|Nigeria eyes economic boost from 600-mln-USD iron ore investment
ABUJA, Dec. 9 (Xinhua) -- The Nigerian government said on Sunday it is expecting an economic boost following a proposed 600-million U.S. dollar investment in integrated iron ore processing and steel production in the country.
In a statement, Minister of Finance Zainab Ahmed confirmed that the government has inked a deal with African Natural Resources and Mines Ltd, a foreign investor which is investing in the nation's mining and steel sector.
The deal is aimed at repositioning the local mining sector. It is about the first major investment in Nigeria's mining sector in more than two decades, with over 3,500 direct jobs and thousands of indirect jobs expected to be created through it, according to the minister.
"The project will have a capacity of 5.4 metric tonnes per annum," said Ahmed.
She said the project is also expected to drive industrial and community development, generate more power, substitute imports, and crude steel production, to mention a few.
The steel plant, she said, will generate 36 megawatts of electricity to the national grid that will, in turn, boost the already generated megawatts of power for other economic activities and develop other industries.
"It would galvanize the industrial space into a hub of production of finished goods for local consumption and export to foreign countries," she added.