The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo made the ocommendation yesterday while inspecting the steel plant.
“From what I have seen so far, I must say that I am very impressed. This is the sort of investment that we as a government look forward to seeing.
“I am happy with the number of people that will be employed. As you are all aware, the wish and desire of President Muhammadu Buhari is to lift a 100m people out of poverty over the next ten years and these are the kinds of things that will assist in that regards, because when people get employment and paid salaries and they are able to help their dependants, it will go a long way in that regard,” he said.
Assuring foreign investors federal government’s support, the Minister said foreign investors in the country should have no fear of returns on their investments as the federal government will back foreign investors in the country to recoup their cost and break even.
“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.
The Minister who was visiting the project for the first time said he intends to visit as many times as possible until the project is finally completed and start to produce.
Earlier in his address, the Managing Director, African Industries Group, Mr Alok Gupta who craved the support of government disclosed that the phase I of the steel plant will be ready for commissioning by the end of December this year, and his company will be mining Iron Ore to produce Direct Reduced Iron (DRI) which will be further used to make steel and help reduce imports into Nigeria.
“Hon. Minister, such a project that you are witnessing today has a higher gestation period requiring full support from the Government. At this site of African Natural Resources and Mines Ltd, we will be mining Iron Ore to produce DRI which will be further used to make steel and help reduce imports into Nigeria. We expect to commission the Phase I of the project by end December 2020.
“We, the African Industries Group are a diversified Manufacturing Group involved in the manufacturing of various products including Steel, Chemicals, Commodities & Power generation. We started our operations in Nigeria in 1971 and currently employ over 8,000 people in our 18 manufacturing plants in Nigeria. We have made significant Investments in the Nigerian Manufacturing Sector,” he said.
Highlighting key contributions from their current project towards the Industrial development, Gupta said said the $600million steel plant will provide jobs for 3,000 Nigerians.
The Project will also bring in significant savings in foreign exchange by import substitution and also add to foreign exchange reserves when our mining project starts to export Direct Reduced Iron (DRI) to other West African countries. Already our Group manufacturing companies in Nigeria have been exporting steel and chemical products to various countries within the ECOWAS region.
“There will be significant economic and industrial development in the area by means of creation of several allied industries and social infrastructure. “G
He listed other benefits of the steel plant which he described as a “project with a higher gestation period.”
He added: “The surplus power we generate will further assist in developing other industries and residences and will help in urbanization of the local area. We expect our community and all our neighboring villages and towns to benefit immensely from our project.
Barely two weeks ago, the Hon. Minister of Mines and Steel Development, Arc. Olamilekan Adegbite also visited the site and assured that gave that that Mr President will be pleased to personally come for the commissioning of the 1st phase of the project when completed.
Can DRI which will be further used to make steel and help reduce imports into Nigeria. We expect to commission the Phase I of the project by end December 2020.
“There will be significant economic and industrial development in the area by means of creation of several allied industries and social infrastructure. “
Gupta, who said AIG currently employs 8,000 workers, said the company has 18 manufacturing plants in the country.
He listed other benefits of the steel plant which he described as a “project with a higher gestation period.”
He added: “The surplus power we generate will further assist in developing other industries and residences and will help in urbanization of the local area. We expect our community and all our neighboring villages and towns to benefit immensely from our project.
Barely two weeks ago, the Hon. Minister of Mines and Steel Development, Arc. Olamilekan Adegbite also visited the site and assured that gave that Mr President will be pleased to personally come for the commissioning of the 1st phase of the project when completed.
