By Industrial Digest
“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 Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this during an inspection tour of the $1.5 billion steel plant of the African Natural Resources and Mines, an African Industries Group Limited, in Kagarko Local Government Area of Kaduna State.
She said that the facility when completed , would produce one million metric tonnes of steel annually , and would help put an end to the importation of the commodity into Nigeria.
Ahmed described the African Natural Resources and Mines group as major partner for Nigeria’s economic development and diversification.
“There’s no country in the world that will be indindustrializedthout having a stable steel industry. Your partnership with us as government means we are very much on the side to meet the aspiration of industrializing Nigeria,” she said.
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.
Gupta said that the 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.”