Business is booming.

Niger Extraction Company’s $300m Steel Plant Proposal Sparks Economic Growth

By Faridat Salifu

In a significant development for Nigeria’s economic resurgence, Niger Extraction Company Ltd has proposed a $300 million investment to establish a Steel Plant in Niger State.

The announcement, made by Uba Maigari Ahmadu, the Minister of State for Steel Development, in Abuja, has ignited hopes for substantial economic growth and the creation of employment opportunities in the region.

Minister Ahmadu emphasized the importance of this initiative in unlocking the vast potential of the steel sector, underscoring its significance in fulfilling the mandate of the Ministry of Steel Development.

The proposed collaboration between the Ministry of Steel Development and the Nigerian Investment Promotion Commission (NIPC) aims to attract potential investors interested in supporting the exploration and development of steel raw materials.

Dr. Mary A Ogbe, the Permanent Secretary of the Ministry of Steel Development and Ministry of Solid Minerals Development, expressed optimism about the potential impact of these collaborative efforts.

She reiterated the Ministry’s commitment to ensuring that the set goals translate into tangible and sustainable economic prosperity, particularly benefiting the people of Nigeria, with a focus on Niger State.

Aisha Rimi, the Executive Secretary/CEO of NIPC, highlighted the Commission’s mandate to provide assistance to investors seeking to enter or expand their presence in Nigeria.

She emphasized the extensive support and aftercare services offered by NIPC to ensure the success of investments, such as the proposed steel plant, contributing to the country’s economic development.

The establishment of the steel plant has the potential to not only fortify Nigeria’s industrial base but also create numerous job opportunities, stimulate local businesses, and empower the economy of the region.

This investment aligns with President Bola Ahmed Tinubu’s agenda for economic revitalization and represents a significant stride toward achieving sustainable and robust economic growth in the country.

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