Economy
Nigeria’s Steel Minister Plans Fresh Approach to Revive Ajaokuta Plant
By Adedapo Adesanya
Nigeria’s new Minister of Steel Development, Mr Shuaibu Audu, has promised to revive the Ajaokuta steel company using a different approach from his predecessors.
Ajaokuta Steel Company has not been able to produce liquid steel since it was conceived in 1979 despite successive administrations, including Mr Audu’s predecessor, Mr Olamilekan Adegbite.
Upon his assumption of office, the previous Ministers always promise to revive the moribund Ajaokuta plant, but fail at the end of their tenures.
However, the new sheriff in town, who is the son of the late Abubakar Audu, a former Governor of Kogi State, on his assumption of office on Monday,, said there is a need to revive the facility to enable the country to produce steel.
He added that he would set a roadmap for the development of the steel sector, aggressively pursue the completion of Ajaokuta Steel, and enact the required bills to regulate the sector.
The steel company, located in Kogi State, was built between 1979 and the mid-1990s, but it has become moribund.
Last September, the Nigerian government agreed to pay $496 million to settle an Indian firm’s claim over the facility. The dispute followed the federal government’s revocation in 2008 of an agreement that handed control of the steelworks and the National Iron Ore Mining Company to the Indian firm. In cancelling the deal, the Umar Yaradua administration said the terms of the concession at the time were not favourable to the country.
Last December, the government said 11 companies had indicated interest in taking over the steel company on a concession basis. According to Mr Adegbite, three of the 11 bidders were Russian companies, he disclosed while listing his ministry’s achievements.
Speaking on Monday, Mr Audu said the past leaders recognized the importance of steel development but lacked the political will to achieve its objectives.
“Our past leaders recognized the importance of steel development but lacked the political will to achieve its objectives. The steel development is synonymous with the Ajaokuta Steel plant, whose commencement was over 40 years ago,” the minister said.
“We aim to start the engine and ensure that we produce at least a small sheet of steel within this administration. It is a known fact that steel is the bedrock of any nation’s development; if gotten right, it may be the beginning of our industrial revolution.”
He explained that the creation of the new Ministry of Steel underscored President Bola Tinubu’s mandate in pursuing the nation’s overall development.
In 2020, Business Post reported that the Buhari administration announced that a set of funds amounting to N1.46 billion would come into the country for the reinstatement of the steel plant.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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