FG Supports 327,000-tonne Iron, Steel Plant

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  • FG Supports 327,000-tonne Iron, Steel Plant

The Federal Government has announced its support for the establishment of a 327,000-tonne iron and steel plant as part of its plan to diversify the economy away from oil.

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, gave the indication on Friday during a facility tour of Standard Metallurgical Company Limited in Sagamu, Ogun State, where the plant is being built.

He promised that the ministry, in collaboration with other agencies, would look into the needs of the company and other operators in the sector.

“I like the ambition of this company. This is at the heart of industrialisation and we will be supporting you,” the minister stated.

The Managing Director, SMC, Mohammad Saade, said the company would commence full backward integration in which iron ore and coal would be sourced locally in line with its multi-phase investment in the country

He stated that the second phase of the project was part of the drive to promote and export made-in-Nigeria products.

According to him, the metal and steel melt shop, which will be inaugurated in the next three months, will require heavy scrap and metal as raw materials.

Saade stated, “We have a huge investment in steel in Nigeria. It is a unique type of factory. We are going to produce more in phase two. This will be the first factory to produce billets suitable for wire rods.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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