Democracy Newsline NewspaperDemocracy Newsline Newspaper
  • Home
  • Politics
    Politics
    Show More
    Top News
    DG Ododo Consolidating Movement commends Central Party Faithful for the huge turnout during the APC Campaign Rally in Okene.
    2 years ago
    7 – DAYS TO SATURDAY NOVEMBER 11TH GOVERNORSHIP ELECTION, IN BAYELSA THE MASSES AND CRITICAL STAKEHOLDERS , ACROSS BOARD PLEDGES TO VOTE DIRI/LAW AS NGO TOOK CAMPAIGN TO GRASSROOT
    2 years ago
    It’s Political Dislocation For Anambra To Remain In APGA — Ganduje
    2 years ago
    Latest News
    GROUP DONATES BILLBOARD FOR SENATOR KARIMI OVER HIS OUTSTANDING PERFORMANCES
    15 hours ago
    Former Jigawa Governor Sule Lamido Set to Pick PDP National Chairman Nomination Form Today.
    15 hours ago
    ODODO VANGUARD LAUNCHES “RENEWED HOPE CONTINUITY MILLION MARCH IN KOGI”
    4 weeks ago
    LG Election: Ebonyi Journalist Declares Interest for Ishielu Chairmanship Poll
    1 month ago
  • Technology
    TechnologyShow More
    Key Takeaways from the Kogi Dialogue Marking Governor Ododo’s First Year in Office
    9 months ago
    Bala Wunti in the News Again
    9 months ago
    Dangote Refinery Slashes Ex-Depot Petrol Price to N890 Per Litre
    9 months ago
    Ajaokuta LNG Plants Will Position Kogi as a Key Player in Nigeria’s Energy Sector – Governor Ododo
    9 months ago
    Ughievwen Monarch Commends Tinubu for Approval of New 10,000 bpd Refinery in Imode
    9 months ago
Reading: PRESIDENT TINUBU RECEIVES BRIEF ON $10 BILLION INVESTMENT PROSPECTS IN NIGERIA’S STEEL SECTOR
Share
Notification Show More
Latest News
PDP Leaders, Stakeholders Drum Support For Hon. Abdulkadir Ibrahim As National Youth Leader.
News
Dangote Refinery to Expand Capacity to 1.4 Million Barrels Per Day
News
Deputy National Spokesman of APC, Hon Meseko Celebrates Businesswoman Folashade Olobatoke on Her Birthday
News
Fresh Vision, New Impact: Dr. Folabora Bryhm Brings Renewed Hope to Kogi State
News
Kogi Corps Member Empowers 50 Students in Public Speaking, Donates Educational Materials
News
Aa
Democracy Newsline NewspaperDemocracy Newsline Newspaper
Aa
  • Economics
  • Politics
  • Business
  • Science
  • Technology
  • Home
  • Politics
  • Technology
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 Democracy Newsline All Rights Reserved.
Democracy Newsline Newspaper > News > News > PRESIDENT TINUBU RECEIVES BRIEF ON $10 BILLION INVESTMENT PROSPECTS IN NIGERIA’S STEEL SECTOR
News

PRESIDENT TINUBU RECEIVES BRIEF ON $10 BILLION INVESTMENT PROSPECTS IN NIGERIA’S STEEL SECTOR

Democracy Newsline
Last updated: 2024/01/11 at 8:39 PM
Democracy Newsline 2 years ago
Share
SHARE

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU RECEIVES BRIEF ON $10 BILLION INVESTMENT PROSPECTS IN NIGERIA’S STEEL SECTOR

President Bola Tinubu, on Thursday, at the State House in Abuja, held a meeting with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defence, Alhaji Mohammed Badaru, during which he received briefing on investment prospects in the steel sector.

The President emphasized that a revitalized steel development industry is both a catalyst for robust economic growth and a doorway to immense opportunities for Nigeria’s massive pool of talented entrepreneurs.

“We will remain unyielding in our determination to build a Nigeria where every citizen has an equal opportunity to prosper and achieve their dreams. New investments in steel production will spur the growth of so many sectors. Industrialization will be a reality in our country with sufficient energy and steel. Nigerian steel will undergird our economy and other economies in our region in future years. I am glad that members of my cabinet have adopted my approach to attracting new investments and job opportunities for our people. Hard work is the only true pathway. We will not relent,” the President stated.

The Ministers informed the President of their discussions with a Chinese company, Luan Steel Holding Group, to build a new steel plant in Nigeria, as well as to commence the production of military hardware in Ajaokuta Steel Plant.

A delegation led by the Minister of Defence and the Minister of Steel Development had visited Hefei and Guangzhou regions of China to hold business talks with the Chairman of Luan Steel Holding Group, Mr Wang Jianbing; the Chief Executive Officer of the Company, Mr Xiao Weizhan, and other senior executives of the Luan Steel Holding Group.

The Chinese company is expected to invest billions of dollars in Nigeria to build the new steel plant.

The Minister of Steel Development briefed the President, following his approval to restart the Light Steel Mill (LSM) section of Ajaokuta Steel Complex for the production of iron rods, on the progress made on restarting the section, which will cost N35 billion at the first stage.

The Minister said several financial institutions had already provided offer letters for this transaction and that the project is expected to create up to 5,000 direct and indirect jobs for Nigerians.

The Minister of Steel Development also informed the President of discussions with the representatives of Jindal Steel Group of India.

Jindal Steel Group had indicated interest in investing up to $5 billion in a new steel plant in Nigeria on the sidelines of the G20 meeting in New Delhi, India, in September, 2023, and is now considering to either acquire existing plants or set up greenfield plants.

According to the Minister, upon the completion of these deals, about $10 billion worth of new investments in both new and existing steel plants in Nigeria will be established, which will create over 500,000 direct and indirect jobs in the steel industry in line with President Tinubu’s Renewed Hope Agenda for massive job creation through industrialization.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

January 11, 2024

You Might Also Like

PDP Leaders, Stakeholders Drum Support For Hon. Abdulkadir Ibrahim As National Youth Leader.

Dangote Refinery to Expand Capacity to 1.4 Million Barrels Per Day

Deputy National Spokesman of APC, Hon Meseko Celebrates Businesswoman Folashade Olobatoke on Her Birthday

Fresh Vision, New Impact: Dr. Folabora Bryhm Brings Renewed Hope to Kogi State

Kogi Corps Member Empowers 50 Students in Public Speaking, Donates Educational Materials

Democracy Newsline January 11, 2024
Share this Article
Facebook Twitter Whatsapp Whatsapp Telegram Email
Previous Article Josme12 Enterprise Congratulates Adabenege on His Appointment as Auditor-General, Local Government,
Next Article Hon. Durosinmi Meseko, APC Deputy National Publicity Secretary Congratulates Hon. Wemi Jones on Retention as Kogi State Commissioner for Education, Science & Technology.
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

  • Advertise

Find Us on Socials

© Foxiz News Network. Ruby Design Company. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?