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AFRECO plans N7 billion manganese plant in Nigeria

By on September 21, 2011

Japanese conglomerate, African Economy and Development (AFRECO), plans to establish a N7 billion manganese plant in Nigeria. Manganese is a metal with important industrial metal alloy uses, particularly in stainless steels.

AFRECO President Testsuro Yano announced this on Tuesday in Abuja when he led a delegation from the company on a courtesy visit to the Minister of Mines and Steel Development, Mr Mohammed Sada

Yano said that when established the proposed plant would produce about 5,000 tonnes of manganese annually and create about 500 jobs.

He said the group would like to invest in the manganese sector because it was very viable.

Yano said that AFRECO, which comprised over 200,000 companies, had been investing in foreign countries in the past 41 years.

He listed some of the countries to include South Africa, Zambia and Brazil.

Yano further said that investing in the sector would strengthen the cordial relations between Japan and Nigeria as well as help to promote Foreign Direct Investment (DFI).

Responding, Sada assured Yano of Federal Government’s readiness to assist his organisation to establish its presence in the country.

Sada said it was the Federal Government’s visions to see that the economy was mineral-driven.

“The ministry is planning to establish a Department of Mineral Resources that will deal directly with investors willing to invest in the country’s mining sector.

“The sector is viable and needs to grow,’’ Sada said.

NAN

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