Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization, (WTO,), says President Bola Tinubu deserves credit for stabilising Nigeria’s economy through bold reforms.

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She spoke with State House correspondents on Thursday after a closed-door meeting with the President at the Presidential Villa, Abuja.

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?Okonjo-Iweala noted the government’s efforts to steady the economy as a key step in building long-term growth.

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?”The president and his team have worked hard to stabilize the economy and you can’t really improve an economy unless it’s stable.

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?“He has to be given the credit for the stability of the economy, so the reforms have been in the right direction,”

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?She emphasised that stabilising the economy is only the beginning of a broader recovery agenda.

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?The WTO boss however stressed that more work is needed to stimulate inclusive growth and alleviate poverty in the country.

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?“What is needed next is growth. We now need to grow the economy and we need to put in social safety nets so that the people who are feeling the pinch of the reforms can also have some support to be able to weather the hardship.

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?“That’s the next step, how do we build social safety nets to help Nigerians cushion the hardship they are feeling and how do we grow the economy so we can create more jobs and put money in people’s pockets? These are issues we discussed with the President.”

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?She stressed the need for policies that directly impact the lives of Nigerians and create economic opportunities.

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?Okonjo-Iweala assured of the WTO’s continued support for Nigeria’s economic revival.

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?The meeting signals continued collaboration between the Tinubu-led government and international partners to drive economic recovery.

The Tide source reports that the World Bank acknowledges that Nigeria’s economy is stabilising under President Tinubu’s administration, with projected growth of 3.6 per cent in 2025.

This positive outlook is attributed to macroeconomic reforms, particularly in the petroleum, foreign exchange, and power sectors, which are creating a more stable business environment.

While inflation remains a challenge, the World Bank noted that the reforms were yielding positive results, including a significant increase in national revenue and a reduction in the fiscal deficit.

The non functional  Ajaokuta Steel Company Limited (ASCL) is costing the country more than N1 billion annually in pensions, salaries, taxes, and administrative costs.

Prof. Linus Asuquo, Director-General (D-G) of the National Metallurgical Development Centre, Jos, stated this in his presentation at a panel discussion at the maiden edition of the National Steel Summit on Thursday in Abuja.

The discussion was titled “Dissecting the Current Policy Framework: Identifying Gaps and Building a Robust Institutional Regulation”.

The Tide source recalls that, according to a 2024 report by BudgIT’s accountability platform,  Ajaokuta’s financial burden has continued to grow, with about ?1.11 billion spent in the past two years.

The D-G listed the challenges of the steel company to include a huge financial burden, mismanagement, corruption, and a disconnected value chain infrastructure.

According to him, Nigeria has invested over eight billion U.S. dollars in the Ajaokuta project over a period of more than 40 years.

He said that persistent mismanagement and policy failures derailed the project, as funds were misappropriated and concessionaire deals failed, citing the Japanese Kob Steel and India-based Global Steel Holdings Limited (GSHL) as examples.

Asuquo explained that the ASCL was burdened with a disconnected value chain infrastructure, as the iron ore mines at the National Iron Ore Mining Company (NIOMCO) in Itakpe, Kogi, remained non-operational.

“Rail line for transporting ore from Itakpe to Ajaokuta was delayed, vandalised, it was only completed and inaugurated in 2020.

“Obsolete technology and degraded equipment because most of the installed machinery has degraded over decades and the plant lacks modern energy efficient steel making technologies.”

He also noted that local community displacement remains unresolved as 13 villages were displaced when the plant was built.

According to Prof. Asuquo, the way forward is to rebuild the integrated supply chain and adopt modern mini-mill technologies.

He recommended shifting from large-scale blast furnaces to compact strip production (CSP), a cheaper, more energy-efficient technology that can be built and made operational more quickly.

Other recommendations he made included adopting private sector concessions, which entailed a complete shift from government management to strategic private investors with proven expertise.

“The way forward includes-manufacturing and pulsed revival of the plant, community and civil society engagement through (ESIA) Environmental and Social Impact Assessment.

“It (ASCL) can be used as an industrial park and free trade zone,“ he said.

He noted that Nigeria’s key legacy steel assets were mostly underutilised and equipped with obsolete machinery, stating that revitalising them required policy and institutional reforms alongside strategic public-private partnerships.

The D-G listed other measures to include infrastructure and energy improvements; research, development and innovation; human capital development; raw materials exploration and processing; and sustainable financing mechanisms.

“Revitalising Nigeria’s legacy steel assets is a national imperative. With political will, coherent policies, private sector collaboration, and sustained investment, the steel sector can become a key driver of industrialisation and economic transformation,“ he said.

The theme of the summit is  Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness.

The Federal Government has unveiled a ?10 million Tertiary Institutions Staff Support Fund (TISSF), designed to improve the welfare, career development, and financial stability of academic and non-academic staff in tertiary institutions.

The scheme, unveiled by the Minister of Education, Dr Tunji Alausa in Abuja on Thursday, is an interest-free loan.

The Tide source reports that the TISSF is a joint initiative of the Federal Ministry of Education and the Tertiary Education Trust Fund (TETFund), implemented in partnership with the Bank of Industry.

Alausa said the scheme was an intergral part of President Bola Tinubu’s Renewed Hope Reform Agenda for Education, which placed people at the centre of transforming the education sector and growing the economy.

“This programme is not just a welfare package.

“It is a strategic empowerment platform, designed to give our academic and non-academic staff the financial stability they need to serve our students with renewed dedication, and to live with dignity and pride.

“It is a zero per cent interest loan scheme aimed at enhancing welfare, supporting career development, and promoting financial independence for staff in Nigerian tertiary institutions,” he said

Alausa added that the scheme was put in place to address economic pressures and professional development gaps among tertiary staff.

He stated that studies had shown that over 70 per cent of tertiary institution staff in Nigeria had not participated in structured capacity-building programmes in the last five years.

He stated that TISSF  aimed to change the situation, saying ‘’through the TISSF, beneficiaries will have access to finances for Medical Support like surgeries, emergency care, and medication.’’

According to him, there will be family and accommodation support such as rent, home ownership, renovation.

The minister also explained that beneficiaries would have access to transportation which included vehicle purchase (including EVs), bikes, tricycles, CNG conversions.

Other areas of intervention with the scheme include Small-Scale Enterprise and Agriculture in poultry, fishing, crop farming, and agro-processing.

Alausa added that academic advancement in the areas of professional certifications, degrees, and capacity-building programmes would be included in the scheme.

“The TISSF is open to confirmed full-time academic and non-academic staff of any federal university, polytechnic, or college of education and one state university, polytechnic, and college of education in each state.

” Applicants, who must have at least five years to retirement, membership of relevant staff associations such as ASUU, NASU, COEASU, and SSANIP are required.’’

The minister said that the development had translated to 248 eligible institutions nationwide, covering all federal tertiary institutions and selected state-owned ones.

He added that each eligible staff member could access up to ?10 million, subject to a cap of 33.3 per cent of their gross annual salary.

He noted that the interest-free loans would be repayable over five years, with 12 months moratorium before repayment begins and invited the eligible to commence application for the programme.

Alausa explained that the applications would be processed through an easy-to-use online platform, www.tissf.boi.ng.,

He urged the staff to fill out the form, undergo identity verification, and have their requests vetted by the Bank of Industry.

“The opportunity is here to improve your welfare, advance your career, and strengthen our institutions.

‘’Let us seize this moment for our personal growth, for the stability of our institutions, and for the future of Nigeria’s education sector,” Alausa said.

Also speaking, the Managing Director, Bank of Industry, Dr Olasupo Olusi, said the process had been fully automated, assuring transparency in the implementation.

The Chairman, House committee on University Education, Abubakar Fulata, while commending the government for the programme, decried the low standard of living of university staff.

Fulata recommended a minimum of N1million as salary for a graduate staff in the tertiary institutions.

The representative of the non-academic staff union, Abubakar Aliyu pledged support for the initiative.

Aliyu, however, called on the federal government to pay all outstanding arrears as the payments would enable the staff to repay the loan.

The Chairman of Committee of Vice Chancellors of Federal Universities, Prof. Tanko Ishaya, also pledged support for the initiative and called for its continuity.