Niger Extraction Company Plans to Invest $300 Million in Steel Plant in Nigeria
Niger Extraction Company Ltd has put forward a proposal to invest a whopping $300 million for the creation of a Steel Plant in Niger State, in alignment with the goals of President Bola Ahmed Tinubu’s Administration.
The news was revealed by the Minister of State, Ministry of Steel Development, Uba Maigari Ahmadu, during a meeting with the Executive Secretary/CEO of Nigerian Investment Promotion Commission (NIPC), Aisha Rimi in Abuja.
According to Ahmadu, this proposal from Niger Extraction Company Ltd, a Nigerian company engaged in mining and steel development, signifies a substantial step forward for the steel sector, indicating its readiness to fulfill its objectives.
In collaboration with the Ministry of Steel Development and NIPC, targeted investor outreach programs will be organized to engage potential investors who are interested in supporting the exploration and development of steel raw materials.
The plan is to explore the possibility of forming Public-Private Partnerships (PPPs) to support the National Steel Raw Materials Exploration Agency’s (NSRMEA) exploration projects. This may involve engaging with private sector stakeholders, including mining companies, geological survey firms, and international investors, to form partnerships aimed at funding and executing exploration activities in conjunction with the agency.
Dr. Mary A Ogbe, the Permanent Secretary of the Ministry of Steel Development, expressed optimism about the collaboration and reiterated the Ministry’s commitment to ensuring the achievement of the set goals.
Aisha Rimi, the Executive Secretary/CEO of NIPC, emphasized the commission’s mandate to provide assistance to investors seeking to enter and those already in the country. She also highlighted the extensive and robust departments within NIPC that offer support and care for investments and investors.
Rimi pledged the commission’s dedication to providing all necessary assistance to the Steel Sector to foster direct foreign investment into the country.
This latest development is a significant step towards the revitalization of the steel sector in Nigeria, aligning with the government’s ambitious agenda to promote industrialization and economic growth.
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