By ABAH SUNDAY, Abuja
Niger Extraction Company Ltd, a Nigerian company registered to undertake mining and steel development has sent in a proposal for the establishment of a $300m Steel Plant in Niger State.
Minister of State for Steel Development Uba Maigari Ahmadu disclosed this when he played host to the Executive Secretary/CEO of the Nigerian Investment Promotion Commission, Aisha Rimi at the ministry’s headquarters on Thursday in Abuja.
Ahmadu in a statement from the ministry said the development was an indication that the steel sector is set to blossom and deliver on its mandate.
He expressed the ministry’s preparedness to collaborate with the Nigerian Investment Promotion Commission (NIPC) towards revitalising, operationalising the National Steel Raw Materials Exploration Agency (NSRMEA) Kaduna and the National Metallurgical Institute Onitsha.
He enumerated the areas of collaboration to include, among others, organising local and international investment fora for relevant stakeholders to showcase the full potentials of the NMTI with the view of attracting investments and funding for upgrading the institute’s facilities, curriculum, and training programmes to meet industry international best standards and demand; developing policy reforms and incentives that would be inclusive but not limited to legal, governance, finance tax incentives, and regulatory reforms that would reposition the institute to contribute more meaningfully to national manpower and infrastructure development.
Others are identifying local and international multilateral, multinational, Institutional and venture capitalists who can inject technical and financial capital into revitalising the institute and position it as a centre of excellence for metallurgical training and skills development; establishing a PPP (Public Private Partnership) framework for the revival of NMTI that would involve engaging with private sector stakeholders such as steel companies, mining firms, and educational institutions in partnerships aimed at modernising the institute and aligning its training programmes with industry.
Accelerating investment interest from both local and international Investments in exploration projects, with special interest in steel raw materials such as Iron ore, Manganese, Coal, Refractory, Limestone, through establishing partnerships with mining companies and exploration firms; Organizing targeted investor outreach programmes to engage potential investors interested in supporting the exploration and development of steel raw materials as well as advocating for policy reforms and incentives to encourage private sector investment in raw materials exploration were also part of the areas of collaboration.
Ahmadu expressed the ministry’s willingness to leverage the expertise and networks of NIPC, noting that the collaborative efforts of both organisations would help attract private sector investment, modernise exploration techniques, and enhance the capacity of NMTI and NSRMEA to fulfill their mandates.
Also speaking, the Permanent Secretary, Ministries of Steel and Solid Minerals Development, Dr Mary Ogbe, expressed optimism that the collaboration between the two sides was a step in the right direction, reiterated the Ministry’s commitment to ensure the goals set during the deliberations are achieved.
The Permanent Secretary proposed the establishment of a Technical Working Group (TWG) with members drawn from the Ministry of Steel Development and NIPC, with the sector specific experts who will develop a framework that would enhance the development of the sector on a general scale and the National Metallurgical Institute, Onitsha and National Steel Raw Materials Exploration Agency (NSRMEA) Kaduna,
specifically.
In her remarks, the Executive Secretary/CEO of Nigerian Investment Promotion Commission, Aisha Rimi stated that the Commission’s mandate is to provide assistance to investors seeking to enter the and those that are already in the country.
She disclosed that NIPC has extensive and robust Departments that assist in carrying out adequate care and after care for investment and investors.
Rimi assured of the Commission’s commitment to ensure all assistance is given to the steel sector to promote Direct Foreign Investment (DFI) into the country.