Nigeria has commercial Iron-ore, steel raw materials – Minister

Nigeria has commercial Iron-ore, steel raw materials – Minister

Tuesday, June 24, 2014 6:21 pm

Abuja – The Minister of Mines and Steel Development, Mr Musa Sada, said on Tuesday that Nigeria was endowed with iron-ore and other steel raw materials in commercial quantity for the production of steel.

Sada disclosed this while receiving Chinese investors in Abuja.

A statement signed by the ministry’s head of press and a Deputy Director, Mr Marshall Gundu, said: “There is sufficient quantity of Iron-Ore and other steel raw materials in commercial quantities to support the production of steel products in the country.”

Sada, who was represented by his Permanent Secretary, Mr Dauda Kigbu, said that the Federal Government had provided conducive environment for investment opportunities.

The minister said that the steel sector had been driven by private investors while the government was providing the enabling environment for investment to strive.

He said that part of government policy to provide conducive environment for investors included issuance of effective mineral titles for exploration and exploitation of mineral resources to develop the steel sector.

He said other incentives were integration of the steel development plan into the Industrial Revolution Plan of the country and zero duty on the importation of steel making equipment.

Others included zero duty on importation of mining equipment, tax holiday for investors and provision of the needed infrastructure through public private sector partnership.

Sada said the Chinese investors had made a right choice to invest in the country’s steel sector as Nigeria was fast growing economy in the African.

He said the country with its huge population had large market and gateway to the Economic Community of West African States, assuring the investors that they would have return in their investment.

Speaking earlier, Mr Zhang Dade, the leader of the Chinese delegation, said they were in the ministry to indicate their readiness to invest in the steel industry after discussions with stakeholders.

Dade, also the President of Pangang Group Company Ltd, said they had visited Ajaokuta Steel Company Ltd and the National Iron-Ore Mining Company, Itakpe, for fact finding ahead of the visit to the ministry.

He said that they were interested in establishing a steel making plant in a suitable location in any part of the country to explore and exploit iron-Ore for steel production in the country.

Dade said the company was one of the major steel producing companies in China and that they were operating in other African countries as well.


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