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FG Decries Massive Effect of Corrosion on Nation’s Economy

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FG Decries Massive Effect of Corrosion on Nation’s Economy

By: Michael Mike

The federal government has decried the massive effect of corrosion on the nation’s oil production and economy.

Speaking at the 2023 Nigerian Corrosion Association conference, NICA in Abuja on Monday, the Minister of State for Environment, Dr. Iziaq Salako said according to Nigeria Extractive Industries Transparency Initiative (NEITI) over 270 million barrels of national commercial crude oil production was lost between 2016 and 2020, at an estimated revenue loss of $14.6 billion, due to corrosion, operational faults and other factors.

He said furthermore, in 2021, 193 million barrels of crude oil deficit was allegedly recorded, which translated to an estimated $3.5 billion of revenue, about 10% of the country’s foreign reserves, noting that: “Corollary to revenue deficits are incidents of air and water pollution, loss of vegetation, land contamination, climate effects, manifesting in loss of livelihoods, quality of life, pollution burdens of diseases in impacted communities and huge costs of remediation and rehabilitation.”

The Minister, who was represented by a Director in the Ministry, Engineer Dilichukwu Etigbue said: “The costs associated with corrosion impacts on critical assets and associated losses are rapidly becoming unacceptable, but really hardly completely mitigatable, in today’s world where sustainability is a priority.

“Therefore, deploying appropriate eco-friendly strategies for corrosion management is not only the best sustainable infrastructural development, but a smart investment preventing highly expensive industrial failures and accidents. It also mitigates other safety hazards, linked indirectly with health,
quality of environment and carbon-footprints. The cumulative benefits thereof include an increased public safety, reliable performance, maximised assets life, environmental protection, and more cost‐effective operations on the long term.”

He assured that: “Federal Ministry of Environment places a premium on inclusive stakeholders’ participation in environmental governance,” soliciting for the support of NICA and other critical players in advancing a paradigm shift from traditional control processes with carbon and human/environmental exposure footprints, to sustainable effective, economic and environmentally friendly corrosion protection technologies/processes, in order to guarantee long-term sustainability of our national infrastructures and structures.

On the international level, he said a two-year study by the National Association of Corrosion Engineers (NACE), United States of America, estimated the corrosion cost as $2.5 trillion per year, or around 3% of global Gross Domestic Products (GDP).

He noted that: “The study, however, projected that implementing best practices in corrosion prevention could result in as much as $875 billion in savings. This claim was also corroborated by the World Corrosion Organisation (WCO).”

He decried that corrosion is also one of the major legacy challenges facing Petroleum Refineries and Chemical Process Industries globally, some of which have recorded incidental accidents leading to destruction of infrastructures and loss of personnel, he added that: “Among these are the Caribbean Petroleum Refining Tank Explosion and Fire Puerto Rico, 2009; Chevron Refinery in Richmond, California (2012); and Bhopal Pesticide Plant, India Incident of 1984, one of the world’s largest industrial disasters, resulting in the ill-fated death of nearly 8,000 people.”

The Minister of Transportation, Marine and Blue Economy, Gboyega Oyetola said that prevention and control of corrosion cannot be undertaken by the government alone, especially in the face of emerging innovations and advances in technological developments in addressing this phenomenon.

Oyetola while was represented by a Director in the Ministry, Engineer Shogo Omotayo said; “The significance of this conference in terms of addressing the critical issue of corrosion in building environmentally resilient infrastructures and the need to maintain their integrity over their service life couldn’t have come at a better time as the Nigerian Government intensifies its commitments to expanding public Infrastructures and utilities for improved economic and social development.”

According to him, “This conference will produce workable and implementable outcomes to address the challenges of corrosion in the development of public infrastructures and utilities in all sectors for the Nation’s benefit.”

On his part, the President Nigerian Corrosion Association, Mr Ese Ochoga said the conference aimed to educate and enlighten the society on the best practices in physical assets protection management in improving the GDP, as well as public and environmental safety.

“The theme of our conference this year is an inclusive one, as it hones on the impact of corrosion on the public infrastructure and utilities, which is common to us all,” he said.

Ochoga noted that the conference would also help present the unique perspective of the materials and corrosion specialist insights and recommendations in managing and maintaining public infrastructures.

He said: “We are here today at the Annual Conference of the Nigerian Corrosion Association, importantly, the corrosion is addressing the issue of building sustainable infrastructure by ensuring that there is corrosion resistant or resilient to corrosion. Corrosion comes from environmental sources and as the environment varies, the corrosion impact also varies some lower and some higher, the corrosion professional is always monitoring this to ensure that infrastructure or structures are viewed to be able to withstand the peculiar environment that is bound to a counter because of his service, that’s why we’re here and the conference is going to address this issue.”

The Nigerian Corrosion Association established in 1988 by industry practitioners and academicians, provides opportunities for excelling in the fields of corrosion science and engineering practices.

It also assess and proffer solutions to the interwoven adverse effects of the environment and corrosion on modern civilization.

”Corrosion Control of Public Infrastructures and Utilities,” was the theme of the 2023 Annual National Conference. It was organised by the Nigerian Corrosion Association (NICA) and hosted by Federal Ministry of Environmennt.

FG Decries Massive Effect of Corrosion on Nation’s Economy

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Gunmen abduct 15 passengers, kill one in Benue

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Gunmen abduct 15 passengers, kill one in Benue

By: Zagazola Makama

Armed men dressed in military uniforms have abducted 15 passengers and killed one person during an attack on a commercial bus in Okpokwu Local Government Area of Benue State.

Sources confirmed on Tuesday that the incident occurred on Sunday at about 7:30 p.m. at Ado-Okpoga, along the Oju–Ado-Ekiti route.

The sources said the bus, a Hummer vehicle driven by one Gbenga Peter, 35, was travelling from Oju LGA in Benue to Ado-Ekiti in Ekiti State with 23 passengers on board when it was intercepted by nine armed men.

“On reaching Ado-Okpoga, the bus was attacked by nine unknown armed bandits wearing army uniforms. Fifteen passengers were abducted into the bush,” the sources said.

During the нападение, one passenger, identified as Idiku Meshak Ogbete, 22, was shot dead. The driver and eight other passengers managed to escape and later reported the incident at Okpokwu Police Station.

The Divisional Police Officer (DPO) in Okpokwu was said to have immediately mobilised patrol teams alongside other tactical units, including Operation Whirl Stroke, the Benue State Civil Protection Guards and other security agencies.

“The corpse of the deceased has been removed and deposited at the mortuary in Okpoga. A coordinated search of the surrounding bushes is ongoing to track the suspects, effect arrests and rescue the abducted victims,” the sources added.

Gunmen abduct 15 passengers, kill one in Benue

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Lagos Moves to Build West Africa’s Leading International Financial Centre

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Lagos Moves to Build West Africa’s Leading International Financial Centre

By: Michael Mike

Lagos State has taken a major step toward repositioning Nigeria as a global investment destination with the unveiling of a comprehensive roadmap to establish a Lagos International Financial Centre (LIFC), envisioned as the leading financial hub in West Africa.

The roadmap is contained in a new report titled “Establishing an International Financial Centre in Lagos (LIFC), Nigeria”, produced by TheCityUK in collaboration with the UK Government, Lagos State Government, the Lagos International Financial Centre Council (LIFCC), and EnterpriseNGR. The report was formally launched at the State House, Marina, Lagos.

The high-level event attracted senior government officials, diplomats, and private sector leaders, including Lagos State Governor Babajide Sanwo-Olu, British Deputy High Commissioner to Nigeria Jonny Baxter, EnterpriseNGR Chairman Aigboje Aig-Imoukhuede, and EnterpriseNGR Chief Executive Officer Obi Ibekwe.

The initiative is aligned with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052, positioning the LIFC as a long-term catalyst for economic transformation. According to the report, the proposed financial centre will deepen capital markets, mobilise international investment, drive innovation, and support sustainable economic growth across Lagos, Nigeria, and the wider West African region.

The report underscores the importance of strong public-private collaboration, noting that Lagos’ demographic advantage, expanding financial ecosystem, and strategic location make it well-suited to host an international financial centre that meets global standards.

One of the report’s core recommendations is the creation of an independent IFC framework for Lagos. This model would provide regulatory certainty, simplified tax and policy regimes, and a transparent governance structure aimed at improving investor confidence and enhancing Nigeria’s competitiveness in global finance.

To differentiate Lagos from other emerging financial centres, the report identifies three priority sectors for initial focus: green and sustainable finance, fintech and financial innovation, and commodities trading and capital markets. These sectors are considered critical to Nigeria’s future economic diversification and resilience.

The report also highlights the need for robust legal and regulatory reforms, calling for close coordination between Lagos State, the Federal Government, regulators, and the private sector to ensure smooth implementation of the LIFC vision.

Human capital development is another key pillar of the strategy. Recommendations include strengthening local talent pipelines, easing visa requirements for international professionals, and creating an enabling environment that supports skills transfer and high-value job creation for Nigeria’s growing youth population.

In addition, the report proposes competitive and targeted tax incentives, streamlined business processes, and investment-friendly policies designed to attract long-term capital aligned with national development priorities.

Speaking at the launch, Governor Babajide Sanwo-Olu reaffirmed Lagos State’s commitment to the project, describing the International Financial Centre as essential to boosting market competitiveness and facilitating seamless trading.

“Lagos is Nigeria’s largest economic and financial centre, and we must create an ecosystem that attracts investment, improves liquidity, and strengthens market infrastructure,” the governor said, adding that the LIFC would unlock new opportunities for public-private partnerships in technology and capital market development.

British Deputy High Commissioner Jonny Baxter said the report reflects the deepening UK-Nigeria partnership, combining Lagos’ strengths with UK expertise to support financial sector development.

He noted that, if effectively implemented, the LIFC could unlock significant domestic and international investment, expand capital markets, create jobs, and promote sustainable growth beyond Lagos State.

Also speaking, TheCityUK’s Managing Director for International, Nicola Watkinson, described Nigeria as a high-growth market with strong long-term potential. She said the LIFC could play a vital role in attracting global capital, supporting fintech and green finance innovation, and creating high-value employment opportunities for young Nigerians.

With the launch of the report, stakeholders say the focus now shifts to implementation, as Lagos seeks to translate vision into action and establish itself as a globally competitive financial centre for West Africa.

Lagos Moves to Build West Africa’s Leading International Financial Centre

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Transcorp Hilton Abuja Curates All-Inclusive Valentine Weekend Experience

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Transcorp Hilton Abuja Curates All-Inclusive Valentine Weekend Experience

By: Michael Mike

As Valentine’s Day approaches, Transcorp Hilton Abuja is set to transform into one of the capital’s premier destinations for romance and social experiences, unveiling an all-inclusive lineup of activities designed for both couples and singles.

This was disclosed in a statement issued at the weekend by the hotel’s Communications and Marketing Manager, Ms Ijeoma Osuji, who said the iconic hospitality brand will host a three-day “Valentine Weekend Package” from February 13 to 15.

According to the statement, the experience is designed to cater to a wide range of guests, from long-term couples seeking a romantic getaway to individuals looking to connect and celebrate the season of love in a vibrant social setting.

For visitors seeking a complete escape, the hotel is offering a bespoke room package that combines luxury accommodation with carefully curated romantic add-ons, promising a serene retreat from the city’s bustle alongside world-class hospitality.

The weekend programme features a diverse mix of entertainment and lifestyle experiences. Among the highlights is the “Signature Couples Event,” a grand and intimate gathering featuring a specially curated Valentine menu, games, music, and comedy performances.

Guests can also look forward to “A Night of Humour,” a comedy showcase featuring top-tier entertainers, aand“Theatre Magic on Stage,” a specially curated romantic stage play designed to engage audiences through powerful storytelling and emotional connection.

For culinary enthusiasts, the hotel will host Dual Restaurant Experiences, with its signature outlets; Zuma Grill and Bukka Restaurant, offering exclusive Valentine-themed dining packages tailored to diverse tastes.

Breaking away from the traditional focus on couples, the hotel is also introducing a Poolside Party for Singles, providing a chic, lively atmosphere for Abuja’s social crowd to mingle under the stars, accompanied by music and refreshing cocktails.

To help guests capture lasting memories, professional couples’ photography sessions will also be available, allowing visitors to document their special moments against the hotel’s scenic backdrops.

“We wanted to create a weekend that wasn’t just a meal, but a memory,” the hotel’s management said in the statement. “Whether it’s through laughter at our comedy special or a beautiful moment captured during a photo session, our goal is to celebrate love in all its forms.”

Reservations for the Valentine Weekend Package are now open, with organisers confident that guests will experience a memorable, immersive celebration at what remains one of Abuja’s most vibrant social hubs.

Transcorp Hilton Abuja Curates All-Inclusive Valentine Weekend Experience

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