The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this during an inspection tour of the African Natural Resources and Mines, an African Industries Group company in Kaduna.
The minister, who spoke on Saturday while inspecting the plant, said the facility would produce one million metric tonnes of steel annually and would help put an end to the importation of the commodity into Nigeria.
She said: “We have deliberately attracted various industries to come into Nigeria. This is because one of the main impediments to industrialisation has been the scarcity of high quality steel.
“So by this project, we are now assured that we can attract the auto industries of the world to come into Nigeria and produce cars in Nigeria for Nigerians, as well as for the region.”
The finance minister described the African Natural Resources and Mines group as a major partner for Nigeria’s economic development and diversification.
According to her, “There’s no country in the world that will be industrialised without having a stable steel industry. Your partnership with us as government means we are very much on the side to meet the aspiration of industrialising Nigeria.”
The Group Managing Director, African Industry Group, Alok Gupta, said the firm would be mining iron ore to produce Direct Reduced Iron, which would enable the company to produce higher-grade steel more efficiently.
He said, “This investment in the long term will dramatically increase domestic steel production. We are capable of producing over one million metric tonnes in a year.
“We are proud to be part of the looming steel revolution in Nigeria. Having invested over $1.5bn, we are hopeful that the expected steel revolution will have multiplier effects on the Nigerian economy.”
Gupta also said the steel company supported the Federal Government in the fight against COVID-19 by donating N1.35bn to help curb the spread of the virus.
Worldwide smartphone sales suffered a hit during the second quarter of 2020, dropping by 20.4%. In total, 294.7 million units were sold during the three-month period compared to 370.3 million units in Q2 2019.
In a bid to further enhance rapid economic growth in Ogun State as well as ensure the wellbeing of its citizenry, the State Government has released the sum of Five Hundred Thousand Naira as subvention to Trade Associations and Artisan Groups.
Talking can help you connect with others, but it can also destroy relationships. Here are some critical times when you should shut your mouth—before you put your foot in it.
The late General Sani Abacha was a Nigerian army general and dictator who ruled Nigeria from 1993 until his death in 1998. The Sani Abacha administration period had a boom in the country’s federal exchange reserve from $494 million in 1993 to $9.6 billion by the middle of 1997 and the administration also reduced the external debt of Nigeria from $36billiom in 1993 to $27 billion by 1997.
Youtube recently announced that artists and creators from Nigeria can apply for grants from its Black Voices Fund. The global $100m fund will, over the next three years, offer support to Black Artists and creators so they can thrive on Youtube.