Mining company offers $300 million to set up steel mill in Nigeria

Mining company offers $300 million to set up steel mill in Nigeria

In line with the New Hope Agenda of the President Bola Ahmed Tinubu administration, Niger Extraction Company Limited has presented a $300 million proposal to establish a steel mill in Niger State.

The Minister of State for Steel Development, Uba Maigalli Ahmadu, disclosed this when he met the Executive Director and Chief Executive Officer of the Nigeria Investment Promotion Commission (NIPC), Aisha Rimini, at her office in Abuja. did.

Mr Ahmadu said: “Niger Extraction Company Limited, a Nigerian company registered to engage in mining and steel development, has submitted a proposal to establish a $300 million steel mill in Niger State. This indicates that the steel sector will undertake the following initiatives. Set out and complete the mission. ”

He explained that the cooperation between the Ministry of Steel Development and NIPC is to organize a targeted investor support program that will involve other potential investors interested in supporting the exploration and development of steel raw materials. did.

“The Ministry of Steel Development and NIPC can explore the possibility of setting up a PPP to support the exploration projects of NSRMEA.

“This includes partnerships aimed at working with private sector stakeholders such as mining companies, geological exploration companies and international investors to fund and carry out exploration activities in collaboration with authorities. May include forming.

“NIPC provides investment advisory services to the National Steel Materials Exploration Authority (NSRMEA) and the Ministry of Steel Development to develop investment opportunities, conduct feasibility studies for exploration projects, and assist potential investors and We can provide expertise in identifying funding sources for agency efforts.”

Dr. Mary A. Ogbe, Permanent Secretary, Ministry of Steel Development/Ministry of Solid Mineral Development, while expressing optimism that this collaboration is a step in the right direction, said:

He reiterated the ministry’s determination to ensure the achievement of the goals set during the deliberations, adding that the time has come for the steel sector to bring much-needed prosperity to Nigerians.

Also, Ayesha Rimi, Director General and CEO of NIPC, said that the commission’s mission is to provide support to investors looking to enter India as well as those already in the country. He said there is.

He disclosed that NIPC has an extensive and strong department that supports investments and implementation of proper care and aftercare for investors.

Mr. Rimi assured the Committee’s commitment to ensure that all support is given to the steel sector to promote foreign direct investment in the country.


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