Edun hails $1bn iron ore investment project for Kogi steel plant
The Minister of Solid Minerals Development, Dr. Oladele Alake has praised the $1 billion iron ore to steel project planned for Kogi State as a breakthrough in the Federal Government’s campaign to promote local value addition in the solid minerals sector.
The project, a collaboration between Chart and Capstone Integrated Limited of Nigeria and Sinomach-He of China, aims to add value to Nigeria’s iron ore exports and improve the country’s balance of trade.
Minister Alake pledged the Federal Government’s cooperation with the promoters to ensure the project’s swift delivery, highlighting the importance of local value addition in creating jobs, transferring skills, and improving the balance of trade.
The project’s CEO, Chief Abel Edijala, commended the Minister for streamlining the licence application process, making it efficient and corruption-free.
Sinomach-He’s vice manager, Hou Encai, expressed the company’s readiness to start the project, showcasing their expertise in mining, iron making, steel rolling, and infrastructure construction.
The project aims to feed the steel manufacturing plant and service Nigeria’s industrialization needs, with tax waivers and holidays requested to cope with macro-economic fluctuations.