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- A steel and iron ore mining company has made over $600 million in investments in Nigeria's steel sector
- Nigeria’s minister of steel development has commended the company for exhibiting its belief in the country
- He also emphasised their considerable investment and role in the country's economic growth
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
African Natural Resources and Mines Limited (ANRML), a steel and iron ore mining business, has invested over $600 million in Nigeria's steel industry.
Source: UGC
This occured as Aliko Dangote, president of the Dangote Group, recently said the group will no longer invest in Nigeria’s steel industry to avoid the monopoly label.
The Nigerian billionaire disclosed this on Saturday, July 20, 2024, stating that the allegations of trying to monopolise businesses in Nigeria have become a significant discouragement.
FG reacts to new investment
The minister of steel development, Prince Shuaibu Abubakar Audu, has hailed ANRML for demonstrating its faith in the nation.
After touring the ANRML steel facility at Gugeni Village, Kagarko Local Government Area, Kaduna State, with the Indian High Commissioner to Nigeria, H.E. Shri G. Balasubramanian, Prince Audu offered the compliment.
Prince Audu thanked the company and its owners for their faith in Nigeria during his speech that followed the 900-hectare complex tour. He also mentioned their sizeable investment and contribution to the economic development of the nation.
He praised ANRML for supporting the backward integration policy of the Nigerian government and creating roughly 4,000 direct and indirect jobs.
The minister said,
“What we’re seeing here puts us on the right track. Some important things I’ve noted include that the AIG Group has invested close to $600 million in this plant, and the primary production activity, which is the mining of iron ore—the raw material for steel production—takes place here.“Steel is the catalyst for industrialization in any nation throughout history, so it’s a very important component. AIG is playing a crucial role in advancing Nigeria to the next level.”He expressed his satisfaction learning that the steel company was already selling its products to Senegal and Morocco, and he asked the company to help Nigeria meet its domestic demand from within and export any excess.
“And I want to urge the company to invest more to help us meet our local demand. About 10 million metric tonnes worth $4 billion, from what I understand, are still being imported into this country, and I think this company has a very significant role to play in reversing that trend to enable us to meet local demand and export the excess,” he said.More employment opportunities
Shri. G Balasubramanian, Indian High Commissioner to Nigeria stated that, in Nigeria, Indian-owned businesses employ the second-highest number of people after the federal government.
He was happy to note that Indian-owned businesses were having a positive influence on Nigeria, pointing out that since his arrival, the number of such businesses has grown from 150 to 200, with an estimated $27 billion invested in the nation.
According to a Businessday report, he claimed that the expansion demonstrated their faith in Nigeria's enormous potential as well as the hospitable and friendly character of its people.
ARNML, a division of Africa Industries Group (AIG), was commended by the Indian High Commissioner, who accompanied the minister on a tour of the complex, for its significant financial, technological, and human resource investments as well as its dedication to corporate social responsibility (CSR) initiatives in the host communities.
He emphasized that Nigeria in particular is seen as the focal point of India's foreign policy under Prime Minister Narendra Modi, which views Africa as a region vital to socioeconomic cooperation.
Presidency Speaks on Petrol Price Increase
Legit.ng reported that an aide to the president on Information and Strategy, Bayo Onanuga, stated this On Tuesday, September 3, 2024, while clarifying the recent increase in the pump price of PMS across the country.
Onanuga disclosed via his X handle that media reports accusing the government of misleading Nigerians about petrol subsidy payments were untrue, claiming that the government had been faithful to its policy of deregulating the downstream sector.
The special adviser to Tinubu noted that on May 29, 2023, the President announced that the fuel subsidy was gone, stating that the statement stands true.
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Source: Legit.ng
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