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FG, Chinese investors pledge $5billion on steel sector

By on July 2, 2014

The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Ambassador Abdulkadir Musa, has commended PAN Steel Corporation of China for taking advantage of Nigeria Industrial Revolution Plan (NIRP) to invest $5 billion new steel plant in Nigeria.

He made the statement during a courtesy visit by the president of the PAN Steel Corporation, China, Mr. Zhang Dade, to the ministry’s headquarters in Abuja.

The permanent secretary who represented the Honourable Minister, Olusegun Aganga, at the occasion said the NIRP has made steel central in the industrialisation process of the country which is aimed at addressing the issue of manufacturing sector in Nigeria.

“The intention is to give a boost to industrialisation in Nigeria especially in the manufacturing sector, create employment for Nigerians  and reduce our import  bills on the products we could have produced in the country,” he said.

He added: “The Steel Industry in Nigeria is quite open and transparent and we welcome people who want to participate in the development of steel in Nigeria.”

Abdulkadir said the government had endorsed legislation in the National Assembly to empower entrepreneurs and protect their investments in the country, adding that leading manufacturers in the automobile industry have come from different parts of the world to embrace federal government auto policy.

“NISSAN has started production and not quite long ago we are riding Chinese automobile in the country while others will roll out before the end of the year.”

The permanent secretary expressed delight that the law of the country has made it possible for investors to own industry 100 per cent. “You are allowed to install a company and owner it 100 per cent and Nigeria is the focal market, so whoever stays here to produce will not only produce for 167 million Nigerians but the entire West African market”

Earlier, the president, PAN Steel Group Corporation had pointed out that Nigeria had a good investment environment which prompted them to decide to invest $5 billion for new steel plant that will produce 4-5 million metric tons per annual.

“Nigeria has the biggest population, very good investment environment, rich natural resources and coming to Nigeria is our priority regarding selection of steel plant designation in Africa. We will put more effort toward industrialisation in Nigeria”. He stressed.

 

[This Day]