The Federal Government has signed a $1 billion Iron Ore Steel deal project with China.
Special Adviser to the the Minister of Solid Minerals Development Dr Oladele Alake, Kehinde Bamigbetan made this disclosure in a statement.
The deal was signed for Kogi State as breakthrough in the Federal Government’s campaign to make local value addition to the model of development in the solid mineral sector.
While addressing the promoters Chart and Capstone Integrated Limited of Nigeria and Sinomach He of China on the sidelines of the visit of President Bola Ahmed Tinubu in Beijing recently, Alake pledges the cooperation of the Federal Government with the promoters to ensure the delivery of the project as fast as possible.
Abel Edijala, Chief Executive Officer (CEO) of Chart and Capstone Integrated Limited, commended the Minister for implementing an efficient licensing process “free of red tape and corruption.
“We applied for an exploration license for our Iron Ore mining project at the Mining Cadestral Office, and we did not need to see anybody before our application was approved within a reasonable period”, Edijala said.
“This shows that the system you have put in place is fair and works for all. I must commend you for this”.
Speaking on the project, Edijala said the model involves the supply of steel from the Iron Ore site to the manufacturing plant, which will expand to meet the industrialisation needs of the Nigerian economy.
He said the project would require tax waivers for the importation of equipment and tax holidays during the initial phase to manage macroeconomic fluctuations and achieve its targets.
-9News Nigeria.
