The Street Reporters Newspaper

…Breaking News with Integrity!

Adsense

Nigeria's Federal Government Hails $1 Billion Iron Ore to Steel Project as Breakthrough in Value Addition
News

Nigeria’s Federal Government Hails $1 Billion Iron Ore to Steel Project as Breakthrough in Value Addition

Spread the love

The Federal Government has welcomed the planned $1 billion iron ore to steel project in Kogi State as a significant breakthrough in its campaign to promote local value addition in the solid minerals sector.

Minister of Solid Minerals Development, Dr. Oladele Alake, praised the project, saying it aligns with the government’s policy of reversing the “pit to port” approach, where raw minerals are exported without processing.

The project, a joint venture between Chart and Capstone Integrated Limited of Nigeria and Sinomach-He of China, aims to establish an iron ore mining site that will feed a steel manufacturing plant, promoting industrialization and job creation. The Minister assured the promoters of the government’s cooperation to ensure the project’s swift delivery.

ALSO READ  Labour Party Leads Relief Efforts in Flood-Hit Borno, Donates N50m

Dr. Alake emphasized the importance of local value addition, citing the significant trade imbalance between Nigeria and China, which can be addressed by exporting finished or semi-finished mineral products.Nigeria's Federal Government Hails $1 Billion Iron Ore to Steel Project as Breakthrough in Value Addition

He highlighted the government’s new policy requiring mining license applicants to disclose plans for processing raw minerals.

Chief Executive Officer of Chart and Capstone Integrated Limited, Chief Abel Edijala, commended the Minister for streamlining the license application process, making it efficient and corruption-free.

ALSO READ  Olukoyede Charges Youths on Grassroots’ Anti-Corruption Crusade

He outlined the project’s model, which will service the Nigerian economy’s industrialization needs.

Sinomach-He’s Vice Manager, Hou Encai, confirmed the company’s readiness to commence the project, highlighting its expertise in mining, iron making, steel rolling, and infrastructure construction.

The company will serve as the master contractor, providing engineering, procurement, installation, commissioning, and training services.

The Memorandum of Understanding (MOU) signing was witnessed by dignitaries, including Nigeria’s Consul-General to China, Ambassador Gbadebo Afolabi, who confirmed Sinomach-He’s integrity following a due diligence check by the embassy.

ALSO READ  Explosive: How NNPCL Deceived Nigerians On Port Harcourt Refinery Project, Installing Blending Plant To Mix Substandard Russia/Malta Products In Nigeria

This project marks a significant milestone in Nigeria’s solid minerals sector, promoting value addition, job creation, and industrialization, with the potential to improve the country’s trade balance and foreign exchange earnings.

What's your thought about this story? Write your comment here

Discover more from The Street Reporters Newspaper

Subscribe now to keep reading and get access to the full archive.

Continue reading