The Federal Government has approved the establishment of a new N1.6 trillion iron-ore to steel project in Kogi State.
This is as part of government’s strategy to promote local value addition in the solid minerals sector.
This initiative aligns with Nigeria’s push to drive industrial growth and create jobs.
Minister of Solid Minerals Development, Dr. Dele Alake, assured the government’s full cooperation to ensure swift delivery of the project.
Speaking in Beijing during President Bola Ahmed Tinubu’s recent visit to China, Alake addressed the project’s promoters : Nigeria’s Chart and Capstone Integrated Limited and China’s Sinomach-He.
A statement by the Minister’s Special Adviser on media, Mr. Kehinde Bamigbetan, highlights the government’s reversal of the “pit-to-port” policy, which previously allowed the export of raw minerals.
Now, local value addition is a priority to enhance job creation, skill transfer, and improved trade relations.
The Minister emphasized that new mining license applicants must disclose plans for local processing of minerals as a condition for approval.
“Our trade balance with China is over $1 billion in favor of China because we export raw materials.
“Once Nigeria starts exporting value-added products, our trade balance will improve, and we can enhance foreign exchange earnings,” Alake said.
Chief Abel Edijala, CEO of Chart and Capstone Integrated Limited, praised the efficient and transparent licensing process, while Sinomach-He Vice Manager Hou Encai affirmed the company’s readiness to execute the project with its vast experience in mining, steel making and infrastructure development.
Sinomach-He will serve as the master contractor, managing engineering, procurement, installation, and training for the project.
(vitalnewsngr.com)
