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Extraction Company Proposes $300m to Establish Steel Plant in Nigeria

In line with the renewed hope agenda of President Bola Ahmed Tinubu’s Administration, Niger Extraction Company Ltd has presented a proposal of $300 million for the establishment of a Steel Plant in Niger State.

The Minister of State, Ministry of Steel Development, Uba Maigari Ahmadu, disclosed this in Abuja while receiving the Executive Secretary/CEO of Nigerian Investment Promotion Commission (NIPC), Aisha Rimini his office.

Ahmadu said: “The Niger Extraction Company Ltd, a Nigerian Company registered to undertake mining and steel development has sent in a proposal for the establishment of a $300m Steel Plant in Niger State, a development which indicates that the steel sector is set to take off and deliver on its mandate.”

He explained that the collaboration of the Ministry of Steel Development and NIPC is to organize targeted investor outreach programs that would engage others potential investors interested in supporting the exploration and development of steel raw materials.

“The Ministry of Steel Development and the NIPC can explore the potential for establishing PPPs to support the NSRMEA’s exploration projects.

“This can 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 collaboration with the agency.

“The NIPC can provide investment advisory services to the National Steel Raw Materials Exploration Agency (NSRMEA) and the Ministry of Steel Development, offering expertise in structuring investment opportunities, conducting feasibility studies for exploration projects, and identifying potential investors or funding sources interested in supporting the agency’s initiatives.”

In her remarks, the Permanent Secretary, Ministry of Steel Development/Ministry of Solid Minerals Development, Dr. Mary A Ogbe, while expressing optimism that the collaboration is a step in the right direction.

She reiterated the Ministry’s commitment to ensure that the goals set during the deliberations are achieved, adding that it was time the Steel Sector brought the needed prosperity to the people of Nigeria.

Also, the Executive Secretary/CEO of NIPC, Aisha Rimi, noted that the commission mandate is to provide assistance to investors seeking to enter the and those that are already in the country.

She disclosed that NIPC has extensive and robust Departments that assist in carrying out adequate care and after care for investment and investors.

Rimi assured of the Commission’s commitment to ensure all assistance is given to the Steel Sector to promote direct foreign investment into the country.

Source: The Guardian