Kaduna $600m Steel Plant will Employ 3,000 Nigerians

By January 13, 2020 Investment News

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, on Thursday said the Federal Government would offer assistance to serious industrialists who wish to invest in Nigeria.

The minister spoke while inspecting ongoing work at the site of the African Natural Resources and Mines Limited, a steel plant in Kagarko area of Kaduna State.

This is as the Group Managing Director, African Industries Group, Mr Alok Gupta, the owners of the firm, said the $600m steel plant would provide jobs for 3,000 Nigerians.

Adebayo said, “We as a government are desirous and willing to assist all serious industrialists, all people that are serious about investing in Nigeria, we are here for them. We will within the laws of Nigeria do everything possible to assist to make sure that they are able to bring everything on track.”

He described the steel plant, a $600m project being set up by AIG, as the type of investment the Federal Government was looking for.

The minister noted that the plant would provide employment opportunities for many Nigerians when it becomes fully operational.

Adebayo further observed that the project would help in actualising the Federal Government’s plan to lift 100 million Nigerians out of poverty in 10 years.

Gupta, in an address at the event, informed the minister that the project needed the support of the Federal Government.

Gupta disclosed that the first phase of the steel plant would be inaugurated in December 2020.

“Most importantly we will be employing over 3,000 people and benefit the lives of many more. Our $600m investment will be the largest non-oil FDI in the country and should encourage other mining industries to explore similar projects in the future.

“The project will also bring in significant savings in foreign exchange by import substitution and add to foreign exchange reserves when our mining project starts to export Direct Reduced Iron to other West African countries.”

Source: Punch