ahmed Tinubu has approved the deployment of a satellite-based monitoring system to enhance real-time surveillance of mining operations nationwide. The system is expected to revolutionize oversight in the sector by enabling instant detection of illegal activities and prompt response by security agencies.
“This will allow us to identify incidents in real time and ensure timely intervention by security personnel”, Mr Alake revealed, stressing the importance of modern tools in addressing systemic exploitation of Nigeria’s mineral wealth.
He emphasized the UNODC partnership is central to the government’s strategy to safeguard national resources and disrupt terror-linked illicit financial flows often concealed within the solid minerals value chain.
“We welcome the support of the UNODC in this critical effort. Strengthening our institutional capacity to combat illicit financial flows and criminal activity in the mining sector is essential to protecting Nigeria’s natural resources and national security”, the Minister stated.
