Published On: Wed, Apr 27th, 2016

Nigeria earmarks steel industry to drive industrialisation

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Nigeria econmyABUJA, (CAJ News) – NIGERIA is considering options to tap into the country’s vast iron ore deposits to enhance the resuscitation of the economy.

Vice President, Yemi Osinbajo, who disclosed such plans, said although Nigeria is the 12th largest iron ore resource country in the world and the second largest in Africa, about 70 percent of the deposits were yet to be proven.

“The federal government is well aware of this issue and is currently  looking at options to solve the challenge, including synergising  government capacity and private sector competencies for certifying  existing deposits,” he said in Illorin, Kwara State.

Osinbajo restated the administration determination to bring about a faster  industrialization process in the country through the active development of  the steel sector.

He said Nigeria has about 2 billion metric tonnes of iron ore reserve.

“We must be extremely ambitious in our industrialization efforts,” he said.

“The need for increased levels of investment in Nigeria has never been  more crucial than at this period in time.”

Osinbajo was speaking at the foundation laying ceremony of Kam Steel  Integrated Complex at Jimba Oja.

Mines Minister, Kayode Fayemi, described the event as historic observing  that the achievement of the company was capable of galvanizing the  development of the sector as a whole.

Governor Abdulfatah Ahmed commended the company for its consistent giant strides in the sector, praised it for promoting the use of 100 percent  local raw materials and boosting employment in the state.

CAJ News

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