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$600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta - Politics - Nairaland

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$600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Bazamfare: 11:23pm On Dec 24, 2019
The managing director of African Industries Group, Mr Alok Gupta, yesterday, said the company’s $600million Integrated Steel Plant will be Nigeria’s highest non-oil Foreign Direct Investment (FDI) when it begins operation.

Mr Gupta said federal government’s plan to turn around its iron and steel sector will receive the desired boost with the establishment of the $600m Integrated Steel Plant in Kaduna State.

This is as the minister of Mines and Steel Development, Arc Olamilekan Adegbite, has assured that President Muhammadu Buhari will commission the phase I of the steel plant project which is sited in Tafa in Kagarko local government area of Kaduna.

“Hopefully, Mr President will be here to do the commissioning of the first phase of the project when the time comes.

“It is part of our mandate to encourage investment in mining and steel development which this group has started on; my visit here today is to encourage this investment and also to urge them to do this as quickly as possible to bring the obvious benefit, first to the community where it belongs.

“While we are there to moderate the expectations of the community, at the same time, we also encourage the investor to carry them along, benefiting in terms of employment, infrastructure including social infrastructure,” the minister said.

Affirming the minister’s position, the AIG managing director, Mr Alok Gupta, said,

“We expect to commission the Phase I of the project by end December 2020. We will be mining 5.4 million tonnes of Iron Ore, beneficiate the ore to produce high grade concentrate, make it into pellets and finally into Directly Reduced Iron (DRI). The DRI will be used to make steel billets and will avoid our need to import the same.

“We are also building a 36 MW Power Plant from the waste heat recovered in the process, which will be partly used for captive consumption,” he said.

According to him, with the completion of first phase of project, there will be significant economic and industrial development in the area by means of creation of several allied industries and social infrastructure, while the surplus power generated will further assist in developing other industries and residences and will help in urbanisation of the local area.

Pledging the support of the government of Kaduna State for the project, the Governor, Mallam Nasir El-Rufai, who was represented by the Chief of Staff, Muhammed Abdullahi, said the state will work hand in hand with the ministry to ensure that the reap the benefit that is to follow.

“The governor has asked me to assure you of our support to ensure that the people of Kaduna and the government of Nigeria benefit from the project which will provide us with the advantage of job creation, of saving foreign exchange and providing the industrial capabilities that steel holds for our economy,” he said.

The African Industries Group is a diversified Manufacturing Group involved in the manufacturing of various products including Steel.

It started its operations in Nigeria in 1971, employing over 8,000 people in their 18 manufacturing plants, according to the MD, and they are now the largest producer of steel in Nigeria having the lion share of the market with an annual production capacity of 1.2m tonnes of finished Steel Products.

Over the last six years, their subsidiary, African Natural Resources and Mines Ltd (ANRML) has also recorded breakthroughs in Resource Estimate, feasibility studies from various consultants around the world as well as Environmental and Social Impact Assessment based on both the Nigerian and IFC performance standards.

https://leadership.ng/2019/12/24/600m-steel-plant-will-be-nigerias-highest-non-oil-fdi-gupta/

17 Likes 1 Share

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Rossikk(m): 11:29pm On Dec 24, 2019
Wow....Where the hell did that come from?

I had no idea we were building a 600 million dollar steel plant anywhere in the country.

That's nearly a billion dollars.

One day we'll just wake up and find this country has turned to Japan at this rate.

Dangote is already building the world's biggest refinery in Lagos.

Near the site, Eko Atlantic rises slowly to challenge Dubai's glory.

We are moving forward.

117 Likes 18 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by rusher14: 11:33pm On Dec 24, 2019
Rossikk:
Wow....Where the hell did that come from?

I had no idea we were building a 600 million dollar steel plant anywhere in the country.

One day we'll just wake up and find the country has turned to Japan at this rate.

Just the other day, I suggested we don't have to wait for Ajaokuta.

Smaller and even diverse steel companies can rise up.

I've been vindicated.

Congratulations to Nigeria.

82 Likes 10 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Lisaint(m): 11:33pm On Dec 24, 2019
What happen to Ajaokuta

18 Likes 4 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Rossikk(m): 11:36pm On Dec 24, 2019
rusher14:


Just the other day, I suggested we don't have to wait for Ajaokuta.

Smaller and even diverse steel companies can rise up.

I've been vindicated.

Congratulations to Nigeria.

Nigeria thrives on private enterprise. The day we accept that as a fact is the day we'll make sharp progress as a country.

69 Likes 11 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by rusher14: 11:41pm On Dec 24, 2019
Lisaint:
What happen to Ajaokuta

Same thing that happened to your refineries, schools, ministries and governmental agencies.

As far as Nigerians are concerned it is for everybody and for nobody.

We can all get rich off it.

Come in and leave anytime we like.

Cut corners and cut deals owning 15 empty houses in Abuja as we do so.

55 Likes 6 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Rossikk(m): 11:44pm On Dec 24, 2019
Lisaint:
What happen to Ajaokuta

Buhari and Putin discussed Ajaokuta at their meeting in Sochi. The Russians are returning to fix their work according to reports.

https://guardian.ng/business-services/russians-to-return-for-completion-of-ajaokuta-steel/

32 Likes 5 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by NASTYNASOSO: 11:46pm On Dec 24, 2019
Rossikk:
Wow....Where the hell did that come from?

I had no idea we were building a 600 million dollar steel plant anywhere in the country.

That's nearly a billion dollars.

One day we'll just wake up and find this country has turned to Japan at this rate.

Dangote is already building the world's biggest refinery in Lagos.

Near the site, Eko Atlantic rises slowly to challenge Dubai's glory.

We are moving forward.

HMMMMMMM

GUY CHILL
SLOW DOWN ON THE EXCITEMENT

DUBAI NO BE HERE
JUST COOL DOWN A BIT

16 Likes 1 Share

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Rossikk(m): 11:49pm On Dec 24, 2019
NASTYNASOSO:


HMMMMMMM

GUY CHILL
SLOW DOWN ON THE EXCITEMENT

DUBAI NO BE HERE
JUST COOL DOWN A BIT

No, YOU need to wake up from your slumber.

Eko Atlantic is REAL and WILL challenge Dubai.

It will be Nigeria's answer to Dubai.

Eko Atlantic City, Lagos
www.nairaland.com/attachments/6252713_catskzd_jpegd1f7241387caa368ac991625c3fe4052

74 Likes 9 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by slimderek(m): 11:56pm On Dec 24, 2019
I hope for all our sakes this doesn’t go the way of Ajaokuta

3 Likes

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by jeebz: 4:58am On Dec 25, 2019
slimderek:
I hope for all our sakes this doesn’t go the way of Ajaokuta
It's private so we expect it to happen.

20 Likes

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Jimi24: 5:08am On Dec 25, 2019
This Buhari regime is toooooo much.
This is huge.
We now need foundries and a flat sheet plant somewhere and its almost 90% value added to most basic industry.

33 Likes 6 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Seetto: 5:14am On Dec 25, 2019
All these guys that make comments above, 10 gbosa for you all, I like the spirit and positive developmental mindset, Nigeria will surely get there....

70 Likes 11 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by contigiency(m): 5:25am On Dec 25, 2019
Just as the prophets of doom are busy predicting the worst for the country, God is busy thwarting their wishes. The country is busy developing and I have said it severely, that very soon people will scramble to get Nigerian visa. By the time those people who left for another country because they saw Nigeria as a shit country, zoo and all kinds of names return, they will prostrate and plead to buy a plot of land at any amount.

38 Likes 10 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Rossikk(m): 6:43am On Dec 25, 2019
contigiency:
Just as the prophets of doom are busy predicting the worst for the country, God is busy thwarting their wishes. The country is busy developing and I have said it severely, that very soon people will scramble to get Nigerian visa. By the time those people who left for another country because they saw Nigeria as a shit country, zoo and all kinds of names return, they will prostrate and plead to buy a plot of land at any amount.

You're right.

20 Likes 6 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Multiplier7(m): 8:27am On Dec 25, 2019
I love what I just read now. Please they should fast tract the construction of everything.

This one he said that the first phase will be commissioned on Dec 2020. God knows when they will commission the remaining PHASES.

12 Likes 4 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by pineed(m): 10:19am On Dec 25, 2019
Good development..

6 Likes 1 Share

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by englishmart(m): 3:28pm On Dec 25, 2019
Good development. I hope it doesn't get audioed

2 Likes

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Blue3k(m): 3:29pm On Dec 25, 2019
Here's a chart of the direct reduces iron process.

2 Likes 1 Share

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Juniooopo: 3:29pm On Dec 25, 2019
Interesting
Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by recievesense: 3:30pm On Dec 25, 2019
What happened to Ajaokuta steel plant after FG spent billions for over 4 decades? shocked

3 Likes

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by superior1: 3:30pm On Dec 25, 2019
That’s Mumu Bubu’s retirement fund. Not gonna generates nada

1 Like

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by CaptainFM1: 3:31pm On Dec 25, 2019
Rossikk:
Wow....Where the hell did that come from?

I had no idea we were building a 600 million dollar steel plant anywhere in the country.

That's nearly a billion dollars.

One day we'll just wake up and find this country has turned to Japan at this rate.

Dangote is already building the world's biggest refinery in Lagos.

Near the site, Eko Atlantic rises slowly to challenge Dubai's glory.

We are moving forward.

Propaganda na normal thing for 9ja na

6 Likes

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by itsme01: 3:31pm On Dec 25, 2019
cool
Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by OhBiafra: 3:31pm On Dec 25, 2019
Rossikk:
Wow....Where the hell did that come from?

I had no idea we were building a 600 million dollar steel plant anywhere in the country.

That's nearly a billion dollars.

One day we'll just wake up and find this country has turned to Japan at this rate.

Dangote is already building the world's biggest refinery in Lagos.

Near the site, Eko Atlantic rises slowly to challenge Dubai's glory.

We are moving forward.
This your stupid optimism has lasted more than a decade on Nairaland, yet nothing.

15 Likes

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by lonelydora: 3:33pm On Dec 25, 2019
Nonsense, instead they will revive Ajaokuta Steel Company

1 Like

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by rusher14: 3:33pm On Dec 25, 2019
superior1:
That’s Mumu Bubu’s retirement fund. Not gonna generates nada

Because the Indians didn't set it up in Enugu.

12 Likes 2 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Humphrizy(m): 3:34pm On Dec 25, 2019
Na the employment Opportunity(ies) own dey sweet me pass... At least if we more active industries in dx country... The rate of unemployment will reduce.


Let's watch and see how it goes... Pray it won't be all dx kinda empty audio employment news


Merry Christmas to you all

2 Likes 2 Shares

Re: $600m Steel Plant Will Be Nigeria’s Highest Non-oil FDI – Gupta by Eteka1(m): 3:35pm On Dec 25, 2019
Good development

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